Open your mind to Open Data with this article series. Starting your learning journey? Or already a savant on the topic? If you want to learn about Open Data for accountants there’s something for everyone here.
Information and discussion on Open Data has increased steadily over the last few years. But research from the Open Ledger Partnership shows only modest awareness of this step change among Australian and Kiwi accountants, and extremely low numbers holding any specific knowledge. This is despite policy-makers and regulators assuming accountants will play a key role with Open Data for their small business clients. In fact, accountants are nowhere near it.
The Open Mind, Open Data series sets the scene and explains what Open Data is and why it matters to accountants in Australia and New Zealand. The series goes on to explore the strategic threats and opportunities for accountants, and the exciting practical applications that are becoming possible for accountants and their clients.
Open Data is here, and gathering momentum. It’s being driven by technology adoption cycles, private businesses and policymakers and regulators. The 2020s is the decade of data. In 2021 we are standing on the precipice about to deep dive into this brave new world. The trend applies squarely to accountants and their clients.
Open Data can power clients to thrive in ways that would not be possible without it.
The Open Ledger Partnership is optimistic about this potential and views accountants as perfectly placed to help their clients, particularly small businesses, harness this opportunity.
Interestingly, based on our research, most accountants are nowhere near being able to do this. Knowledge is low with 90% of respondents surveyed unfamiliar with Consumer Data Right regulations. Plans to act are similarly low - 96% of Australian and 76% of New Zealand respondents have no plans to act on the Consumer Data Right in the next 12 months. Only 1% of Australian and 5% of NZ respondents said they were ‘ready’ for Open Data.
Open Data is yet to be unpacked, defined and made real for the accounting industry.
By ‘real’ we mean understanding what accountants will practically be required and able to do using Open Data, which they could not do without it.
We wish you big learnings as you embark or continue on your Open Data journey. It is an exciting time for those courageous enough to embrace the change, step into the uncertainty and ride this megatrend. We hope this series will be a valuable and mind-expanding contribution to your journey. We would love your feedback on the series, and to receive requests for other areas we can dive into. Drop us a note at hello@openledgerpartnership.com.