17. Data As An Asset

Linking back to the initial conversation and introduction of the topic relating data to the financial services profession, this also connects to the subtopics of blockchain, artificial intelligence, and the services that can be constructed off of these trends. The trends of blockchain, increased encryption, and the intersection of greater technology integration with traditional accounting and financial services will, of course, cause disruption within the industry, but will also cause a paradigm shift as to how professionals view and evaluate assurance, audit, and other advisory services. This is an important topic to keep in mind, especially as different technologies and technology tools continue to enter, evolve, and disrupt the marketplace over time. Regardless of the specific tool or platform that is utilized as a component of this process; RPA, AI, blockchain, or other automation tools or processes, the underlying trend is that professional services are going to become increasingly connected to the data that is produced, stored, and disseminated by organizations both internally and externally. No two firms as the same, and the applications and implications of data and information technology will have different end effects depending on the specific vector and business model of the practice.