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Wednesday 30 October 2024

*NEW RESEARCH* Enterprise Software Suppliers, Trends, and Forecasts

Those with access to TechMarketView’s TechSectorViews research programme can now read Enterprise Software Suppliers, Trends, and Forecasts 2024.

Dip into the report for our unique commentary on the trends shaping the market for Enterprise Software in the UK. Understand the big picture for change but also get under the skin of our detailed recommendations for supplier. report cover pic

Spending priorities are evolving as organisations fine tune the balance between budgets and competitive imperatives amid economic uncertainty. To enable acceleration, software previously deemed unsuitable for cloud deployment is being migrated. Data foundations are also being upgraded to accelerate transformation and prepare to wring further value from AI, including Generative AI. Cybersecurity continues to demand investment to mitigate heightened risks from digital and data-driven business models.

The report also refers to the need for suppliers to “deliver on the digital promise”. Report author, Angela Eager, says: “Having benefitted from frenetic spending over the past three years as organisations coped with the combination of COVID-driven changes and the digital transformation imperative, the Enterprise Software market is calming down.” 

In 2023, the rate of market growth in Enterprise Software fell back to 8.4% and will continue to gently slide in subsequent years.

The search for value, productivity, and acceleration enablement will continue to reshape the relationship between buyers and suppliers. To thrive, software providers must establish themselves as trusted partners. That requires imagination as well as high quality, appropriate, accessible software to help organisations through their value-based transformation programs and productivity ambitions and deep data skills,” Eager concludes.

Read the report here: Enterprise Software Suppliers, Trends, and Forecasts 2024
 

Other reports in this TechSectorViews series include:           

If you are not a subscriber to TechSectorViews, or would like to find out whether your organisation already has access, please contact Belinda Tewson.

Posted by HotViews Editor at '09:54' - Tagged: forecasts  

Wednesday 16 October 2024

*NEW RESEARCH* Education Suppliers, Trends, and Forecasts 2024

Education SITS Suppliers, Trends, and Forecasts 2024 coverTechMarketView’s latest UK Education Software and IT Services (SITS) Suppliers, Trends, and Forecasts report is now available. It is the second of six subsector reports, after last month’s Central Government report and our UK Public Sector Software and IT Services Suppliers Trends, and Forecasts report, published in August. It will be followed in the coming weeks by subsector reports for the other public sector subsectors as defined by TechMarketView: Health, Local & Regional Government, Police, and Defence

This report provides TechMarketView’s view of the UK Education Software and IT Services (SITS) market from a market and supplier perspective. It provides our analysis of the performance of the market in 2023, a year where we saw continuing financial pressures on schools and universities result in growth falling back (to 1.4%), representing a contraction of 5.3% in real terms. Legacy tech replacement, the threat of cyberattack, and pressure to prepare infrastructure properly for AI are all influencing spending decisions over our forecast period (to 2027); as too is anticipation of policies and priorities from the new Labour government, seeking to put “education at the forefront of national life”.

The report also contains an update to our UK Education SITS Top 10 supplier rankings (including a change at the top and a new entrant in the Top 10), with our analysis of what is driving each player’s performance, insight into those suppliers that are threatening to unseat the leading players, and our pick of the ‘ones to watch’.

PublicSectorViews subscribers can find out the size of the UK Education SITS market, its future growth, and who the leading suppliers are by downloading Education Software and IT Services Suppliers, Trends and Forecasts 2024 today. If you are not yet a subscriber, or are unsure if your organisation has corporate subscription, please contact Belinda Tewson find out more.

Posted by Craig Wentworth at '07:00' - Tagged: education   government   outlook   analysis   market trends   public sector   supplier rankings   market forecasts   market data   market analysis   competitive landscape   supplier analysis  

Thursday 10 October 2024

The Accountancy Industry's Automation Revolution

FD IntelligenceThe accountancy industry is at a critical juncture, facing a perfect storm of challenges that threaten to undermine its traditional business model. Productivity challenges, talent shortages, and increasing work demands are forcing firms to reassess their operations and seek innovative solutions. I spoke recently with Andrew Guy (pictured), CEO and founder of niche Accountancy Automation specialist FD Intelligence, to understand how and why intelligent automation is being adopted in the accounting sector.

