In the first part of our series, we explored the growing dissatisfaction with traditional audit methods, and uncovered how strategic audits are becoming vital tools for operational efficiency and competitive insight.
The third and final blog delves into how businesses can unlock even greater value from audits by leveraging digital technologies. Join us as we discuss the transformative power of digital audits and how they can propel businesses towards achieving greater success...
An overwhelming majority of businesses (98%) express frustration over the repetitiveness of the information required for audits year after year, with 13% left feeling they receive no tangible value beyond just 'passing' their annual audits.
According to Inflo’s research, this stark reality underpins a growing demand among US firms for audits to transcend traditional roles and evolve into strategic tools that offer real business insights.
As leaders call for audits to provide insightful, actionable data, the need for transformative changes that make audits less of a compliance ritual and more a catalyst for business growth becomes evident.
Here’s how harnessing technology can transform digital audits from a mere burden into a valuable resource to meet business expectations.
As businesses strive for greater efficiency and deeper insights, over half (53%) vocalize their desire for auditors to embrace more technology. This call for innovation is even more pronounced among larger companies with turnovers exceeding $100 million, where the need for strategic agility is absolutely critical.
It’s a similar story across multiple sectors. For instance, 74% of companies in IT and Telecoms, as well as in travel and transport, regard digitalization as central to their operations, underscoring the industries’ reliance on cutting-edge technology for competitive advantage and scalability.
By integrating advanced technologies, businesses can start investing less time and effort into their annual audits while gaining increasingly valuable insights to make informed strategic decisions, enhancing their market positioning.
A significant 67% of US businesses want their accounting firms to offer cloud-based solutions, which facilitate smoother, more collaborative interactions between auditors and clients, enhancing the overall value of audits.
This appetite extends across various sectors, with 53% of finance teams seeking more efficient audits to allow them time for strategic thinking, for example. Companies in the sales, media, and marketing, travel and agriculture industries want deeper insights to drive growth and stand out in competitive markets, whilst in healthcare there is a focus on cost savings and improving efficiency amidst tech challenges.
As Inflo’s CEO, Mark Edmondson, puts it, "US businesses want a better audit—one which minimizes disruption, is more efficient, and provides insights that offer them value and support their growth. Utilizing modern technology is key to this."
By transitioning to digital, firms can address the common critique that audits do not offer value beyond compliance.
Transforming traditional audits into strategic tools helps accounting firms unlock significant value, satisfying client needs and setting them up for long-term success.
For firms ready to lead the charge in innovation, the path forward is clear - embrace the digital! This will ensure your services meet the demands of modern businesses and help your clients stay ahead.
Make sure you check out the first two parts of this blog series, if you haven’t already, to learn how digital audits can revolutionize your business strategies.
Explore our latest research on how digital audits are reshaping industries and discover how to leverage these insights for business growth!