ValueWorks.ai has recently established an Investor & Advisory Council that supports the organisation with advice and network. One important area of this support is the academic & scientific network and knowledge. The interview with Prof. Dr. Thomas Hess, from the university of Munich (LMU), explains this view.
together with KPMG, our investor & advisor Prof. Dr. Thomas Hess has recently published a study about “Digitalization in Accounting” (link to the study). In a summary this study examines the status quo and development trends of digitization in accounting, the responsibilities for implementation, and any obstacles to the digitization of accounting that have already arisen. Based on this, a maturity model was developed that assigns companies to defined clusters and reflects the current status of digitization in their accounting systems.
Graph: Single-source-of-truth has only 12% of the companies (mostly corporates)
Graph: Self-service reporting has only 8% of the companies (mostly corporates)
The relevant insights from such research, as above, are of great interest and relevance for ValueWorks.ai and its product development team as it shows the industry trend development in reporting and accounting.
In the interview video below, Prof. Hess states the biggest challenges for companies in software and digital space businesses:
- Fast product readiness, i.e. come up with first product version as soon as possible and claim the market niche space.
- Growing fast by managing efficiently the product and market development
- Win talents to join the journey, in general, but also the much-needed industry experts
The biggest deficits of the current management information software support to the manager role are, according to Prof. Hess:
- complex reporting systems
- expensive and cumbersome processes of introducing such new systems
And that’s why it makes ValueWorks.ai approach so appealing as it has a management perspective, and not a perspective of a management accounting department. Means it is simple to use and is dedicated to things which are relevant for a manager.
Finally, the motivation to advice ValueWorks.ai is, to support IT start-ups from Germany to use latest digital technology to develop next gen solutions. But also, as a Prof. at the university of Munich it is important to show to students such real-life cases of successful start-up set-ups, in order to ignite the passion within the students for future start-up success stories.
Interview with Prof. Thomas Hess
Director at Institute for Information Systems and New Media at Ludwig-Maximilians Universität, Investor & Advisor at ValueWork.ai
- ValueWorks is simple to use and observe and is dedicated to things which are really relevant for a manager.
- ValueWorks is integrating a lot of sources or features which are typically divided on several systems.