Collaboration Between Academicians And Practitioners In Enhancing Accounting Knowledge
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Strengthening the collaboration between academics and industry through the network-centric approach

Strengthening the collaboration between academics and industry through the network-centric approach

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Collaboration Between Academicians And Practitioners In Enhancing Accounting Knowledge Presentation Transcript

  • 1. Collaboration between Academicians and Practitioners in Enhancing Accounting Knowledge
    Nik Mohd Hasyudeen Yusoff
    CEO and Thought Leader, Inovastra
    Competitiveness Through Innovation and Strategy
  • 2. Agenda
    Wikinomics
    Network-Centric competition
    Value creation through networks
    Applying the network-centric concepts in accounting knowledge development
    Concluding thoughts
  • 3. Wikinomics
    A business:
    Need to serve customers
    Need to be ahead of competition
    Business environment keeps on changing
    Affected by global developments
    Stakeholders beyond shareholders
    Innovation is key
    Profit is the result of risk taking
  • 4. Wikinomics
    Inovastra’s view of value creation
    Leadership
    Strategy
    Values
    Value proposition
    Internal resources
    Value creation
    Customers
    People
    Processes
    Functionality
    Platform
    Intellectual assets
    Feelings
    Physical resources
    Financials
    Protocol
    External network
    Business partners
    Institutional partners
  • 5. Politics
    Your
    Competitors
    Your
    Competitors
    Economy
    Your
    Customers
    Your
    Customers
    Your
    Customers
    Society
    Technology
    Your
    Business
    Your
    Suppliers
    Your
    Network
    Partners
    Environment
    Wikinomics
  • 6. Wikinomics
    “Thanks to Web 2.0, companies are beginning to conceive, design, develop, and distribute products and services in a profoundly new ways. The old notion that you have to attract, develop and retain the best and the brightest inside your corporate boundaries is becoming null. With the cost of collaboration falling precipitously, companies can increasingly sources ideas, innovations, and uniquely qualified minds from a vast global pool of talents”
  • 7. Wikinomics
    Principles of Wikinomics
    Being open – Need to be competitive requires access to global talent pool, more open standards being used, more transparency
    Peering – succeeds because it leverages self-organization , a style of production that is based on sharing, participation and recognition
  • 8. Wikinomics
    Principles of Wikinomics
    Sharing– Smart firms are treating intellectual property (IP) like a mutual fund — they manage a balanced portfolio of IP assets, some protected and some shared
    Acting Globally - The new globalisation is both causing and caused by changes in collaboration and the way firms orchestrate capability to pioneer and produce things. Winning companies will need to know the world, including its markets, technologies and people
  • 9. An
    enterprise
    vertically
    structured
    Vertical
    Integration?
    Market 1
    Direct present
    Market 2
    Market 3
    Direct present
    Direct present
    Network-Centric Competition
  • 10. Network-Centric Competition
    An
    Enterprise
    leveraging
    on network
    Network-
    Centric?
    Market 1
    Direct present
    Service Platform
    Owner
    Market 2
    Market 3
    Network
    Partner
    Network
    Partner
  • 11. Network-Centric Competition
    Business
    Services
    Firm 3
    Business
    Services
    Firm 1
    Yes, we have solutions!
    Problems
    Subject
    Matter
    Expert
    Clients
    Knowledge
    provider
    Business
    Services
    Firm 2
    Sorry, no capability
  • 12. New services to new clients based on partner’s
    capabilities
    Business
    Partner
    New
    Clients
    New services based on partner’s capabilities
    Business
    Services
    Firm
    Existing
    Clients
    Existing services based on existing capabilities
    New services based on newly acquired capabilities
    Business
    Partner
    New
    Clients
    New services to new clients based on partner’s
    capabilities and new distribution channels
    Network-Centric Competition
  • 13. Network-Centric Competition
    Network-Centric Competition Principles
    1 – Adapted from the Principles of Network-Centric Innovation, The Global Brain, Nambisan and Sawhney
  • 14. Network-Centric Competition
    Network-Centric Competition Management Features
  • 15. Could an enterprise build strategic relationships with like-minded enterprises to serve common customers or markets?
    What would bind these enterprises together?
    Who should lead the network? What are the reasons for this right of leadership?
    How would the members of the network benefit from the network?
    How should an enterprise structure itself internally to be effective in the network?
    Value Creation Through Networks
  • 16. Leadership – willingness to share strategic issues and rely on network partners based on agreed parameters
    Team – ability to understand the strategic relationship and execute plans holistically, need to do away with “Not Invented Here” and “We Know Everything” syndromes
    Internal processes and procedures need to be change to accommodate the network-centric strategy – training and re-training needed
    Value Creation Through Networks
  • 17. The Big-4 accounting firms are competing on Network-to-Network basis
    Global leadership but innovative structure to accommodate various domestic regulation
    Offers diversified range or services and some do not identify themselves as accounting practices but just by their brands
    Experts need not necessarily reside in all firms but could be brought into the picture from various offices and jurisdictions
    Share knowledge-base, intellectual assets, business platforms but RISKS are confined to respective jurisdictions
    Sharing P&L on regional basis
    Value Creation Through Networks
  • 18. Boeing 787 Dreamliner project:
