The development of the contemporary world proved that the personal success in modern life and the prosperity of the whole nation is possible applying new technologies and innovative conceptions. I fully agree with Pilat who notices, “the recent slowdown has laid to rest several myths regarding the new economy: the business cycle is not dead, stock market valuations must be realistic and backed by sound profit expectations, and the ICT sector is not immune to downturns” (Pilat 2003 p.9). It is not a surprise anymore that the economic benefits are connected today with the spread of ICT. ICT is foretold to be a key factor of economic growth in the years to come. “It may be too early to tell how the role of ICT in growth and productivity performance will develop in the first decade of 21st century” (Pilat 2003 p.9). Contemporary scientists and researchers came to the conclusion that ICT would be driver of development:
Productivity growth in the United States, the main example of ICT-led growth and productivity improvements, has continued to be strong during the recent slowdown, suggesting that part of the acceleration in productivity growth over the second half of the 1990s was indeed structural. Productivity growth in Australia and Canada, both countries characterised by ICT-intensive growth, was also strong over the recent past (Pilat 2003 p.9-10).
To prove this opinion and to illustrate the importance of ICT in contemporary life spheres a new project Innovative ICT Solution For Definitive Accounting & Taxation was elaborated.
The major objective of this solution was to find ICT solutions for the company in all its aspects. In my opinion the solutions provided the company outline how to improve their processes and to give more finding the solution for hardware, software, marketing, customer requirements etc. I consider the approach of ProfinSoft which provided the pros and cons for different possibilities that Definitive accounting and Taxation company can explore and then on the basis of the analysis reasonable. A recommendation made at the end of the report to the project is the logical end of the project. In the product developed the researchers of our company tended to prove the importance of database and servers as data storage for the company provided by us according to the project. The solutions provided by ProfinSoft ensure that the smooth working of the company and more profits with the least amount of resources.
As ProfinSoft is rather new and there is a heavy competition going on at present in the field of Accounting and Taxation, there is a number of solutions that should be implemented. As the practice showed the increase in the number of solutions will only increase the efficiency of the company. There are several of them that I consider them to be important.
- Improved Customer Relations Management. CRM is commonly used by most of the companies to maintain a good relation with its clients. The information integration application gathers customer data and information from different sources like website, transaction system and integrates them to a database server. In my opinion the main advantage is that it’s easy to identify and respond to the customer in an accurate and timely manner.
- Customer Analysis Application. I consider this application to be useful to predict the customer actions as it helps to identify which of the services provided by the company is likely to be accepted by the customer.
- Real-Time Decision Application. This application is important in the sense that it helps the customer find the required result for his query. The application synchronizes and coordinates directly with the web server. This includes business intelligence to determine and communicate with the most appropriate offer in real-time.
- Personalized Messaging Application. I am sure that this application helps the customer to keep a record of his enquiry and process in his mail. This application offers either text or HTML pages, which is an automated mechanism to answer responses and direct recipients to their required result.
- Corporate Blogging Application. The corporate blogging application is a blog published by the staff in the company. There is no restriction in blogging; everyone can do all the usual blogging like posting, editing, commenting etc to all the users including the staff members. The company’s personal stuffs like competitive advantage and all other stuffs should be kept as a secret. In my opinion the main advantage is that there is a collective interaction of the customers, their ideas, feedbacks, trust and also the customer culture within the company.
Our product also proves the importance of website. In the present era everyone decides as to where to go depending upon the website. For the company to be successful it should have an attractive and simple website. ProfinSoft provides an attractive website which describes about all what is in it along with the functions that it provides. There is a Web portal in the website with which the clients interact with the definitive accounting and Taxation Company. I am ensured that this helps the visitor of the website to know what all are the information that are present about his enquiry in different sources. There can also be a separate section of Accounting Toolbox provided which helps the users to know their updated information. This can have information’s like employee name, address, contact details, his company name, pay, tax, total pay, total tax paid, the fees given to definitive accounting and taxation etc. Website is an important solution because most of the customers select companies looking upon websites.
In my opinion the interaction of the group working on this project was effective enough. The task of every member became a brick that constructed the product developed.
Ammar Moughis worked on risk assessment, cost/benefit analysis, decision matrix, solution, proposal. He investigated such points as insufficient budget, server failure, bad business mapping, requirements not captured, security issues, employee resistance, and business change.
Ahmad Hassan worked on other course of actions, conclusions and recommendations. His Other Course of Actions provides two ways for companies: First, they do nothing to improve their IT infrastructure. They choose not to do anything to make more proficient their IT infrastructure. Secondly, to create a web based application to provide online service to their clients.
Roshan Sugathan task was to find alternative solutions such as Enterprise Resourse Planning Solution, Customer Relationship Management Solution, Application Service Provider Solution, Network Architecture Solution and suggested solution.
Chao YU worked on project background and description, the analysis. Here he outlined the main tasks of the product developed. The primary tasks that will be performing when Definitive Accounting and Taxation start business are provide accounting service for individuals and small business and taxation services for individuals and small business.
Majed Hamdan Alazmi elaborated introduction and executive summary operations of ICT solution. He declared that Definitive Accounting and Taxation aims at bringing a new revolution in the field of accounting. The company will start operating from the First of July 2010. The business is established by a group of accountants viewing to combine technology with accounting.
Speaking about my interaction with the group, I can define it as a coordinator of the project. Before making the product I investigated all the impacts ICT has on the economic growth. I have found out the following.
- Investment in ICT contributes to overall capital deepening and therefore helps raise labour productivity.
- Rapid technological progress in the production of ICT goods and services may contribute to more rapid multifactor productivity growth in the ICT-producing sector.
- Greater use of ICT may help firms increase their overall efficiency, and thus raise multifactor productivity (Pilat 2003 p.36).
Using this knowledge I decided to make totally new effective product that would be useful for many companies. That is why I gathered specialists in this field to make the project. My contribution to the group consists in maintenance the ideas of the members of the group. Any decision was taken only after its proper discussion and analysis. My personal contribution to the solution was in working on CRM system able to increase the clients’ reliability and pleasure.
In conclusion I would like to say that business process of Definitive Accounting and Taxation Company could reach at the maximum height of efficiency by using these ICT solutions. These solutions will not only do better their usual process but also give more opportunities to the company to grow exponentially. Definitive accounting and taxation will be a milestone in accounting in the years to come and will serve the country efficiently and effectively throughout.
References
Pilat, D 2003, ICT and Economic Growth: Evidence from OECD Countries, Industries and Firms, OECD Publishing.