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Thriving in a Rapidly Changing World - AICPA G400 Firms

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One thing is certain, G400 firms agree that they are not moving fast enough in this period of rapid, almost exponential change drivers by the hard trends of technology, regulations and standards, and demographic shifts. They realize that they need a future ready mindset, new skills, and learn how to innovate. This report shows their insights and thoughts about these topics in a world where 'what got us here, won't get us there."

Top challenges lead with 'being reactive versus proactive' Slide 3
The Top Technologies include AI, Big Data and Cyber-security
Slide 5 thru 11 showcase a game-changing system to help change mindsets, create future ready proactive consulting skills and accelerate your firm's innovation and transformation.

Slide 12 shows what firms need to do to move 'fast enough' given the pace of change.

Innovation is covered in slides 13 - 19 and show 90% of firms believe innovation is critical or very important yet are being held back from legacy thinking, fear and a lack of compelling vision / why.

We share our BLI Innovation framework on slide 19 which covers everyday innovation, differentiating innovation and transformational innovation. Built on the critical starting points - a future ready mindset and a culture capable of supporting innovation and collaboration.

The insights on slide 20 indicate a renewed sense of urgency and recognition that if they don't get moving, another firm will.

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Thriving in a Rapidly Changing World - AICPA G400 Firms

  1. Thriving in a Rapidly Changing World The #FutureReady Firm AICPA G400
  2. Thriving in a Rapidly Changing World The #FutureReady Firm AICPA G400 Polling results Tom Hood, CPA, CITP, CGMA May 7, 2019 Chicago, Il@tomhood
  3. Top Challenges 1. Being proactive vs. reactive 2. Finding the right people 3. Keeping up with technology 4. Talent retention 5. Partner alignment and buy-in Note: Results are consistent with our national results from Firm Associations and national conferences.
  4. Top Technologies Impacting your firm in 3 years 1. Artificial intelligence cognitive computing in audit and tax 2. Big Data analytics 3. Adaptive and predictive cybersecurity 4. RPA - Virtualization and automation of processes and services 5. Blockchains 6. Advanced cloud computing 7. Mobile apps for business processes 8. Virtualization of desktop and storage 9. The internet of things IoT 10. Augmented and virtual reality applications Note: Results are consistent with our national results from Firm Associations and national conferences.
  5. #FutureReady Firm “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
  6. Your staff are future ready, proactive advisors capable of presenting and discussing industry trends and insights with your clients… Imagine if…
  7. How can we help CPAs be future ready & proactive?
  8. Practice Profile: A formula for forecasting the future “These “AO” firms are certainly not alone on the front lines of change, but their commitment to very intentional and actionable innovation has made them vanguards for the type of future-focused firm that will thrive in today’s evolving business landscape." - Danielle Lee, Managing Editor Accounting Today http://bit.ly/AOAF19
  9. #FutureReady Competencies - Foundation Process Step Common Leadership Competencies Know What’s Next Strategic Thinking External Awareness Vision Continuous Learning Develop Opportunities Innovation Creativity Problem Solving Prioritization Shape the Future Business Acumen Decisiveness Accelerate Success Influencing / Persuading Emotional Intelligence Consensus Building Collaboration “Everyone keeps telling accountants that they need to change their focus from the historic and the backward-looking, and to start being proactive and offering future-focused advice – but no one tells them how. The beauty of the Anticipatory Organization program is that it actually gives you a set of tools to harness the hard trends that are shaping the future, and use them to create new value for your firm and your clients.” - Daniel Hood, Editor-in-Chief, Accounting Today http://www.blionline.org/ao Elevate & accelerate your firm’s culture and build the skills needed for the future
  10. Top FutureView Themes in AOAF Firms 1. Support a collaborative, people-centric & anticipatory culture 2. Embrace flexible and remote working environments 3. Recruit & retain a diverse workforce 4. Leverage technology to create better user experiences for both staff and clients 5. Shift from away from compliance to a become a consultative, advisory services firm 6. Expand service offerings and create more industry verticals Future View
