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Innovating Beyond Technology #SageSummit


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Innovation is one of the latest buzz words, but what does innovation really mean and how does it impact the way you do business and serve your clients? Often times, business leaders think innovation refers solely to technology, when in fact cloud and mobility are shifting away from being a new idea to being mainstream and an expectation, leaving clients wanting more. What does “being innovative” in your accounting firm mean to your business model, the way you interact with your clients, and how you plan for the future? Jennifer Warawa, Vice President and General Manager of Sage Accountant Solutions at Sage North America, and Tom Hood, CEO of Maryland Association of CPAs and the Business Learning Institute, will share research, trends, and insights into how the next phase of innovation will have an impact on the way you do business, and what changes are crucial in order to stay one step ahead of the competition.

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Innovating Beyond Technology #SageSummit

  1. Innovating Beyond Technology! Jennifer Warawa & Tom Hood! MAX-502! ! @jenniferwarawa @tomhood! #SageSummit! !
  2. The contents of this presentation were provided by individual(s) and/or company listed on the title page. The information and opinions presented in this presentation may not represent Sage’s positions, strategies, or opinions. Unless explicitly stated, Sage is not responsible for the content herein and no endorsements are implied. ©2014 Sage Software, Inc. All rights reserved. Sage, the Sage logo, and any product and service names mentioned herein are trademarks of Sage Software, Inc. or its affiliates. All other names used in this presentation are for informational purposes only and may be trademarks of their respective owners. #SageSummit  
  3. Start  with   why   “People  don’t  buy   what  you  do,  they   buy  why  you  do  it.”     ~  Simon  Sinek  
  4. reimagine! You’re  invited  to  
  5. What  do  you  think   of  when  I  say   “innova?on”?          
  6. What  is  innova?on?     in·∙no·∙va·∙?on     Defini?on:       •  The  act  of  introducing  something  new.   •  Something  newly  introduced.       synonyms:     change,  altera9on,  revolu9on,  upheaval,  transforma9on,   metamorphosis,  breakthrough;  new  measures,  new  methods,   moderniza9on,  novelty,  newness;  crea9vity,  originality,  ingenuity,   inspira9on,  inven9veness;  a  shake  up           Innovation isn’t a single event. It’s a continuing process.
  7. Why  is  innova?on     so  important  in  your  firm?   The  bo@om  line:   Everything  is  changing!  
  8. Key  trends:     •  Compe99on  no  longer  just  down  the  street   •  Businesses  are  demanding  more  value   •  ShiF  from  reac9ve  repor9ng  to  real-­‐9me  insights   •  Online  is  crea9ng  more  educated  clients   •  Core  accoun9ng  services  being  commodi9zed   •  DIY   •  Things  are  moving  faster!  
  9. What’s  most  important  to   your  clients?   Top  3:  2006     1.  Level  of  service  and   a@en9veness   2.  Quality  and   accuracy  of  work   3.  Reputa9on  of  firm   Top  3:  2012     1.  Problem-­‐solving   ability   2.  Quality  and   accuracy  of  work   3.  Reputa9on  of  firm   *  CPA  Trendlines  2006  and  2012  studies  
  10. What  do  you  think  is  most  important   to  your  clients?   Top  3:  2006     1.  Personal  chemistry   2.  Price,  fees,  costs,   affordability   3.  Quality  and   accuracy  of  work   Top  3:  2012     1.  Price,  fees,  costs,   and  affordability   2.  Personal  chemistry   3.  Reputa9on  of  firm  
  11. 1   Technology—understanding, what you use, what you recommend 2   The way you serve your clients: the customer experience 3   How you define success 4   Who your clients are 5   The way you find new clients: your marketing and sales strategy 6   Your people strategy Six areas innovation shows up in your firm . . . . . . and this list is just the beginning!
  12. Technology—understanding,  what  you   use,  what  you  recommend         •  Limited  solu9ons  in  the   market   •  Limited  visibility     •  Consultants  could  have   tunnel  vision   •  “One  size  fits  all”   worked  
  13. Technology—understanding,  what  you   use,  what  you  recommend         •  Limited  solu9ons  in  the   market   •  Limited  visibility     •  Consultants  could  have   tunnel  vision   •  “One  size  fits  all”   worked   •  Innova9on  is  happening   at  a  rapid  pace   •  Buying  decisions   happening  online   •  “One  size  fits  all”  is  over  
  14. The  way  you  serve  your  clients:  The   customer  experience         •  Good  was  good  enough   •  Loyalty  was  prevalent     •  Clients  knew  what  you   told  them   •  Hourly  pricing  worked  
  15. The  way  you  serve  your  clients:  The   customer  experience       •  Good  was  good  enough   •  Loyalty  was  prevalent     •  Clients  knew  what  you   told  them   •  Hourly  pricing  worked   •  Changing  client   expecta9ons   •  It’s  a  global  economy   •  The  pace  of  change  is   increasing   •  Your  clients  know  your   compe9tors   •  Value  pricing  gaining   momentum  
