Impact on profession and preparation for tomorrow cs ca nirc_22_nov[1]
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  • Application of technology in professional expertise
  • Company secretaries renders diversified services to corporate sector
  • He is rendering services to all categories of companies and other forms of organisation
  • He is rendering services to all segments of Industries
  • Irrespective of their size and volumes
  • His services are not limited only to Indian boundaries.

Impact on profession and preparation for tomorrow cs ca nirc_22_nov[1] Impact on profession and preparation for tomorrow cs ca nirc_22_nov[1] Presentation Transcript

  • Impact on Profession and Preparation for Tomorrow A Rethinking Exercise on Role of the Professionals Pavan Kumar Vijay, President
    • Time has come for fundamental Rethinking
    • Why Rethinking?
  • Need for Rethinking
    • Professions are also exposed to variety of RISK FACTORS
      • Internal Risk
      • Technological Risk
      • Legislative Risk
      • Competitive Risk
    • Professionals need to change with Changing Paradigm
    • Increasing expectations of Society from Professionals
    • Professionals need to grow on a Sustainable Basis
    • RISK FACTORS
  • Internal Risk Factors
    • Focus on Legal Recognition - Consistent focus on legal recognition even when professionals have wider knowledge to perform variety of roles
    • Limited Focus on Professional Development – After becoming professionals members do not attends programmes to update their skills and knowledge
    • Research and Development – Professionals are so busy with routine activities that they forget importance of proactive research and development
    • Reactive Strategy – Traditional Professionals act very late, whereas MBAs and MCAs change with time and technology
  • Internal Risk Factors
    • Poor Communication Strategy – Capabilities of professionals are not highlighted properly at various forums
    • Poor Employability – Lack of effective training and awareness in the industry
    • Lack of Entrepreneurial Skills – Members still prefer less paying secured jobs than starting practice
    • Lack of Self Confidence – “our members lack confidence”, “we can’t do it better than advanced countries”, “big 4 are threat”, “we cannot match anybody”, etc
  • Technological Risk Factors
    • Technology does not come with a warning (A decade old NSE accounts for 86% Turnover)
    • ERP and Financial Accounting Software have already taken most of the accounting jobs
    • E-Commerce is wiping off Middle Management from the organisational hierarchy
    • Financial decisions and legal compliances are becoming automatic
    • Financial and Secretarial Software and Websites make it so easy that one professional can handle any number of companies
  • Legislative Risk Factors
    • DCA Vision Statement – Towards simplified corporate laws facilitating growth of corporate sector
    • Dilution of much awaited Companies Bill 2003
    • All expert reports suggest further liberalisation and simplification of law
    • Naresh Chandra II Committee recommends concessions to small companies and says that the company law was made in days of License Raj and now it must change for enhancing competitiveness of India
    • We still find English Case Laws for Non-Compliance of Law
  • Competitive Risk Factors
    • Global competitor need no explanation
    • Reducing distinction between services provided by professionals
      • CS, CA, CWA, LLB all are now recognised for issuing various certificates and representing in all Tribunals
    • SEBI, BSE, NSE, and other organisations have started their own Learning Institutes
    • Private Institutions are getting recognition from Government, Regulators and Industry
    • Private Institutions are becoming Deemed Universities, thus adding to competition
  • Similarity of Services by Professionals Difference: Exclusive Qualification Required by Law Advocates Chartered Accountants Cost and Works Accountants Company Secretaries Appearance in Courts Financial Audit Cost Audit Secretarial Compliance Audit