  11. Is your firm moving fast enough? 2.64 Out of 5 (11) Evaluate/test AI (4) Cyber security services to clients Using Bots for efficiency Being proactive to change Trying new things often Transforming to a proactive advisory firm Actually investing in and running Real time response to client situations Constant learning Actively identifying and creating new service offerings Being more proactive and efficient. I would be on cutting edge Real-time audit and analytics Having a plan that can be implemented. Change physical space More Advisory services, less compliance. Faster than our competition IT advisory services Clients are excited to talk about what we have to offer Real time data analysis Hmm Hire a technologist Transforming Testing new services Managing Change on going Automation where it is possible Thinking about it Implementation of new services Bringing new ideas to the firm monthly Marking retirement plans Outsource Applying ideas Investing more money in new technology and talent setting trends More data to make better decisions Constant research and communication to entire firm. Blurrrrrrr Implement automatically Embracing the cloud Learning Keeping top talent Hiring cio and data analyst specialist Experiment with new technologies Hiring champions in emerging areas. Have no tax preparers, just reviewers Partners would be value selling Exceeding client expectations More proactive client discussions Uncomfortable Note: Results are consistent with our national results from Firm Associations and national conferences. Although young professionals rank firms lower around 2.0 - 2.3.
  12. Innovation and CPA Firms
  13. The Three Box Solution 1. Manage the Present 2. Forget the Past 2. Create the Future
  14. 74% Next gen leaders do not believe their organizations are encouraging practices that foster innovation • Source: Deloitte Millennial Survey Your Innovation Impacts Your Talent
  15. Innovation 90% Critical & Very Important Note: Results are slightly higher from our national results from Firm Associations and national conferences which was 87%.
  16. What is holding you back? 1. Legacy thinking 2. Fear 3. Lack of compelling vision and why 4. Lack of alignment in partner group 5. Control Note: Top 4 Results are identical to our national results from Firm Associations and national conferences. 5th item was ‘Past Success’. Fear and control included fear of failure, money and risk. The top three can be overcome with a structured strategic planning process combined with external trends designed to create alignment and buy-in
  17. D x V x F > RDissatisfaction with Status Quo = Shared meaning and context created collaboratively Vision for future – Envisioned future state plus Core Purpose & Values First steps - Top 5 actions using our Strat House or Action plans Resistance – Gravitational pull of the past + CAVE men and women(Colleagues Against Virtually Everything) The Change Equation – Breaking the Pull of the Past www.blionline.org
  18. Insights (4) RONI Risk of Not Investing Need for alignment of Partner group Times are a changing. Need a culture of change to stay ahead if the curve Vector and velocity mindset Need to pick 2-3 manageable initiatives and focus Innovation needs to be a part of the culture across entire team Change will happen. I can be part of it, or I can wave bye bye. Act now Going to start an innovation committee Innovate fail innovate fail innovate Need to afford the team time to brainstorm and be creative Need to make Innovation a priority regardless of how busy we are Change mindset Be innovative Progress is happening, ready or not It’s not going to be a easy. Buying will be hard. Be fearless We have a lot of work to do. Create an innovative culture of encouragement Start now Just do something! Do not operate in fear mode. Take a risk Transformation is inevitable We need to become future ready Driving an innovative environment Innovate Innovation NOW! Take risks Challenge everyone to be innovative. How to expand our services. Need to let go of the fear Engage staff to help propel our firm into the future We have a lot of work to do Making change happen. Progress management v Change management Need to innovate Do something don’t stand still Move to being proactive with clients Embrace change, but manage it. Don’t stop thinking, acting and moving Create partner buy in Fear of stasis is a rational fear.
  19. Resources to help you elevate and accelerate your firm transformation Our Business Learning Institute can help you in your firm transformation with developing the right future-focused strategy based on the hard trends of where we are certain the future is going. Our i2a: Insight to Action Strategic Planning Framework creates the vision for the future, creates buy-in from your team, and set actions to accomplish it. Our FutureReady Curriculum can be customized to fit your firm with a wide selection of programs in multiple formats to build or enhance you current training and development needs. I Our flagship product - The Anticipatory Organization® :Accounting and FInance Edition can elevate and accelerate a #FutureReafy culture, create a common language, accelerate innovation, and build the foundation for value-added consulting skills. Email us: learn@blionline.org Call 888-481-3500
  20. 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
  21. Listen Resources to our podcast https://futureready.libsyn.com
  22. 1. Ability to simplify 2. Ability to delegate and elevate 3. Ability to predict (anticipate) 4. Ability to systematize 5. Ability to structure Execution Discipline https://strategyx.blionline.org
  23. Tom Hood, CPA, CITP, CGMA • CEO of Maryland Association of CPAs and Business Learning Institute since 1997 • Member Forbes Finance Council • 2nd Most Influential Person in Accounting - Six years in a row by Accounting Today • LinkedIn Influencer with 750,000+ followers • Accounting Hall of Fame - CPA Practice Advisor • Industry background before MACPA • Treasurer & CFO of $100m highway construction company for 12 years • Accounting systems manager & accountant prior to that P: 443-632-2301 E: tom@blionline.org