Shifting from Redundant to Relevant to Indispensable. Jennifer Warawa EVP, Product Marketing Sage

Transcription

1 Shifting from Redundant to Relevant to Indispensable Jennifer Warawa EVP, Product Marketing Sage

2 A bit about me Jennifer Warawa EVP, Product Marketing - 11/21/2016 2

3 The No. 1 issue facing the accounting profession is loss of relevance. - Ron Baker, Accounting Today My biggest worry is the relevancy of our core products. - Barry Melancon, AICPA President and CEO the fundamental structure of corporate reporting balance sheets, income and cash flow statements, as well as their specific line items is, in fact, frozen time, having stagnated over the past 110 years. - Baruch Lev and Feng Lu, The End of Accounting 11/21/2016 3

4 re dun dant rəˈdəndənt/ adjective not or no longer needed or useful; superfluous. Managing Information rel e vant ˈreləvənt/ adjective 1.closely connected or appropriate to the matter at hand. Analyzing Information in dis pen sa ble ˌindəˈspensəb(ə)l/ adjective 1.absolutely necessary. Leading Change 11/21/2016 4

5 "The only way to get what you're worth is to stand out, to exert emotional labor, to be seen as indispensable, and to produce interactions that organizations and people care deeply about. ~ Seth Godin 11/21/2016 5

6 Technology is radically transforming bookkeeping and accounting Traditional bookkeeping and accounting activities Automated via technology Preparation of (weekly/monthly/quarterly) financial statements Preparation of (weekly/monthly) payroll Accounts payable Accounts receivable / invoicing Bank deposits Reconciling bank and credit card accounts Misc. data entry as required Data backups Data entry 11/21/2016 6

7 Increasing the Risk of Redundancy A fast-paced world Artificial Intelligence Automated Data Collection Machine Learning Automated, Continual Compliance Always-On Accounting Blockchain and Smart Contracts 11/21/2016 7

8 A Fast-Paced World Doesn t Stop There By 2017, at least one major financial institution will announce that it is redesigning its business model and core systems around the use of a blockchain. By 2020 over 26 billion devices will be connected with 63 million new connections every second. AI will enable devices to become adept at handling routine transactions. By 2018, 2 million employees will be required to wear health and fitness tracking devices as a condition of employment. 50% of all analytic interactions will be delivered by artificial intelligence within three to five years. Gartner predicts that by 2030, 30% of the global customer base will be made up of things. 11/21/2016 Source: Gartner Symposium, November

9 Leveraging of technology Bookkeeping and accounting relevancy, profitability and scalability matrix High Redundant or Relevant Scalability high Profitability low Indispensable Scalability high Profitability high Redundant Scalability low Profitability low Redundant or Relevant Scalability low Profitability low Low Advisory services offered beyond core bookkeeping High 11/21/2016 9

10 What should you do about it?

11 From Trusted Advisor to Strategic Advisor Good news: The need for strategic advisors is greater than ever before! When things become customers, just imagine the impact to businesses! Blockchain will fundamentally change the way people work. How can you guide your clients? What is the impact of these trends to small and medium businesses (your clients)? Can you make sense of it all and provide strategic advice? 11/21/

12 Critical Path: A Balancing Act of Three Dynamics Maintenance vs. New: Balancing delivery on core, classic requirements with innovation and growth demands. Internal Change: Adapting to a constant flow of internal business changes, including shifts in key stakeholders, business objectives and new priorities. External Drivers: Monitoring external trends and developments for relevant innovation opportunities (new data sources, new analytics techniques) to seize. Source: 11/21/

13 A secret to sustainable innovation? Taking your eye off the ball. 11/21/

14 Position your practice to align with your clients changing needs What happened? How many? Past perspective: Core bookkeeping, financial statements, sales and expense reports, accounts reconciliation, tax and compliance Why did it happen? What is being done about it? Current perspective: Profitability of products, customers, markets, partners, spending, operations, working capital, pricing What will happen next? What if? Risks and opportunities? Future perspective: Forecasting, scenario planning, investments, modeling, analytics 11/21/2016 Source: IBM Institute for Business Value; The New Value Integrator 14

15 Leverage technology to provide a mobile, social, and collaborative total business solution One real-time source of information... so you can focus on client relationships, planning ahead, and... with data processing automated from front to back office... control your practice from the palm of your hand. 11/21/

16 7 (New) Pillars of Becoming Indispensable

17 0 The basics Define your unique services Identify your differentiators Leverage brilliant technology Nail the basics. Deliver insights at the speed of NOW Partner with your clients on their transformation journey to the cloud Consider a new pricing model Deliver exceptional service and build strong relationships 11/21/

18 1 Hold the mindset that change provides opportunity. Chris Gaborit Managing Director, The Learning 11/21/

19 2 Engage in the business equivalent of cross training. John H. (Jack) Zenger World-Renowned Behaviorist and Premier Authority on Leadership Development 11/21/

20 3 Tame the resistance. Seth Godin Author, Linchpin Are You 11/21/

21 4 Become a linchpin. linch pin ˈlin(t)SHpin/ noun 2. a person or thing vital to an enterprise or organization. Seth Godin Author, Linchpin Are You 11/21/

22 The Linchpin Manifesto 11/21/

23 5 Stay informed with current trends. Felix Tarcomnicu Entrepreneur, Inbound Marketer, 11/21/

24 6 Deliver Something More. Nigel Barlow Speaker on Innovation, Creative Coach, What we sell is the ability for a 43 year old accountant to dress in black leather, ride through small towns and have people be afraid of him. ~ Harley Davidson Executive 11/21/

25 7 Develop a Possibilities Mindset and a Beginner s Mind. Nigel Barlow Speaker on Innovation, Creative Coach, In the beginner s mind there are many possibilities. In an expert s mind, there are few. ~ Shunruy Suzuki Roshi 11/21/

26 Two things that make you indispensable: 1. Providing a unique interface between members of the organization 2. Delivering unique creativity creativity: personal, original, unexpected, useful unique creativity: requires domain knowledge, a position of trust, the generosity to actually contribute; implies that the creativity is focused and insightful. delivering unique creativity: the hardest of all; you also need to be passionate enough to risk the rejection that delivering a solution can bring ~ Seth Godin

27 Sage is the market leader for integrated accounting, payroll, and commerce systems, supporting the ambition of the world s entrepreneurs. Global company with over 13,000 employees Revenue of $1.8bn Over 3m customers Sage is innovating at the speed of tomorrow Bookkeepers and accountants are a vital part of our ecosystem and success 11/21/

28 Thank you 2015, The Sage Group plc or its licensors. Sage, Sage logos, Sage product and service names mentioned herein are the trademarks of The Sage Group plc or its licensors. All other trademarks are the property of their respective owners.