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The Future Ready Finance Leader - CPA Canada The ONE

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What does it mean to be a leader in exponential times? Research shows continued turbulence and exponential changes in the environment that today’s leaders have to be prepared for. The future-ready Leader is aware of the changing context and trends, predictive of where the trends are going and capable of leading adaptation inside the organization. You will learn about how to apply a framework to help you lead with strategic foresight and disrupt yourself before you get disrupted.

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The Future Ready Finance Leader - CPA Canada The ONE

  1. The Future-Ready Finance Leader: What Got You Here, Won’t Get You There Tom Hood, CPA, CITP, CGMA @tomhood #CPATheONE The Business Learning Institute
  2. Select your session and join the conversation: Vote for a question Respond to Polls BLI.CNF.IO
  3. “The greatest shortcoming of the human race is our inability to understand the exponential function.” - Albert A. Bartlett
  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 World Economic Forum
  5. “In the next five years, game-changing technologies will transform every business process, including how we sell, market, communicate, collaborate, educate, train and innovate.” - Daniel Burrus
  6. Change: doing things differently Transformation
  7. ”If the rate of change on the outside exceeds the rate of change on the inside, the end is near.” – Jack Welch
  8. 82% 66% 55% 45% 43% 39% 38% 25% 21% 18% 7% 7% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% Beingproactive vs.reactive Doing m orew ith less Keepingup with technology Finding the rightpeople Executive alignm entand buy-in Talentretention lack ofresourcesforaccountingand finance Olderleadersgetting in the way ofprogress Keepingup with standardsand regulations Succession and retirem ents Com petition and clientretention Other What are your biggest challenges? (Choose 5) 1. Being proactive vs. reactive 2. Doing more with less 3. Keeping up with technology 4. Finding the right people 5. Executive alignment and buy-in 6. Talent retention Top Challenges Facing Mgmt Accts #IMA18ACE
  9. 56% 50% 48% 48% 42% 38% 2% 0% 10% 20% 30% 40% 50% 60% Tension between old (compliance, controls) and new (strategic, value-add) Lack of ability to delegate due to lack of skills in finance team Rolestretch - increasing operational responsibilities prevent strategic focus Lack of capabilities in finance function to meet future strategic priorities Lack of IT systems support Not enough resources support from C-Suite Other What are your biggest challenges in finance/accounting? (Pick Top 3) 1. Tension between old (compliance, controls) and new (strategic, value-add) 2. Lack of ability to delegate due to lack of skills in finance team 3. Role stretch - increasing operational responsibilities prevent strategic focus 4. Lack of capabilities in finance function to meet future strategic priorities 5. Lack of IT systems support 6. Not enough resources support from C-Suite Biggest Challenges inAccounting/Finance #IMA18ACE
  10. Our #1 challenge?
  11. #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.
  12. Give a man a fish and you feed him for a day. Teach a man how to fish and you feed him for a lifetime. - Lao Tzu
  13. “You can’t stop the waves, but you can learn how to surf.” – Jon Kabat-Zinn
  14. Aware
  15. The 4th Industrial Revolution
  16. Vaporized Whatever can be vaporized will be vaporized. - Robert Tereck author of Vaporized:Solid Strategies for Success in a Dematerialized World
  17. } Vaporized “Whatever can be vaporized will be vaporized.” Robert Tereck author of Vaporized: Solid Strategies for Success in a Dematerialized World
  18. Source: Deloitte | Accenture Artificial intelligence Blockchain Data analytics Cybersecurity ROBOTICS is predicted to automate or eliminate up to... of basic accounting work by 2020.
  19. Bots in Accounting (RPA)
  20. Warner Bros/courtesy Everett Collection / Everett Collection What happens to this industry when all financial and economic data is being updated, automatically and indisputably in real time? What happens to the people who lose their jobs? What happens to the work culture? If the future foreseen by this book comes to pass, we’ll witness the biggest employment shakeup the world has ever seen… And this time, the most vulnerable jobs are not the usual suspects: the factory workers, the low-level clerks, or the retail store assistants. Now it’s the accountants, the bankers, the portfolio managers, the insurers, the title officers, the escrow agents, and the trustees—and, yes, even the lawyers. - Michael Casey & Paul Vigna
  21. “Blockchain is bringing new challenges and opportunities to the audit and assurance profession. As the paper makes clear, CPAs will need to evolve their skillsets and knowledge to meet the anticipated demands of the business world as blockchain and other new technologies are more widely adopted.” – Sue Coffey – AICPA EVP “Change comes quickly,” says Gord Beal, vice president of research, guidance and support at CPA Canada. “Anticipation, early understanding and integration of innovative technologies is critical to the success of our members and the organizations they serve.
