This multinational services firm is one of the largest professional services organizations in the world. It’s also one of the Big Four accounting firms. From now until June 30, 2020, Ernst & Young (EY) plans to invest $1 billion in disruptive innovation. What does that mean? It refers to technology whose application will significantly affect the way the market functions.
They are focusing on the following areas:
- Software services
- Risk management
- Artificial Intelligence
- Fintech, a new industry that uses technology to improve activities in finance
- Tax and Audit
In addition, they are looking for ways to employ disruptive technology in nonfinancial ways that include:
- Employee engagement
- Workforce pride and
- Diversity initiatives
This will be something to watch over the next few months.
Here are the seven key lessons your business can take from EY’s bold marketing move.
EY Technology Lessons
Lesson #1: Invest an extra 1.6% per year in new technology.
Believe it or not, this is not all of EY’s investment over the next two years. This is their commitment above and beyond their traditional IT spend.
Lesson #2: Take cybersecurity seriously.
We hear about new data breaches every day. Hackers are now targeting small to mid-sized businesses because they often are laxer in their cybersecurity practices. Keep your software current, implement cybersecurity policies and hire an outside monitoring firm.
Lesson #3: Inventory your software.
Are you running legacy software? Is there something better on the market? Now is the time to evaluate what you have and plan to upgrade your systems. Start simple, like moving company devices to Windows 10, iOS 11 or Android 9.
Lesson #4: Update your business continuity plan.
Every year, about this time you should evaluate and change your risk management scope to ensure it is taking advantage of the latest technology offerings.
Lesson #5: Keep your finger on the pulse of AI and Blockchain.
Lesson #6: Figure out how, and if, technology can help improve your work environment.
Lesson #7: Set up learning labs.
This should be a safe space for employees to try out several types of equipment and applications. You can rent technology for a day, week or month, garner feedback and make the right choices for your organization.
Hartford Technology Rental is Here to Help
We have a variety of technology equipment rentals ready for you! Give us a call today at 888.520.5667 for more information!