The Firm of the Future How Technology Will Impact and Enable Effective Firm Management. Sponsored By:

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1 The Firm of the Future How Technology Will Impact and Enable Effective Firm Management Sponsored By:

2 Before We Begin Ask questions through the Q&A widget Recorded session will be available starting tomorrow Sponsored By:

3 Today s Speakers Joseph Kornik Publisher and Editor-in-Chief Consulting magazine Errol Gardner Deputy Vice Chair, Global Advisory practice EY Cyndi Stains Chief Financial Officer Navigate Justin Peppel Manager Navigate Doug Barbin Principal/Owner Schellman & Company Patrice Cappello Strategic Industry Advisor, Professional and Business Services Workday Sponsored By:

4 The Firm of the Future How Technology Will Impact and Enable Effective Firm Management November 8, 2017

5 Errol Gardner Global Deputy Vice Chair EY Advisory Page 5 The Firm of the Future

6 The word is changing and industries are being disrupted

7 Jobs at risk of disappearing due to disruption White-collar jobs displaced by AI 75% turnover of the S&P 500 in the next 15 years We are living in a transformative age Millennials surpass baby boomers Middle-income households fell to 50% in ,000 baby boomers retiring each day Page 7 The Firm of the Future

8 How EY is adapting to the Firm of the Future Services portfolio How we deliver services How we transform internally Page 8 The Firm of the Future

9 Services portfolio Transforming existing core services New services New services Industry solutions Cross sector solutions / convergence Emerging technology adoption Page 9 The Firm of the Future

10 How we deliver services Transforming the way we deliver to clients Automation Third party / contingent Assets / solution-based Our commercial relationship with clients Value / outcome-based Managed services Subscriptions Page 10 The Firm of the Future

11 Internal transformation Marketing Knowledge management Billing and financials Talent management And more embedding new technologies into our back office. Page 11 The Firm of the Future

12 In summary The world is changing and industries are being disrupted Firms need to adapt to the rapid pace of change or they will be the ones being disrupted More integration of services due to greater connectivity across industries Launching of new services to meet market demand / change Driving internal change to streamline output, increase efficiencies, increase speed to market and optimise the delivery model Page 12 The Firm of the Future

13 Thank you Page 13 The Firm of the Future

14 EY Assurance Tax Transactions Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com EYGM Limited. All Rights Reserved. ED None This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to your advisors for specific advice. ey.com

15 Build for the Future A bit about us: Serving the Northeast corridor ~50 billable consultants Founded in 2005 Our objectives: 1. Enable and enhance the operational effectiveness of the business. 2. Allow consultants to work creatively, collaboratively, and as unencumbered with administrative tasks as possible. Copyright Navigate All Rights Reserved. Graphic Credit - SlidesCarnival 15

16 Enable Better Firm Management Build a foundation to enable growth. Tools Navigate uses to run Operations include: Professional Services Automation (PSA) Human Resources Information System (HRIS) Customer Relationship Management (CRM) General Ledger (GL) Copyright Navigate All Rights Reserved. Graphic Credit - SlidesCarnival 16

17 Chart Higher Returns All tools should contribute to profitability. Areas of focus/priority, especially if the technology portfolio is limited: Real-time engagement tracking Elimination of redundant processes Reduction in manual effort Improved visibility into the business Copyright Navigate All Rights Reserved. Graphic Credit - SlidesCarnival 17

18 Break Old Ways of Thinking Change the fixed mindset first. Technology can require a change in mindset or behaviors: Do it early in the lifecycle of your company so you are turning a smaller ship Approach the need for new technology through empathetic thinking and solutioning Make choices and decisions collaboratively via team participation and frustration vetting Why? Copyright Navigate All Rights Reserved. Graphic Credit - SlidesCarnival 18

19 Engage the Firm Understand your consultants priorities, pain points, and ideas. Enable creativity, collaboration, and efficiency by: Dedicate an internal operations team Get to know routines and habits Keep communication two-way Facilitate virtual teaming and connectivity Time Entry Expense Entry Forecast Management Opportunity Management Reporting Copyright Navigate All Rights Reserved. Graphic Credit - SlidesCarnival 19