  22. 6 Days 2 Secs
  23. Predict
  24. Predict - HardTrends Three HardTrends: 1. Government Regulation 2. Technology 3. Demographics
  25. Regulations & Standards ● IFRS ● RevRec ● GDPR ● LEI ● SBR
  26. 1. Big Data analytics 2. Mobile apps for business processes 3. Advanced cloud computing 4. Blockchains 5. Adaptive and predictive cybersecurity 6. Virtualization and automation of processes and services - RPA 7. Smarter smartphones and Tablets 8. Artificial intelligence cognitive computing in audit and tax 9. Virtualization of desktop and storage 10.The internet of things IoT Top 10 Technology Hard Trends Shaping the Profession in 2018 #IMA18ACE
  27. http://bit.ly/BLIaoaf Your turn! A Hard Trend is a projection based on measurable, tangible, and fully predictable facts, events, or objects. It’s something that will happen: a future fact that cannot be changed. Strategy based on the certainty of Hard Trends has low risk. Hard Trend categories include Technology, Demographics, and Government Regulations.
  28. #IMA18ACE http://bit.ly/BLIaoaf
  29. Tomorrow, there will be even more fires to put out if you don’t keep them from starting in the first place. Put the opportunity hour into your calendar now. If you don’t, the future you end up with might not be one you would have wanted. – Daniel Burrus
  30. Get ready for the fast future RONI? Rebekah Brown, CPA The Business Learning Institute
  31. Get ready for the fast future Adapt Rebekah Brown, CPA The Business Learning Institute
  32. #FutureReady “The bottom line is that CPA firms need to increase their future readiness in order to successfully navigate the fast future of change. In fact, every enterprise in every industry needs to get better at predicting what’s coming. By understanding the metrics (Hard Trends) that influence our future, we can design (with purpose) a better, preferred future. That is the big idea behind future-readiness – to have the capacity to take action with intent and design in order to adapt quickly and thrive.” Source: CPA.com Insight into the CPA of the Future Study 2015
  33. #FutureReady Leader Attributes 1. Providing Direction (Where you know the future is going) 2. Enabling Innovation thru Collaboration 3. Facilitating Learning 4. Disciplined Execution 5. Inspiring Culture
  34. 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
  35. 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
  36. #FutureReady Competencies in the Age of the Machines 1. Anticipating and serving evolving needs 2. Strategic thinking and problem solving/Synthesizing intelligence to insight 3. Integration and collaboration 4. Communications 5. Leadership 6. Tech-savviness and data analytics 7. Functional and domain expertise Future Ready Competency Matrix © Copyright Business Learning Institute 2017
  37. The skills finance and accounting professionals will need in the future and the emergence of the T-shaped professional. #FutureReady T-Shaped Professional Future Ready Competency Matrix © Copyright Business Learning Institute 2017
  38. Confidential – Internal Use Only Culture = Mindset, Skillset, and Toolset In order to remain competitive, to stay relevant, even to survive in this age of exponential change, HBK must adopt an anticipatory mindset, a ‘future view’ based on the hard trends we see shaping our future, and use those insights to help our clients capitalize on the opportunities that accompany digital disruption. Learning to anticipate and adjust to this new age in financial services is significantly changing the way our team members think, allowing us to be future-ready, ensuring we will be even more relevant as trusted advisors to our clients." Christopher Allegretti, CPA, Managing Principal and CEO of HBK.
