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1 reason your firm may need data scientists

Recently, Nike firmed up an acquisition of Celect, a retail predictive analytics and demand sensing f
Future Firm Weekly Top 5
1 reason your firm may need data scientists
By Ryan Lazanis • Issue #38 • View online
Recently, Nike firmed up an acquisition of Celect, a retail predictive analytics and demand sensing firm.
Why?
According to Nike’s COO (bolding my own):
“With the acquisition of Celect, Nike greatly accelerates our digital advantage by adding a platform developed by world-class data scientists. As demand for our product grows, we must be insight-driven, data-optimized and hyper-focused on consumer behavior. This is how we serve consumers more personally at scale.
In the accounting space, we’ve see recent big venture capital money entering (ScaleFactor $60M, Pilot $40m, botkeeper $18M, etc) and a previous article of mine said that one thing that firms can do to compete is to be hyper focused on personalized customer service since that’s one thing that these accounting tech startups will have a hard time scaling.
But if data scientists can develop technology to help predict what a client wants and when they want it (perhaps even before they know it themselves), well, that just may be a game changer.
We all know clients want service that’s not only fast & easy, but tailored to their precise needs.
The fast & easy part is what these accounting tech startups are working on right now.
The tailored part is what I foresee them having trouble with (for the time being), which is where I see an advantage for most firms out there presently.
That being said, if data scientists are being brought on to predict client behaviour, it begs the question:
To stay competitive, will accounting firms need to eventually hire data scientists to predict what your clients want before they even know it themselves?
And now to this week’s Future Firm Weekly Top 5:

1) Newsletter Love
Email Marketing Is Exactly What Your Client Advisory Service Is Missing
2) Value Pricing 2.0
3) 1 Super Smart Recruitment Tactic
4) Out With The Old
5) Improve Thy Process
Hit The Road, Jack
Looking to hop aboard the automation train for your firm? Good news, Xero is launching 13 roadshows across Canada from Oct. 1 - Oct. 30. You’ll learn about how Xero can help with automation and registration is free. Click here to see the dates & details.
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Ryan Lazanis

Future Firm Weekly Top 5 is your weekly curated insight into the top 5 things happening on the internet affecting the future of your accounting firm.

For more technology, practice management and marketing resources for your modern accounting firm, visit my website at https://futurefirm.co.

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