    • Legal Advisory
    • Management Consulting
    • Due Diligence
    • IT and BPO
    • HR Consulting
    • Representation & Negotiations
    90% of Services are SIMILAR
    • All this is something happened over the years
    • Something more is happening
    • Changing Paradigm
  • WEALTH SHARING Voluntary Adherence to Good CORPOARATE GOVERNANCE WEALTH MANAGEMENT WEALTH CREATION
  • G LOBALISATION OF TRADE AND COMMERCE
  • T ECHNOLOGICAL A DVANCEMENTS
  • P UBLIC P RIVATE P ARTNERSHIP
    • These are bringing opportunities
    • … and also big challenges
    • … that may question the existence of professionals providing traditional services
  • ” Corporate Governance is the application of best management practices , compliance of law in true letter and spirit and adherence to ethical standards for effective management and distribution of wealth and discharge of social responsibility for sustainable development of all stakeholders” Corporate Governance for ICSI
    • Need of regulatory controls and policing may not arise in the era of Self-Governance and Corporate Social Responsibility
  • Globalisation
    • Vasudev Kutumbakam becoming a reality
    • Free and Fair Trade and Vanishing Economic Boundaries
    • UN, WTO, WB, IMF, OECD, ADB and ICC are standardising rules for International Trade
    • UN EDIFACT Standard for E-commerce is standardising information relating to Financial, Administration, Commercial and Transportation information
    • Internet and Global ERP Vendors (SAP, Oracle, Baan, PeopleSoft, etc) are spreading Global Best Practices in Business
    • All these moving towards Single Law for Trade and Commerce
    • Globalisation is a big THREAT for Pessimist Professionals
  • Threat Threat Threat Threat
    • Today or tomorrow we will have to face Global Competition
  • Technological Advancements
    • Information, Communication and Transportation Technologies are redefining how business is done
    • E-Governance (DCA21, EDIFAR, etc.) – Compliance on Click of Mouse
    • Capital Market and Banking Integration – Straight Through Processing
    • Artificial Intelligence (Expert Systems) – Automatic Decisions
    • Enterprise Resource Planning (ERP) and E-Commerce – From Entry to Balance Sheet everything is automatic
    • Computer Aided Design/ Manufacturing (CAD/ CAM) – quick new product decisions
    • In years to come computers will do most of our traditional work
  • Public-Private Partnership
    • Partnership in National Development Projects
      • National Highway Projects
      • E-Governance & DCA21
      • Township Development
      • Development of SEZ, EPZ, STP, etc
    • Mutual Trust between Government and Industry
    • Example: Liberalization and Privatization Policy
    • Enhancing Role of Voluntary Sector
    • Further relaxations in regulatory controls mean reduction in work for traditional professionals
    • Some people may even Question
    • Will there be need of secretarial compliance audit, financial audit or cost audit in the era of self-governance, free economies, e-governance and so many relaxations?
    • Time has come to rethink what traditional professionals will do in future
  • Rethinking Need for Various Professions
    • There will always be need for giving people an opportunity of being heard
    ? ? ? Advocates Chartered Accountants Cost and Works Accountants Company Secretaries Three Professional Bodies Need Fundamental Rethinking
    • Opportunities are there but need to be explored
  • Opportunities for Professionals
    • Focus on Areas where Computers cannot enter
    • Venturing into Unexplored Areas
    • Diversification into New Segments
    • Fulfilling Expectations of the Society
      • Professionalism in National Development Projects
    • Entrepreneurship
      • Professionals know how to do business better than anyone
  • Areas where Technology Cannot Enter
    • Entrepreneurship
    • Innovation/ Idea Generation
    • Complex Decision Making
    • Contingency Planning
    • Crisis Management