Industry Landscape and Challenges

The UK accountancy market is a multi-billion-pound market for tax preparation services alone and is grappling with significant challenges. Firms are struggling to meet client demands, expand services, and manage workload pressures on their existing staff. The ongoing consolidation of smaller practices into larger firms is further exacerbating these challenges, creating a tension between efficiency and growth.

Traditional technologies and approaches are proving inadequate in addressing these issues. Legacy IT environments and inefficient processes are hindering productivity and service quality, making it clear that a significant shift in approach is very much needed.

Intelligent Automation

Andrew GuyFD Intelligence, was founded by former accounting firm CIO Andrew Guy back in 2020, and is looking to capitalise on this transformation. Their approach blends intelligent automation and AI capabilities with deep finance and accounting expertise to create AI-enriched software robot assistants. Robots are used to read screens, understand documents, classify and extract data, analyse complex information, make smart decisions, and perform repetitive tasks without error.

The impact of automation is already reshaping aspects of accountancy work. For example, in….

  1. Tax processing - Accelerating processing times and delivering cost savings.
  2. Payroll - Enhancing the processing of salaries, taxes, and deductions.
  3. Client onboarding - Streamlining processes, including AML checks.
  4. Billing & invoicing - Managing financial tasks with greater speed and accuracy.
  5. Financial reporting - Generating reports, integrated with existing software.
  6. Auditing - Improving precision and speed in document processing and compliance checks

Revolutionising Tax Returns

A good example of FD Intelligence's impact is their collaboration with a leading accountancy firm to develop a personal tax robot. This solution automates the tax return process, using optical character recognition (OCR) and AI to understand documents and emails, extract relevant data, and populate tax returns.

The results are impressive: in its first year, the robot completed 5,000 tax returns on time with high accuracy, saving up to 3 hours per return. When fully rolled out, the firm expects to save 45,000 hours of work annually.

Market Impact and Benefits

The adoption of intelligent automation in UK accountancy firms is yielding significant benefits, including….

  1. Productivity boosts - Firms can manage peak workloads without additional hiring.
  2. Reduced costs and risks - Faster task completion and error reduction lead to savings of up to 30%.
  3. Value-added services - Staff can focus on strategic advising rather than data processing.
  4. Improved customer satisfaction- Faster service completion times enhance loyalty.
  5. Quick ROI - Benefits are visible within weeks for simple processes, with complex automations deliverable in 3-4 months.

FD Intelligence's Market Position and Strategy

FD Intelligence has established itself as a key player in this space, with a team of over 30, including five fully qualified chartered accountants. Their personal tax automation product is now used by c.50% of the top 50 UK accounting firms, indicating strong market penetration.

The company's partnership with UiPath, the global RPA leader, and their joint venture with Wolters Kluwer, a major software provider for accountants, further strengthens their industry position.

Beyond accounting, FD Intelligence has gained traction in the Hospitality sector: automating everything from finance through to the full customer journey. They are helping hotels boost operational efficiency and productivity. Employees are gaining more time to deliver greater guest care and sales enhancement.

Future Outlook and Expansion Plans

FD Intelligence is not resting on its laurels. The company is planning to take investment in early 2025 to expand its sales force, increase working capital, and boost R&D efforts. They're also already entering the US market with two Top 25 Accounting clients already. They see even greater opportunities in the  USA, particularly with their tax automation product.

FD Intelligence are also exploring opportunities in other sectors, including energy, and manufacturing. They're developing new products for corporate tax and audit automation and targeting larger enterprises outside the accounting space.

