Preparing for the Shift Change in Accounting (and Business)
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Preparing for the Shift Change in Accounting (and Business)

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Keynote for the Boomer Technology Summit 2014. The Shift Change describes the five major "shifts" business is making in response to the perfect storm of the three mega-trends - technology, ...

Keynote for the Boomer Technology Summit 2014. The Shift Change describes the five major "shifts" business is making in response to the perfect storm of the three mega-trends - technology, demographics, globalization.

Using the two-curves framework from the Institute for the Future as inspiration, Tom has applied the transformational change to the signals and trends happening in the marketplace today.

The challenge is to determine if and when you should lead your organization through the shift change, keeping in mind the risk of doing nothing or the RONI - return on not investing.

The key to thriving during the shift change is ROP - return on people and the #1 skill needed is collaboration.

In order to get your ROP, you need a systematic and strategic approach to your talent development which is exemplified in a training framework from the Business Learning Institute called the Bounce.

The Bounce covers the career trajectory of professionals as they move from technical proficiency to managing people and projects and ultimately organizations. The bounce speaks to the change in direction from technical mastery to acquiring competencies to lead others and leading organizations. It is about velocity and trajectory as you shift direction to the need for more “success skills” as you move up n your career. The Bounce includes the latest research on competencies from the AICPA through the CPA Horizons 2025 Project and the CGMA Competency framework.

It concludes with the five ways to thrive in the shift change: 1) Purpose and Vision, People, Collaboration and Engagement, Strategy & Alignment, Technology and RONI.

For more information contact BLI http://www.blionline.org

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Preparing for the Shift Change in Accounting (and Business) Preparing for the Shift Change in Accounting (and Business) Presentation Transcript

