cocpa - the anticipatory individual and organization
TRANSCRIPT
The An'cipatory Individual and Organiza'on
Tom Hood, CPA, CITP, CGMA @tomhood
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Your Learning Journey
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The # 1 Challenge
0 2 4 6 8
Poor reputation
No personal relationship
Inadequate staff to meet needs
Not using state-of-the-art technology
Fees were too high
Expertise of former CPA was lacking
Referral to a new firm from someone
CPA had poor responsiveness
CPA didn’t give proactive advice, only reactive service
Why SMBs Leave Their CPA / Accountant
The Faster you go, the Farther Ahead You Have to Look
www.blionline.org
Source: CPA.COM Insight into the CPA of the Future Study 2014
Only 8% of CPAs are Future Ready
Future Ready is the capacity to be aware, predictive, and adaptive of
emerging challenges, tech innovations, and trends and changes in business, population, and social
environment.
“You can’t stop the waves, but you can learn how to surf.”
– Jon Kabat Zinn
Oceans of Opportunity
5 Steps to be Future Ready1. Context 2. Certainty3. Capacity4. Competence 5. Core Beliefs
Context
“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
'If the rate of change on the outside exceeds the rate of change on the inside, the end is near.’ – Jack Welch
In the next five years we will
TRANSFORM
How we market, sell , communicate, collaborate, innovate, and educate.
– Dan Burrus
More Uber cars than yellow taxis on the road in NYC
Gradual then Sudden
Race Against the Machines?
Source: Frey & Osborne – The Future of Employment – Oxford University
What does the future hold? Technology is changing and disintermediating many trades and professions
• Medical, Legal, Accounting
Patterns and Trends • Automation replacing routine tasks – higher order (soft skills and analytics)
necessary to survive • Alternative options to services and knowledge – automated or otherwise – Tax
and Audit implications • Globalization, specialization and consolidation changing the landscape. • Domain expertise matters
Are you using the language of the future or the past?
Are your office & technology in the future or the past?
Will students feel they are time traveling back in time?
Do you know what your clients are facing now and in the future?
The Faster you go, the Farther Ahead You Have to Look
Certainty
Borrowed 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.
Can you predict the future?
• Linear & Exponential Change• Cyclical Change• Hard Trends vs Soft Trends
Certainty
Hard Trends
Four Hard Trends:1. Government Regulation2. Technology3. Demographics4. Globalization
12,000 CPAs, 75,000 Comments over 15
years
Relationships & Collaboration
Disruption and RONI���The gap is widening, faster!
Source: Clayton Christensen, “Innovation Killers”
We think this is trade-off
Capacity
The Top 6 Ways to Create Capacity in your Firm
• Maximize software & tools you have• Use the latest and most efficient technologies• Workflow & Process Efficiency• Focus on your best ‘A’ clients• Communicate your services (cross-sell)• Engage your people
#FutureReady!…is 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 2014
92% of CPAs Not #futureready
Competency
Disrup'ons before they disrupt Problems before you have them Customer Needs before they have them New Opportuni'es before the compe''on
An'cipate
Source: Daniel Burrus
www.blionline.org
ANTICIPATION Strategic Thinking External Awareness Vision Con'nuous Learning Innova'on Crea'vity Problem Solving Priori'za'on Business Acumen Decisiveness Influencing/Persuading Emo'onal Intelligence Consensus Building Collabora'on Inspira'on Risk Management
Anticipation – The Critical Competency• Anticipating and reacting to the
nature and speed of change.• Acting decisively without always
having clear direction and certainty.
• Navigating through complexity, chaos, and confusion.
• Maintaining effectiveness despite constant surprises and a lack of predictability.
Source: Conference Board Global Leadership Forecast 2015
Core Purpose & Values
CPAs are trusted advisors who help business and organizations shape their future. Combining insight with integrity they deliver value by:
• Communicating the total picture with clarity and objectivity;
• Translating complex information into critical knowledge;
• Anticipating and creating opportunities;• Designing pathways that transform vision
into reality.Source: AICPA: CPA Horizons 2025 Report
Integrity Competence Lifelong learning Objec'vity Commitment to excellence
Protect the Core
CPAs…Making sense of a changing and complex world
5 Steps to be Future Ready1. Context 2. Certainty3. Capacity4. Competence 5. Core Beliefs
V A L U E
Adding Insight for Action
Information
Wisdom
Knowledge
Data
Compliance
Reliance
Source: CGMA & DIKW Pyramid
V A L U E
Calendar - The No. 1 AppSpend just one hour per week in the future…
Hood's greatest a<ribute isn't that he consistently glimpses the future more quickly than the rest of us (though he does). It's that he's able to bring it back to the present and serve as its Freless, inspiring and effecFve champion. – Accounting Today
Tom Hood, CPA, CITP, CGMA
• CPA Prac'ce Adviser Accoun'ng Hall of Fame • Named the Second Most Influen'al in Accoun'ng by Accoun'ng
Today Magazine 2013 & 2015 • Top 150 Influencer by Linked-‐In • Top 25 Influencers in Learning & HR by HR Examiner • Top 25 Public Accoun'ng Thought Leaders by CPA Prac'ce Adviser • Working on Learning Management with AICPA/CPA2Biz, Cloud
Curriculum, Performance Management /XBRL, Leadership & Genera'ons
CEO Maryland Association of CPAs (MACPA) www.macpa.org Business Learning Institute (BLI) www.blionline.org
http://www.linkedin.com/in/tomhood/