  16. How  you  define  success       •  Making  ends  meet   •  Profit!  
  17. How  you  define  success       •  Making  ends  meet   •  Profit!   •  Profitability  s9ll   important     •  Ability  to  get  new  clients   •  Achieve  your  vision  and   live  your  dream   •  Work/life  balance  
  18. Who  your  clients  are       •  No  client  selec9on   process   •  Busy  =  good   •  Unprofitable  clients  =   most  demanding   •  Firing  clients  
  19. Who  your  clients  are       •  No  client  selec9on   process   •  Busy  =  good   •  Unprofitable  clients  =   most  demanding   •  Firing  clients   •  New  client  selec9on   process   •  Busy  ≠  good   •  “A-­‐level”  clients  win  
  20. The  way  you  find  new  clients:     your  marke?ng  strategy     •  Referrals   •  Newspaper  ads   •  Yellow  Pages   •  Local  events  
  21. •  Word  of  mouth   •  Online,  web,  social   •  Content  marke9ng   •  Yellow  Pages?   The  way  you  find  new  clients:     your  marke?ng  strategy       •  Referrals   •  Newspaper  ads   •  Yellow  Pages   •  Local  events  
  22. The  way  you  aSract  and  retain  the  right   talent:  your  people  strategy     •  Pay  less,  get  less   •  No  budget  for  employee   development   •  Long-­‐term  employees  
  23. •  Want  more?  Pay  more.   •  Culture  is  key   •  Next  gen,  new   expecta9ons   The  way  you  aSract  and  retain  the  right   talent:  your  people  strategy       •  Pay  less,  get  less   •  No  budget  for  employee   development   •  Long-­‐term  employees  
  24. Seven  principles  of  small  innova?ons     1. Make  free  9me  
  25. Seven  principles  of  small  innova?ons     1. Make  free  9me   2. Collect  ideas  
  26. Seven  principles  of  small  innova?ons     1. Make  free  9me   2. Collect  ideas   3. Look  outside  
  27. Seven  principles  of  small  innova?ons     1. Make  free  9me   2. Collect  ideas   3. Look  outside   4. Be  customer-­‐centric  
  28. Seven  principles  of  small  innova?ons     1. Make  free  9me   2. Collect  ideas   3. Look  outside   4. Be  customercentric   5. Small  innova9ons  can  end  up  being  a  big  innova9on  
  29. Seven  principles  of  small  innova?ons     1. Make  free  9me   2. Collect  ideas   3. Look  outside   4. Be  customercentric   5. Small  innova9ons  can  end  up  being  a  big  innova9on   6. Ask  the  right  ques9ons  
  30. Seven  principles  of  small  innova?ons     1. Make  free  9me   2. Collect  ideas   3. Look  outside   4. Be  customer-­‐centric   5. Small  innova9ons  can  end  up  being  a  big  innova9on   6. Ask  the  right  ques9ons   7. Make  a  daily  habit:  Innova9on  doesn't  oFen  occur  in  a  mee9ng  or   at  a  desired  9me   Darrell  Zahorsky,  
  31. reimagine! You’re  invited  to  
  32. 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) Business Learning Institute (BLI)
  33. Source:  Brian  Solis  author  of  The  End   of  Business  as  Usual   The Challenge!
  34. The New Normal!
  35. "The faster things change, the more important it is to look ahead." The Paradox!
  36. The trends!
  37. Now what?!
  38. I2a: A Strategic Thinking Process! to help you re-imagine! Hindsight – Foresight – Insight Create – Communicate – Inspire!
  39. CO-­‐  
  40. reimagine! T   Communica?ng  the  total  picture  with  clarity  and  objec9vity   Transla?ng  complex  informa9on  into  cri9cal  knowledge   An?cipa?ng  and  crea9ng  opportuni9es     Turning  insights  into  ac?on  to  transform  vision  into  reality     CPAs  are  trusted  advisors  who,  combining  insight  with   integrity  deliver  value  by:  
  41. “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   7/30/14   T  
  42. 7/30/14   T  
  43. The Opportunity – Be the House •  15 X – ROI on Strategy as Process & Alignment (Jim Collins – Built to Last) •  8 X – Engagement &Trust (Gallup) •  10X – Return on Leadership (Information Masters) •  20 X – Return on Culture (Information Masters) •  3 X - Return on Positivity (Dr. Barbara Frederickson) Research supportsVision, Strategy, and Involvement
  44. Return on Investment! Cri?cal  Areas   Investment   Return   People   2%   20%   Processes   2%   15%     Organiza9on  Structure   2%   10%   Culture   1%   20%   Leadership   1%   10%   Informa9on   10%   15%   Technology   82%   10%   Source:  Informa9on  Masters  –  Secrets  of  the  Customer  Race  by  John  McKean  
  45. Engagement – Alignment - Commitment
  46. Sage Vision and Strategy Workshops!
  47. Now what?! Sage  Vision  to  Strategy  Workshops   Leadership  Educa9on  for  Accoun9ng   Professionals  (LEAP)   h@p://       For  more  informa9on  see  the  Sage  Compe99ve  Edge  website:  
  48. Resources! The  Bounce  Competency  Model  and  Curriculum     h@p://     BLI  Express  Leadership  &  Management  skills  on-­‐demand   h@p://     Sage  Vision  &  Strategy  Workshops  &  LEAP  Course  Catalog   h@p://   The  ShiF  Change  in  Accoun9ng  –  Linked-­‐in  Post   h@p://     h@p://