We have it on good authority that the only constant in life is change. Today, changes are being driven by a confluence of business and technology forces fuelled by innovation. On the technology front, five macro forces are driving enormous transformation: digital, analytics, cloud, the renaissance of core systems, and the changing role of IT within the enterprise.
These forces are not just fuelling innovation and giving rise to new business models. They are also enabling historic advances in materials, medical, and manufacturing science, among many other areas.
So, how can you leverage these forces and disruptive technologies to help chart the future for your dental practice? The good news is that the momentum of cloud-based adoption in the accounting space is rapidly redefining the way businesses are managed. MYOB, Intuit, Xero and others have changed the nature of accounting, for the first time enabling accountants and their clients to be working on the same set of accounts at the same time.
Ben Shields, Chief Strategy Officer at Deloitte Private says, “But for all the good cloud-based accounting had done, the accounting and tax experience has remained largely unchanged, with business owners viewing it as merely a necessary compliance process that added little value. They see little value because the task is disproportionately about getting data in the system, not getting value from it.”
To address this, Ben says that Deloitte Private have harnessed technology to take cloud accounting to another level, creating a market-leading platform that delivers real-time, actionable insights into their clients’ businesses. Known as “Connect”, the platform is the only fully-integrated financial management solution for the enterprise marketplace.
In developing the Connect platform, Ben said that the company decided to look at what experience their clients wanted to receive, rather than just digitise what they already did to make it efficient. “What we discovered was that clients want more time to spend doing real business. Less time on day-to-day transactions, paying staff and suppliers and scrambling to balance the books. More time on the bigger picture and the things that helped them to succeed in the first place.”
Leveraging this technology for the dental market, dental management specialises, Prime Practice, have formed a strategic alliance with Ben Shields’ Deloitte Private Connect business, to deliver a solution for the dental industry. Known as Prime Practice Connect, the solution promises to help dental practices reap rewards faster and smarter in the digital age, by combining the benefits of cloud-based accounting technology with targeted reporting and business advice. The end result is set to simplify and improve the daily management of dental practices, with access to insightful and actionable management reports and dental specific performance analysis tools.
Imagine being able to access your business metrics anywhere on you iPad or smart phone. Imagine seeing your data in real-time, and being able to submit your BAS and tax returns on time. Imagine the conversation with your accountant focussing on insights and advice to make your dental practice more efficient. Imagine more time with patients and generating revenue. It is cloud-enabled technologies like Prime Practice Connect that have the potential to disrupt the old way of running a dental practice, and deliver solutions that deliver so you don’t have to imagine anymore. The future is here.
Written by Ben Shields - Chief Strategy Officer - Deloitte Private
To find out more about Prime Practice Connect, please visit www.primepracticeconnect.com.au