Industry Implications

The success of FD Intelligence and the growing adoption of intelligent automation in accounting highlights several key trends:

  1. Technology as a competitive differentiator - Firms investing in automation are likely to gain a significant edge over those relying on traditional methods.
  2. Changing skill requirements - As routine tasks become automated, accountants will need to develop more strategic and advisory skills.
  3. Industry consolidation - Smaller firms unable to invest in technology may increasingly be absorbed by larger, tech-savvy practices.
  4. New business models - The shift towards Artificial Recurring Revenue (ARR) models could reshape how accounting services are priced and delivered.

TMV View

The accountancy industry is undergoing major transformation, driven by intelligent automation. Companies like FD Intelligence are not just providing solutions to current challenges; they're reshaping the future of the profession. As this technology continues to evolve and penetrate the market, we can expect to see significant changes in how accounting firms operate, compete, and deliver value to their clients. Those who embrace this revolution stand to gain substantial competitive advantages in efficiency, accuracy, and service quality.

Posted by Marc Hardwick at '13:50' - Tagged: automation   hospitality   accounting  

Wednesday 09 October 2024

TechMarketView “GinAI” art competition

winner picAt our wonderful annual event held at the end of September, we held an incredibly fun competition set in the elegant surroundings of Mall Galleries, just off Trafalgar Square.

Those of you who were there will have heard the talk from Chief Analyst, Georgina O’Toole, on GenAI. The response, both on the night and subsequently, has been superb. Georgina referenced TechMarketView’s unique data sets and explained our idea of the “GenAI Dividend”. Turns out things are not quite as rosy as others may tell you.

Let me know if you’d like to hear Georgina’s pitch and what it means for your organisation.

It was also my pleasure on the night to introduce the crowd to another TechMarketView ‘concept’: “GinAI”. Seeing as there’s no such thing as a free lunch (and that the event took place against the backdrop of the Royal Society of Marine Artists Annual Exhibition) – we felt the need for a competition.

In order to win a bottle of TechMarketView’s very own gin (yes, we’re branching out), attendees on the night had to use GenAI to create their own maritime-inspired artwork. And wow, we had some weird and wonderful entrees!

The winner, however, was Matthew Grisoni from CGI with his rather disturbing yellow submarine (see image). Matthew took home a bottle of the “No Hallucinations” TechMarketView “GinAI”.bias

The artwork was not the only disturbing aspect, however. As certain guests entered their prompts into the GenAI tool, the bias in the outputs was clear. And even though some providers of image-generating AI tools do warn of this possibility, it is still quite striking when you see it. For example, some guests wanted to depict TechMarketView’s three female Partners (me, Georgina, and Deb), but GenAI’s spin on this was rather more ‘sultry’ than intended (see image). AI imagery is a topic I have written about before, including Dove’s “Real Beauty Prompt Playbook” – see AI imagery fires up an emotive week of debate.


Thanks once again to everyone who came along to our networking reception and we will see you next time…..

Posted by Kate Hanaghan at '08:25' - Tagged: bias   art  

Thursday 03 October 2024

*NEW PODCAST* Totally Sust #4: River Deep Mountain AI

Totally Sust #4 thumbnailThe latest episode in TechMarketView's series of Totally Sust podcasts sees SustainabilityViews’ lead analyst, Craig Wentworth, interview Stig Martin Fiskå (Global Head of Cognizant Ocean) and Nigel Watson (Chief Information Officer at Northumbrian Water) about their work on using AI to track waterborne pollutants.

The "River Deep Mountain AI" project (a winner in Ofwat’s fourth Water Breakthrough Challenge – see Cognizant and Northumbrian Water to improve river water quality with AI) is leveraging AI and machine learning techniques to develop open source, scalable, digital models that track river health trends and the pollution patterns associated with storm overflows, agriculture and road run-offs.

An edited (16-minute) version of the podcast is available to stream for free now on SoundCloud and Spotify (or you can click on the widget below).

Subscribers to our SustainabilityViews research stream, however, can stream or downoad the full 33-minute version of the episode. If you are not yet a subscriber, or are unsure if your company has a subscription, please contact Belinda Tewson to find out how you can access the research.

Posted by Craig Wentworth at '08:31' - Tagged: innovation   geospatial   pollution   rivers  

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