20 Develop the Right Habits Stay in front of the simple things to continuously improve and evolve. The following can keep you ahead: A concise, effective training method and cadence A process to evaluate new tools and technology Evaluation of your agreements and acknowledging sunk costs Measurement of the right behaviors and aligned goals Simplicity Transparency Accountability Copyright Navigate All Rights Reserved. Graphic Credit - SlidesCarnival 20

21 Prioritize Now Decide ahead of the curve, rinse, and repeat. Overall, the top priorities of a future firm include: Minding scalability and building a robust foundation Building robust cyber controls across systems to protect assets Leveraging business intelligence tools for financial analysis Automating and integrating systems Considering operational excellence as a competitive advantage Copyright Navigate All Rights Reserved. Graphic Credit - SlidesCarnival 21

22 Doug Barbin Principal and Security Leader

23 SCHELLMAN OVERVIEW

24 About Schellman Substantial U.S. presence and licensed CPA in all major markets Demonstrated International Capability Globally Accredited PCI QSA ANAB and UKAS ISO accredited ISO Registrar (Certification Body) Type A (100% Independent) FedRAMP 3PAO in accordance with ISO HITRUST CSF Assessor 20+ Countries

25 About Me Principal (owner) at Schellman Past 8 years Responsible for all security services (PCI, FedRAMP, NIST, penetration testing, cloud security) firmwide Western assurance leader 20+ years experience Most in services Previous roles Product management and marketing executive Consulting director and service director at VeriSign CTO at law firm / mortgage insurer Forensics at Price Waterhouse / then PwC

26 OUT WITH THE OLD IN WITH THE NEW

27 Metrics Out Chargeable hours Time reporting Sales goals In Fixed fee pricing for clients Focus on project management Project and client profitability analysis Client satisfaction metrics Upward feedback

28 Compensation Top 5% Profit sharing for everyone Quarterly bonuses Fringe benefits 401K Matching 10%

29 Expertise Niche = experienced professionals only Continuing education Internal and external training 1 certification/year Management training Soft skill training Emerging technologies (e.g. Cloud Computing, Containers, Artificial Intelligence)

30 TECHNOLOGY & TOOLS

31 Pricing Management Out - the spreadsheet In - adaptive online pricing tools using historical sales data and current cost factors (i.e. labor) Know your profit before an engagement Identify gaps and lost revenue Identify resource mis-management

32 Mobility Management Most services professionals are remote Offices on-demand Dispersed workforce Safeguarding of data Strong controls

33 Collaboration Cloud, cloud, cloud Distributed client teams High quality deliverable coordination Flexibility to interface w/ client systems Delivering multiple services Internal communication / social media

34 SECURITY & PRIVACY

35 Single Sign On (SSO) and MDM Convenience and Ease Security Standards Easy deployment Mobile Device Management (MDM) Laptop policy enforcement

36 Practice What Your Preach End to End encryption Manage your own keys Security awareness and training Be able to defend your practices to your clients!

37 Presenter Patrice Cappello Strategic Industry Advisor, Professional & Business Services Workday Confidential

38 Major Forces Causing Pressure on Firms????? Workday Confidential

39 High Impact Strategies to Embrace Change Develop Talent Strategy Standardize Business Process Build Agility into the Business Turn IT into Innovation Center Workday Confidential

40 Typical Technology Landscape in Services Firms PROCUREMENT FINANCIALS PROJECT MANAGEMENT HUMAN RESOURCES TIME TRACKING RESOURCE MANAGEMENT REPORTING & ANALYTICS RECRUITING EXPENSES BILLING

41 Firms Selecting Technology to Drive Business Impact Designed for engagement One, global system for Finance, PSA, and HR Configurable to support changing needs Built-in, actionable analytics Workday Confidential

42 Today s Speakers Joseph Kornik Publisher and Editor-in-Chief Consulting magazine Errol Gardner Deputy Vice Chair, Global Advisory practice EY Cyndi Stains Chief Financial Officer Navigate Justin Peppel Manager Navigate Doug Barbin Principal/Owner Schellman & Company Patrice Cappello Strategic Industry Advisor, Professional and Business Services Workday Sponsored By:

43 Thank You Sponsored By:

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