    • Human Resource Understanding and Development
    • Relationship Building
    • Exploring Opportunities in Various Management Functions
  • There is need to learn little bit about these Management Functions We Already Deal with All Departments MARKETING R&D AND PRODUCTION CORPORATE COMMUNICATION STRATEGY INFORMATION TECHNOLOGY HRM FINANCIAL SECRETARIAL AND LEGAL
    • Professionals must diversify into New Segments
  • Different Knowledge Areas IPR & GENERAL BUSINESS LAWS STRATEGIC MANAGEMENT CORPORATE AND SECURITIES LAWS FINANCE, ACCOUNTs AND TAXATION IT AND CYBER LAWS HRD AND INDUSTRIAL LAWS ENVIRONMENT LAWS INTERNATIONAL TRADE LAW
  • Different Services ADVISORY DOCUMENTATION REPRESENTATION DUE DILIGENCE CERTIFICATION COMPLIANCES CORPORATE GOVERNANCE SECURITITIES MANAGEMENT
  • Different Corporate Structures PUBLIC SECTOR UNDERTAKINGS PRIVATE LIMITED COMPANIES TRUSTS AND NGOS COOP SOCIETIES AND PRODUCER COMPANIES MUNICIPAL BOARDS SEMI-GOVERNMENT ORGANISATION UNLISTED PUBLIC COMPANIES LISTED PUBLIC COMPANIES Society Expects Professionalism Here
  • Different Industry Segments MEDIA AND ENTERTAINMENT INFRASTRUCTURE, POWER AND TELECOM IT SOLUTIONS IT ENABLED SERVICES AND BPO TEXTILES TOURISM AND HOTEL CAPITAL MARKET AND ITS INTERMEDIARIES HOUSING AND CONSTRUCTION FMCG AGRICULTURE AND FOOD PROCESSING CAPITAL GOODS DRUGS, PHARMA AND HEALTHCARE BANKING AND NBFCS FINANCIAL SERVICES These are also open to professional entrepreneurs who wish to do business on ethical principles
  • Different Scales SMALL SCALE MEDIUM SCALE LARGE SCALE
  • Different Geographies of Operations INDIAN OPERATIONS MNCs INDIAN SUBSIDIARIES ABROAD
    • Is it possible?
    • YES
  • All you need is:
    • Understand Industry Needs
    • Gain ‘Substantial Knowledge of Management’ – Learning little more than what is included in the CS or CA Courses
    • Provide PQRS – P roductivity, Q uality, R eliability and S ervice
    • Use 3Cs - C reativity, C onfidence and C ommunication
    • Conduct Periodical SWOT Analysis of Self
    • Use Technology to Beat Technology
  • Providing PQRS
    • P roductivity – Management want you to use resources in most profitable manner
    • Q uality – There is no compromise on quality
    • R eliability – Companies require trust in abilities and loyalty to company all the time
    • S ervice – Value Added Services with courtesy and smile is absolute necessity
  • Using 3Cs
    • C reativity – Innovation is the critical success factor
    • C onfidence – Believe in Yourself (Yes, You Can Do It)
    • C ommunication – It is how you make people know about your creativity and confidence. It is Communication that creates opportunities.
  • Periodical SWOT Analysis
    • S trengths: What are my strengths?
    • W eaknesses: What are my weaknesses?
    • O pportunities: What are new opportunities?
    • T hreats: What are new threats?
    So that you can CHANGE with the TIME
  • Use Technology to Beat Technology
    • Internet and E-commerce
    • Enterprise Resource Planning (ERP)
    • ERP for Professional Firms
    • Customer Relationship Management Tools for Practising Firms
    • Data Warehousing and Data Mining
    • Computer Based Complex Business Analysis Models
    • There are many more...
    • AND
    • COOPERATE INSTEAD OF COMPETE
  • Global Success Call for Synergy of Brand Knowledge
      • Infrastructure
      • Capital
    Let Collaboration be Buzz Word for Us
  • Quality of Service Commerce Brand Synergy Infrastructure Synergy Capital Synergy Collaborative Commerce Single Window Interface Knowledge Synergy Global Presence Growing Revenues Growing Customers Growing Nations CS + CA + CWA + MBA + LLB Corporate Laws Economic Laws Taxation Laws WTO & IPR International Trade Law IT & BPO Management Consulting Finance and Accounting
    • OPTIMISM COMES FROM COOPERATION
    • For Optimists Globalisation means Opportunities in 145 Member Countries of WTO
  • Opportunities Opportunities Opportunities Opportunities
    • Global Threats To Global Opportunities
    • It’s a matter of Perception and Positive Thinking
    • Thank You