  • Preparing for the  Shift Change in Accounting Tom Hood, CPA, CITP, CGMA @tomhood #BTCSummit2014 August 19, 2014
  • If there is a conversation about the future of the profession, you're bound to hear Hood's name mentioned as one of the people leading the way. – Accounting Today Tom Hood, CPA, CITP, CGMA ! Named the Second Most Influential in Accounting by Accounting Today Magazine 2013 ! Top 150 Influencer by Linked-In ! Top 25 Influencers in Learning & HR by HR Examiner ! Top 25 Public Accounting Thought Leaders by CPA Practice Adviser ! Working on Learning Management with AICPA/ CPA2Biz, Cloud Curriculum, Performance Management /XBRL, Leadership & Generations CEO Maryland Association of CPAs (MACPA) www.macpa.org Business Learning Institute (BLI) www.blionline.org http://www.linkedin.com/in/tomhood/
  • http://macpa.cnf.io! ! Respond to a Poll! Ask a Question! Select the session: Beach Retreat-Hood-Koziel
  • Download today’s slides at … www.SlideShare.net/thoodcpa
  • What is the #1 reason organizations fail?!
  •  “The greatest shortcoming of the human race is our inability to understand the exponential function.” – Albert A. Bartlett Erik Brynjolfsson & Andrew McAfee,The Second Machine Age
  • THE FUTURE OF JOBS
  • We  are  in  a  race…!
  • Caused by this guy…!
  • It’s really a math problem…! 2006!
  • The Shift Change 1. Leadership! 2. Learning! 3. Technology! 4. Generations! 5. Workplace!
  • Marina Gorbis, Institute for the Future
  • The challenge & opportunity is to make the shift from the first curve to the second curve at the right time and with the right strategy
  •  Next Gen Leadership
  • How? 1. Professional unity 2. Work / life integration 3. The evolving nature of leadership and new leadership models 4. Proactive, goal-focused planning 5. Networked collaboration 6. Embracing and adopting new technologies From: To: Hierarchy Network Transactions Relationships Efficient Effective Well managed Well led Command & Control Connect & Collaborate Push Pull Good Great
  • Learning
  • T   “In  a  period  of  rapid  change  and  increasing   complexity,  the  winners  are  going  to  be  the   people  who  can  LEARN  faster  than  the  rate  of   CHANGE  and  faster  than  their  COMPETITION.”   -­‐  Tom  Hood,  CPA.CITP.CGMA  7/24/14  
  • www.blionline.org • Identify Competencies • Career Path (Ladder) • Curriculum • Cloud Learning Our approach –The Four C’s The right talent with the right skills at the right time
  • theBounce
  • www.blionline.org
  • Curriculum design by BLI and AICPA usingTop 5 Competencies for future from CPA Horizons research and job levels from the BLI “Bounce” Model. Leadership and Communications were combined and the 5th category expanded to include practice specialties for firms and functional areas for corporate. Examples would include: Corporate Accounting, FP&A, divisional reporting, shared services, etc. CPA Firms would have audit, tax, industry specialties. These technical areas would have specific curriculums designed to meet their specific technical competency needs.
  • CloudLearning "We see this system as a key recruitment and retention tool, allowing us to offer our people many of the things that the largest firms do - competency–based curriculum, career paths, and just-in-time learning, and our own custom D&S learning center. " " " "! "- Allen DeLeon, Managing Partner!
  • Technology
  • Cambrian “Big Bang” Explosion
  • Where Did I Get This Stuff?
  • Where Did I Get This Stuff?
  • "One out of five organizations has discovered a secret source of competitive differentiation. It allows them to serve customers in new ways and reimagine their business models. It can help surface valuable insights from their data and transform how they make decisions. It enables them to tap expertise from across their entire ecosystem.And one more thing: It helps these Pacesetters grow revenue and gross profit faster than other organizations.What’s their secret? It’s cloud computing -– their engine for growth." Source: IBM Report – Under Cloud Cover – How Leaders are Accelerating Competitive Differentiation
  • The cloud as competitive advantage? 1. Increased Revenues (Growth) 2. Increased Profitability 3. Increased Retention (and recruitment) 4. Flexibility and Agility 5. Collaboration and Innovation
  • Our Digital Transformation Strategy 1.  Digitization & workflow –shifting resources and systems to growth areas 2.  Virtualization – Moving IT infrastructure to cloud 3.  Transformation to cloud – Increase use of existing systems of engagement 4.  Transformation to cloud – New cloud based systems – accounting 5.  Transformation to cloud – Move AMS and MACPA website
  • The Cloud – 5 things you can do 1.  Expand offerings and move toward higher value-added services, such as strategic business, tax, and financial planning. 2.  Develop technology skills to connect systems together from multiple vendors. 3.  Use and recommend collaborative accounting technologies to broaden and deepen client engagements. 4.  Educate staff on technology solutions and adopt a set of recommended products for clients. 5.  Be proactive with engaging clients in strategic technology planning.
  • If you automate You MUST Elevate - Mike Walsh, futurist
  • Generations
  • Top Issues Facing Young Professionals
  • Dealing with Generations •  Power of Purpose •  Build on Strengths •  Create a Positive Work Environment •  Collaborate
  • Workplace
  • Work is not a place, it is what you do. And What you do while working is fundamentally different.
  •  Disruption & Innovation Threat & Opportunity
  • Disruption and RONI The gap is widening, faster! Source: Clayton Christensen, “Innovation Killers”
  • Your clients want the “new you” “I need you, but I don't need the old you. I need a new you who understands the transformation I’m going through as your customer. If you don’t, you're out of touch.” - Dan Burrus futurist http://cpa.tc/1pt
  • Anticipation is showing up across our Profession Survey  results  from  MACPA  Town  Halls  
  • The Three T’s – Technology, Talent & Time What would Rita say? Rita McGrath, Columbia Business School! Author – End of Competitive Advantage! “How  would  you  think  differently  about  your  strategy  if   you  knew  your  advantage  might  not  last?”  
  •  5 Ways to Thrive in the Shift Change 1. Purpose &Vision 2. People (ROP) 3. Collaboration & Engagement 4. Strategy & Alignment 5. Technology (RONI)
  • What do we need to do about it? Imagine if we create a sustainable leadership culture in which everyone is engaged to accelerate the great vision and mission we have. Imagine a room in which introverts and extroverts create an innovative, multicultural plan to help us reach our goals.
  • CO-P
  • Think Big! Think New! Think Fast! - Mike Walsh
  • Tom  Hood,  CPA.CITP   CEO   Maryland  Associa<on  of  CPAs   Business  Learning  Ins<tute   (443)  632-­‐2301   E-­‐mail  tom@macpa.org   Web  hQp://www.macpa.org   hQp://www.blionline.org   ‘Blog  hQp://www.cpasuccess.com