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Innovation In Professional Services - Sectors Facing Digital Disruption

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The presentation discusses how professional services is facing digital disruption. Professional services such as accountants, lawyers, and consultants are facing massive change. In accounting, It has been reported that 66% of SME’s would replace services their accountant provides with cloud software. Many of the services they provide are being now being automated and outsourced. In addition, online marketplaces are disrupting the market by connecting buyers and sellers of services. Service providers need to figure out how to provide a higher value add in their offering to survive.

The talk will discuss how to implement innovation in a business. It includes models of corporate innovation and the latest thinking in innovation. There will also be case studies presented of how businesses implemented innovation. The speaker, Matthew Ho will combine his experience in professional services, technology startups and online marketing to provide a unique perspective for this presentation.

This presentation was presented for Online Marketing Sydney meetup on 24 June 2015 at Tyro FinTechHub. For event details go here: http://www.meetup.com/Online-Marketing-Sydney/events/222444980/

Check out my blog for more discussion on digital disruption: http://inspiredworlds.com

Published in: Services
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Innovation In Professional Services - Sectors Facing Digital Disruption

  1. 1. Innovation in professional services
  2. 2. About Us Matthew Ho ● Deloitte, Next Digital, Airbnb ● Started Native Tongue, Tapmint ● Twitter @inspiredworlds Head of Product Development & Marketing
  3. 3. Want to start digital marketing? Download free chapter “Start Digital Marketing” www.inspiredworlds.com
  4. 4. World’s largest taxi company owns no taxis
  5. 5. World’s largest media company creates no content
  6. 6. World’s largest accom provider owns no real estate
  7. 7. Why do you want to innovate?
  8. 8. Pick services from global marketplaces
  9. 9. Spend by Australian business on Upwork
  10. 10. Upwork in Australia ● Australians spent $60million in 2013 ● #1 online hiring country per capita ● #2 client market by total value globally
  11. 11. New skills people are seeking ○ Electrical engineering ○ Data scientists ○ 3D modelling ○ Lawyers ○ Accountants ○ Financial Analysts
  12. 12. New skills people are seeking
  13. 13. New skills people are seeking
  14. 14. Need an experienced mechanical engineer?
  15. 15. I have jet engine designs in my freelancer portfolio
  16. 16. Design a hydraulic loading shipping container
  17. 17. Hire McKinsey Consultant With 7 years experience
  18. 18. Choose services from local marketplaces
  19. 19. Find a professional in specialist fields Management consulting Human Resources Legal services
  20. 20. Digital disruption in accounting ● Desktop software --> cloud ● More SME’s can access accounting software ● More data available ● More points of integration
  21. 21. Digital disruption in accounting 66% of SME’s would replace services accountant currently performs with cloud based services
  22. 22. Digital disruption in accounting 50% of SME’s would change accountants if they didn’t embrace a cloud offering
  23. 23. Accounting tasks replaced by software ● Manual data entry ● Book keeping ● Year-end financial reporting ● BAS lodgements ● Payroll ● Financial analysis software features “Software is eating the world” - Marc Andreessen
  24. 24. Case study: Deloitte Private Deloitte Private work mix
  25. 25. Case study: Deloitte Private ● 18,000 Indian workforce ○ tax & financial compliance ○ admin, BD, marketing ● 3,000 dedicated to Australian office ● Move to higher value added services
  26. 26. Deloitte Private Connect software
  27. 27. Deloitte Private Connect software ● SAAS for accounting ● Compare your data against aggregate data of 13,000 clients ● Manual compliance is low margin & automated ● Higher value added advisory services on top of DPC data
  28. 28. Digital disruption is 10 metres from here
  29. 29. Disruption is 10mins from here
  30. 30. Part 2: How you can innovate YES, YOU CAN
  31. 31. Innovation criteria ● Management buy-in ● Innovation champion ● Starters vs scalers ● Can be trained in entrepreneurial mindset
  32. 32. Lightweight policies & fast approvals
  33. 33. Models of corporate innovation 1. Starts with awareness 2. Using new services & startups 3. Innovation programs 4. R&D 5. Closed vs Open innovation
  34. 34. Models of corporate innovation 5. Innovation portfolios 6. Hackathons 7. Acquisition 8. Corporate Venture Capital 9. Accelerator programs
  35. 35. Case study: Suncorp’s FedEx days
  36. 36. Case study: Suncorp’s FedEx days ● FedEx days ● Adopted from Atlassian ● Build & ship in 1 day ● Started with small team of technical people ● Similar to hackathons ● Some ideas go into production
  37. 37. Case study: Suncorp’s FedEx days ● Became a firm wide initiative ● 16,000 people take time out ● Form self managed teams ● Mix of diverse skills ● Teams in different cities compete ● Change mindset to innovation
  38. 38. Implementation 1. Define growth goals 2. Start small 3. Awareness 4. Customer discovery days
  39. 39. Contact me ● Email: hello@tapmint.com ● Website: http://tapmint.com ● My Twitter: @inspiredworlds ● My blog: http://inspiredworlds.com
  40. 40. Become digital enabled Download free chapter “Start Digital Marketing” www.inspiredworlds.com
  41. 41. Resources ● Matthew Ho, Amidst boom in Aussie outsourcing and freelancing, Elance-oDesk launches in Australia, Tech In Asia, 3 May 2014. ● Chris Pash, The amazing growth story of Xero in one simple chart, Business Insider, 27 April 2015 ● Sholto MacPherson, How Accountants Can Survive Digital Disruption: ICAA, Digital First 19 Sept 2013 ● Sholto MacPherson, Digital Wave To Push Accountants into Post-Compliance Era: ICAA, Digital First, 18 Sept 2013
  42. 42. Resources ● Sholto MacPherson, Deloitte Private Connect - How and why did Deloitte build it, Digital First, 4 July 2014 ● Matt Ridley, When Ideas Have Sex, TED Global, 2010 ● Steve Blank, The Search For The Fountain Of Youth - Innovation & Entrepreneurship in the Enterprise, 3 June 2010 ● Paul Hobcraft, Mapping Innovation Across The Three Horizons, Innovation Excellence,, 24 April 2013 ● Exploring the 3 horizons framework, Hype Innovation, 11 Nov 2013.
  43. 43. Resources ● Henry Chesbrough, Principles of Innovation, 2009. ● Alex Osterwalder & Yves Pigneur, Business Model Generation, 2010 ● Steve Blank, Lean Goes Better With Coke - The Future of Corporate Innovation, 7 Nov 2013. ● Carie Davis, Startup Weekend at Coke - Building Entrepreneurship in the enterprise, Coca-Cola, 3 Jul 2013. ● Allie Coyne, Carsales tests developer innovation with 'hackathon', itnews.com.au, 11 Oct 2013. ● innovation.carsales.com.au
  44. 44. Resources ● Nadia Cameron, Technology, Simplicity, and Culture: Behind The Scenes of Sensis’ Digital Transformation, CMO, 18 Dec 2014 ● Finding A New Business In The Every Day, IDEO, 2014
  45. 45. Resources People interviewed / sources: ○ James Drucza (Tapmint) ○ Ping Wang (ex-transformation team, IAG) ○ Kelly Brough (ex-GM, Sensis) ○ Kiran Kumar (ex-Suncorp) ○ Ben Reid (ex-BD, Muru-D)

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