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Future of Work in Business Reporting - Data Amplified 11-06-17


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Presentation delivered to the Data Amplified Conference in Paris, France on 11-17-17

Focus on the Future of Work in Business Reporting - Recent research says that the business environment for financial services profesionals and their clients will be characterized by “unprecedented, massive and highly accelerated change” through 2025. To thrive in this new age of hyper-change and growing uncertainty, it is now an imperative to learn a new competency–how to accurately anticipate the future. This session will show how leaders can anticipate these trends and move from being a crisis manager to an opportunity manager. At the end of the session participants will set actionable steps to elevate and accelerate their organization’s strategy.

Features outwork with best-selling author and global futurist, Daniel Burrus and his work with the Anticipatory Organization.

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Future of Work in Business Reporting - Data Amplified 11-06-17

  1. The Future of Work in Business Reporting: Anticipating the Future and Providing Strategic Foresight Tom Hood, CPA, CGMA, CITP CEO of the MACPA & Business Learning Institute@tomhood
  2. DISRUPTION AND UNCERTAINTY ARE FACTS OF LIFE Change on a scale that few companies or sectors in the economy have been through.
  4. “We stand on the brink of a technological revolution that will fundamentally alter the way we live, work, and relate to one another. In its scale, scope, and complexity, the transformation will be unlike anything humankind has experienced before.” Klaus Schwab onThe Fourth Industrial Revolution – World Economic Forum
  5. Technology • World’s Largest Movie Company • World’s Largest Taxi Co • World’s Largest ‘Hotel’ Company • World’s Largest Camera Company • World’s Largest Retailer • World’s Largest Media Outlet • Etc…
  6. VUCABorrowed from the US Army War College, VUCA was coined by The Institute for the Future to describe the rapidly changing and complex business environment since the Great Recession of 2008. Volatility Uncertainty Complexity Ambiguity
  7. The shot heard round the world…(at least in accounting)
  8. #FutureReady The capacity to be anticipatory (aware, predictive and adaptive) of emerging technology and trends in business, demographics, and the social environment impacting your organization and industry. Source: CPA.COM Insight into the CPA of the Future Study 2015 92% of CPAs Not #FutureReady
  9. Human adaptability Technology We are here Time Graph by Astro Teller, CEO of Google X, featured in Thomas Friedman’s “Thank you for Being Late” 200 7 CertaintyRate of change
  10. HardTrends Three HardTrends: 1. Government Regulation 2. Technology 3. Demographics
  11. Government Regulations |
  12. Top Technology Trends Impacting the Profession in Next Three Years 1. Big Data Analytics 2. Adaptive & predictive cyber-security 3. Artificial intelligence, cognitive computing in audit and tax 4. Virtualization and automation of processes and services 5. Blockchain 6. Mobile apps, smartphones, tablets for business 7. Augmented and virtual reality applications 8. Internet of Things, 9. Visual communications 10.Social business applications Source: 2017 Top technology Trends – Burrus Research MACPA Major Firms Group Meeting 3-6-17
  13. Demographics
  14. 1. Exponential pace of technology innovation (A.I., Cloud, Big Data) 2. Increased automation of technical knowledge 3. Increasing shortage of talent 4. Clients demanding insights because of disruption 5. Proactive, anticipatory skills in demand 6. Increasing outside competition 7. Strong culture required to innovate fast enough 8. Trust, relationships and uniquely human skills in demand What are you Certain About? FUTURE FACTS
  15. Adding Insight forAction Source: CGMA Big data, analytics,AI, and the finance professional
  16. "we didn’t do anything wrong, but somehow, we lost” – Stephen Elop, Nokia CEO – September, 2013 after sale to Microsoft They missed out on learning, they missed out on changing, and thus they lost the opportunity at hand to make it big. Not only did they miss the opportunity to earn big money, they lost their chance of survival. – Rahul Gupta on Linked-In
  17. 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
  18. Competency - Adaptive Disruptions before they disrupt Problems before you have them Customer Needs before they have them New Opportunities before the competition Anticipate Source: Daniel Burrus
  19. Future Ready Competencies in the Age of Machines • Communications • Leadership • Critical Thinking and Problem Solving • Anticipating and Serving Evolving Needs • Synthesizing Intelligence to Insight • Integration & Collaboration • Tech-Savvy & Data Analytics • Functional & Domain Expertise Our Research:
  20. Closing Thoughts
  21. Disrupt yourself before someone else does. - Marc Randolph, Netflix
  22. • Iden fying Hard Trends • Iden fying So Trends • Predic ng Change • Transforma on Influencers KNOW WHAT’S NEXT THE ANTICIPATORY ORGANIZATION™ MODEL KNOW WHAT’S NEXT Transform Planning DEVELOP OPPORTUNITIES Transform Innovation SHAPE THE FUTURE Transform Culture ACCELERATE SUCCESS Transform Results
  25. REDEFINE & REINVENT Structured Data & XBRL
  26. REDEFINE & REINVENT Structured Data & XBRL
  27. Anticipatory Principles – Daniel Burrus • If it can be done, it will be done… • From Protect & Defend to Embrace & Extend • Become an Opportunity Manager AND • Identify the predictable problems if you ignore the Hard Trends • Think AND, Skip It, and Go Opposite when looking at problems
  28. RONI The gap is widening, faster! Source: Clayton Christensen, “Innovation Killers” We think this is trade-off
  29. The new game begins even before you can tell anything is wrong in the old one.” - Clay Christensen Innosight Perform while you transform
  30. Calendar -The No. 1 App Spend just one hour per week in the future…
  31. 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. Tom Hood, CPA, CITP, CGMA • CPA Practice Adviser Accounting Hall of Fame • Named the Second Most Influential Person in Accounting by Accounting Today Magazine • 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, Leadership & Generations CEO, Maryland Association of CPAs (MACPA) Business Learning Institute (BLI) – Accounting Today