    Boeing (network leader) assembled global partners it trust to create the plane, from concept to production
    Designs and development not only outsourced to partners, they made financial investment as well
    Part of the strategy to shift Boeing from being a manufacturer to a designer and assembler of airplanes
    Facilitated by a sophisticated virtual Global Collaboration Environment system
    Trust and shared understanding developed across all members of the network
    Value Creation Through Networks
  • 19. Salesforce.Com – Leader in software as a service
    Salesforce.Com offers CRM system and provides the platform for external developers to build applications on
    The network leader is Salesforce who own the technology and make decisions on the platform
    Partners develop applications that compliment the core CRM and manage their on IPs
    Value Creation Through Networks
  • 20. Li & Fung – world largest sourcing company which does not own a single factory
    It assumes itself as a “network orchestrator”, working with more than 8,300 suppliers serve by more than 70 outsourcing offices in more than 40 countries and territories
    Li & Fung develops and manages networks and designs and manages specific supply chain to meet specific customer needs
    Value Creation Through Networks
  • 21. The principles applied by Li & Fung in orchestrating network are:
    Design and manage networks – competing through networks, the best supply chain will win
    Control through empowerment – empowerment, trust, training and certification to bind the network together, entrepreneurship is encouraged
    Create value through integration – bridging borders and leveraging on company’s value and intellectual property across the network
    Value Creation Through Networks
  • 22. InnoCentive – an open innovation community which provide solutions to tough business, science and product development
    Launched by pharmaceutical giant Eli Lilly, a match making system links experts to unsolved R&D problems, allowing link to global experts without the need to hire them
    This approach recognises the fact that not all the smart people in the world works for a particular organisation
    Value Creation Through Networks
  • 23. International Enterprise Singapore iPartners programme
    Encourages Singapore companies to band together in pursuing international projects
    This would allow the consortia to:
    Combine resources
    Provide holistic solutions to customers
    Achieve economic of scale
    Lead by anchor companies which act as network leader and orchestrate the activities of the network members
    Aims to secure more than $3 billion in the next 5 years
    Value Creation Through Networks
  • 24. Applying the network-centric concepts in accounting knowledge development
  • 25. Applying the network-centric concepts in accounting knowledge development
  • 26. Applying the network-centric concepts in accounting knowledge development
  • 27. Applying the network-centric concepts in accounting knowledge development
    More academic issues
    to build up competency
    Feedback to enhance
    the teaching of new
    accountants
    Academicians
    Real
    life issues
    with real
    implications
    Mixture of real
    life and academic
    issues
  • 28. Opportunities for academicians
    to add value to each components
    of the value creation process is
    huge but this need to be viewed
    beyond a specific knowledge concentration
    Leadership
    Strategy
    Values
    Value proposition
    Internal resources
    Value creation
    Customers
    People
    Processes
    Functionality
    Platform
    Intellectual assets
    Feelings
    Physical resources
    Financials
    Protocol
    External network
    Business partners
    Institutional partners
    Applying the network-centric concepts in accounting knowledge development
  • 29. Financial
    And Business
    Reporting Supply
    Chain
    Source:
    XBRL
    International
    Even financial
    Reporting could
    provide ample
    opportunities
    for value add
    Applying the network-centric concepts in accounting knowledge development
  • 30. Applying the network-centric concepts in accounting knowledge development
  • 31. Applying the network-centric concepts in accounting knowledge development
  • 32. Applying the network-centric concepts in accounting knowledge development
  • 33. Applying the network-centric concepts in accounting knowledge development
  • 34. Applying the network-centric concepts in accounting knowledge development
  • 35. Applying the network-centric concepts in accounting knowledge development
    Corporations should leverage on the skill sets and knowledge based of academicians in exploring opportunities for innovation
    Academicians must appreciate that they need to add value to the corporations when provided research and consulting opportunities
    The skill sets required need not necessarily be from one source or limited to Malaysia only
    Both sides should understand the motivation and constraints of each side to ensure a successful collaboration
    Shared objectives and goals are critical, this may require long term relationship development
    Need be, conventional wisdom need to be challenged in order for this country to progress
  • 36. Moving Forward Thoughts
    The sustainability of a business is dependent on how far it could innovate to create value to the market it serves and be relevant to the surrounding community
    Companies are now more open towards collaborative approach instead of relying on internal resources per se
  • 37. Moving Forward Thoughts
    Network-centric value creation and competition would be more apparent in the future
    This creates opportunities for academicians to be involved in many ways
    However, understanding the needs of the practitioners would be key to a successful partnership
  • 38. Moving Forward Thoughts
    Corporations on the other hand need to understand then constraint and motivations of academicians of formulating the collaboration
    Having a clear outcomes in mind which benefits both the academicians and corporations would be critical in a successful partnership