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Collaboration Between Academicians And Practitioners In Enhancing Accounting Knowledge
 

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 Collaboration Between Academicians And Practitioners In Enhancing Accounting Knowledge Presentation Transcript

    • Collaboration between Academicians and Practitioners in Enhancing Accounting Knowledge
      Nik Mohd Hasyudeen Yusoff
      CEO and Thought Leader, Inovastra
      Competitiveness Through Innovation and Strategy
    • Agenda
      Wikinomics
      Network-Centric competition
      Value creation through networks
      Applying the network-centric concepts in accounting knowledge development
      Concluding thoughts
    • 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
    • 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
    • Politics
      Your
      Competitors
      Your
      Competitors
      Economy
      Your
      Customers
      Your
      Customers
      Your
      Customers
      Society
      Technology
      Your
      Business
      Your
      Suppliers
      Your
      Network
      Partners
      Environment
      Wikinomics
    • 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”
    • 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
    • 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
    • An
      enterprise
      vertically
      structured
      Vertical
      Integration?
      Market 1
      Direct present
      Market 2
      Market 3
      Direct present
      Direct present
      Network-Centric Competition
    • 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
    • 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
    • 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
    • Network-Centric Competition
      Network-Centric Competition Principles
      1 – Adapted from the Principles of Network-Centric Innovation, The Global Brain, Nambisan and Sawhney
    • Network-Centric Competition
      Network-Centric Competition Management Features
    • 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
    • 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
    • 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
    • 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
    • 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
    • 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
    • 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
    • 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
    • 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
    • Applying the network-centric concepts in accounting knowledge development
    • Applying the network-centric concepts in accounting knowledge development
    • Applying the network-centric concepts in accounting knowledge development
    • 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
    • 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
    • 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
    • Applying the network-centric concepts in accounting knowledge development
    • Applying the network-centric concepts in accounting knowledge development
    • Applying the network-centric concepts in accounting knowledge development
    • Applying the network-centric concepts in accounting knowledge development
    • Applying the network-centric concepts in accounting knowledge development
    • 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
    • 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
    • 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
    • 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