  39. blionline.org/ao KNOW WHAT’S NEXT Transform Planning Ø Identify Hard Trends Ø Identify Soft Trends Ø Predicting Change Ø Transformation Influencers DEVELOP OPPORTUNITIES Transform Innovation Ø 8 Hard Trend Pathways Ø Accelerating Innovation Ø Anticipating Customer Needs Ø Game-changing Opportunities SHAPE THE FUTURE Transform Culture Ø The Power of Futureview Ø Leveraging Disruption Ø Using Certainty to Sell Ø The Collaboration Imperative ACCELERATE SUCCESS Transform Results Ø Elevating Trust Ø Time Travel Audit Ø Skipping Problems and Barriers Ø Reward Desired Behaviors THE ANTICIPATORY ORGANIZATION™ MODEL An Innovation and Transformation Accelerator
  40. Become #FutureReady: The Four Building Blocks Mindset Anticipatory Skills Collaboration Skills Confidence Source: Joey Havens, HORNE LLP
  41. • Anticipation • Strategic Thinking • External Awareness • Vision • Continuous Learning • Innovation • Creativity • Problem Solving • Prioritization • Business Acumen • Decisiveness • Influencing/Persuading • Emotional Intelligence • Consensus Building • Collaboration • Inspiration • Risk Management • Communication http://www.blionline.org/ao
  42. Adapt Predict Aware }Future Ready
  43. If we fail, it’s not because our machines are too intelligent, or not intelligent enough. If we fail, it’s because we grew complacent and limited our ambitions. Our humanity is not defined by any skill, like swinging a hammer or even playing chess. There’s only one thing a human can do. That’s dream. So let us dream BIG! Garry Kasparov – TED Talk
  44. #FutureReady Reading List • The Anticipatory Organization – Daniel Burrus • The Second Machine Age – Erik Brynolfsson & Andrew McAfee • The Future of the Professions – Richard Susskind and Daniel Susskind • The Truth Machine – Michael Casey & Paul Vigna • Thank You for Being Late – Thomas Friedman • The Excellence Dividend – Tom Peters • CPA of the Future Study – CPA.COM http://bit.ly/CPAFuture • Top 8 skills for finance and accounting professionals in the age of machines http://bit.ly/CPASkills • Top 10 technology hard trends facing accounting and finance professionals http://bit.ly/Top10HardTrends
  45. What We Do ● Strategic Planning ● On-Sire Custom Learning ● Speakers Bureau & Keynotes ● Learning Management System ● Curriculum Design ● On-Demand Learning ● Coaching & Facilitation ● Webcasts ● Talent Development Strategy
  46. Future Ready Competencies in the Age of the Machines Leadership Anticipating and Serving Evolving Needs Critical Thinking and Problem Solving Communications Technology Savvy & Data Analytics Integration & Collaboration Functional & Domain Expertise Lead & Inspire people Empathy Build relationships Social & emotional intelligence Service orientation Emotional intelligence People management Negotiation Cross Cultural Competency Social Intelligence Globally focused & Cross cultural Team Development Ideation Creativity Innovation Brainstorm (Ideation) creativity / innoavtion Novel & adaptive thinking Complex problem solving Critical thinking Creativity Transdisciplinarity Novel and Adaptive Thinking Future-Facing Synthesizing Intelligence to Insight Large frame pattern recognition (outside their frame) Strategic Guidance vs Tactical Acuity Sensemaking Cognitive flexibility Judgment and Decision Making Design mindset Cognitive Load Management Complex communication New media literacy Computational Thinking Tech Savvy Collaborate Coordinating with others Virtual Collaboration Collaborative mindset Finance and Accounting Professional Competencies Moral and Ethical Reasoning Look, Lead, Love,Learn Critical Thinking Skills: For Financial Professionals Smarter Decision-Making and Problem Solving for Leaders Seven Secrets of Successful Business Communication – Part 1 Analytics and Big Data for Accountants Leading and Collaborating in a VUCA World The Eight Hour MBA: Key Concepts of Leadership Strategy Critical Thinking For Finance Strategic Problem Solving: How to Solve Tough Challenges the Mastermind Way Seven Secrets of Successful Business Communication – Part 2 Blockchain, Big Data and Business Intelligence for Accounting and Finance Value of Collaboration – The Art of Relationship Management MBAexpress: Emotional Intelligence Critical Thinking, Case Studies and Fraud Tapping Into The Problem Solving Power of Your Team Effective Communication and Negotiation (Controller Series) Understanding the Transformational Power of Data and Analytics Look, Lead, Love,Learn The Upside of Stress Creativity & Innovation MBAexpress: Smarter Decision- Making MBAexpress: Communication in the Workplace Keeping Up With Technology 2017 Microsoft OneNote Digital Note- Taking Note-Taking and Collaboration MBAexpress: Nuances of Negotiating The Anticipatory Organization: Accounting and Finance Edition The Eight Hour MBA: Key Concepts of Powerful Communication Effective Communication and Negotiation MacGyvering: The Art of Being Resourceful in a Crisis Communications with Executive Presence for Business Success How the Best Financial Executives Create High Performance Organizations Future Ready Competency Matrix © Copyright Business Learning Institute 2017
  47. Thank You! Contact us at: tom@macpa.org Visit us at: http://www.macpa.org http://www.blionline.org
  48. 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 • CPA Practice Adviser Accounting Hall of Fame • Named the Second Most Influential in Accounting by Accounting Today Magazine 2011-present • Top 100 Influencer by LinkedIn (700,000+ followers) • Member of the Forbes Finance Council • Top 25 Influencers in Learning & HR by HR Examiner • Top 25 Public Accounting Thought Leaders by CPA Practice Adviser CEO Maryland Association of CPAs (MACPA) macpa.org Business Learning Institute (BLI) blionline.org http://www.linkedin.com/in/tomhood 67
  49. #FutureReady Reading List • The Anticipatory Organization – Daniel Burrus • The Second Machine Age – Erik Brynolfsson & Andrew McAfee • The Future of the Professions – Richard Susskind and Daniel Susskind • The Truth Machine – Michael Casey & Paul Vigna • Thank You for Being Late – Thomas Friedman • The Excellence Dividend – Tom Peters • CPA of the Future Study – CPA.COM http://bit.ly/CPAFuture • Top 8 skills for finance and accounting professionals in the age of machines http://bit.ly/CPASkills • Top 10 technology hard trends facing accounting and finance professionals http://bit.ly/Top10HardTrends
  50. What We Do ● Strategic Planning ● On-Sire Custom Learning ● Speakers Bureau & Keynotes ● Learning Management System ● Curriculum Design ● On-Demand Learning ● Coaching & Facilitation ● Webcasts ● Talent Development Strategy
  51. • Anticipation • Strategic Thinking • External Awareness • Vision • Continuous Learning • Innovation • Creativity • Problem Solving • Prioritization • Business Acumen • Decisiveness • Influencing/Persuading • Emotional Intelligence • Consensus Building • Collaboration • Inspiration • Risk Management • Communication http://www.blionline.org/ao
  52. Future Ready Competencies in the Age of the Machines Leadership Anticipating and Serving Evolving Needs Critical Thinking and Problem Solving Communications Technology Savvy & Data Analytics Integration & Collaboration Functional & Domain Expertise Lead & Inspire people Empathy Build relationships Social & emotional intelligence Service orientation Emotional intelligence People management Negotiation Cross Cultural Competency Social Intelligence Globally focused & Cross cultural Team Development Ideation Creativity Innovation Brainstorm (Ideation) creativity / innoavtion Novel & adaptive thinking Complex problem solving Critical thinking Creativity Transdisciplinarity Novel and Adaptive Thinking Future-Facing Synthesizing Intelligence to Insight Large frame pattern recognition (outside their frame) Strategic Guidance vs Tactical Acuity Sensemaking Cognitive flexibility Judgment and Decision Making Design mindset Cognitive Load Management Complex communication New media literacy Computational Thinking Tech Savvy Collaborate Coordinating with others Virtual Collaboration Collaborative mindset Finance and Accounting Professional Competencies Moral and Ethical Reasoning Look, Lead, Love,Learn Critical Thinking Skills: For Financial Professionals Smarter Decision-Making and Problem Solving for Leaders Seven Secrets of Successful Business Communication – Part 1 Analytics and Big Data for Accountants Leading and Collaborating in a VUCA World The Eight Hour MBA: Key Concepts of Leadership Strategy Critical Thinking For Finance Strategic Problem Solving: How to Solve Tough Challenges the Mastermind Way Seven Secrets of Successful Business Communication – Part 2 Blockchain, Big Data and Business Intelligence for Accounting and Finance Value of Collaboration – The Art of Relationship Management MBAexpress: Emotional Intelligence Critical Thinking, Case Studies and Fraud Tapping Into The Problem Solving Power of Your Team Effective Communication and Negotiation (Controller Series) Understanding the Transformational Power of Data and Analytics Look, Lead, Love,Learn The Upside of Stress Creativity & Innovation MBAexpress: Smarter Decision- Making MBAexpress: Communication in the Workplace Keeping Up With Technology 2017 Microsoft OneNote Digital Note- Taking Note-Taking and Collaboration MBAexpress: Nuances of Negotiating The Anticipatory Organization: Accounting and Finance Edition The Eight Hour MBA: Key Concepts of Powerful Communication Effective Communication and Negotiation MacGyvering: The Art of Being Resourceful in a Crisis Communications with Executive Presence for Business Success How the Best Financial Executives Create High Performance Organizations Future Ready Competency Matrix © Copyright Business Learning Institute 2017
  53. Thank You! Contact us at: tom@macpa.org Visit us at: http://www.macpa.org http://www.blionline.org
  54. 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 • CPA Practice Adviser Accounting Hall of Fame • Named the Second Most Influential in Accounting by Accounting Today Magazine 2011-present • Top 100 Influencer by LinkedIn (700,000+ followers) • Member of the Forbes Finance Council • Top 25 Influencers in Learning & HR by HR Examiner • Top 25 Public Accounting Thought Leaders by CPA Practice Adviser CEO Maryland Association of CPAs (MACPA) macpa.org Business Learning Institute (BLI) blionline.org http://www.linkedin.com/in/tomhood 73

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