mPower Summit - Innovation
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Ameet Patel emphasizes the importance of innovation in professional services, advocating for a balance between discovery and delivery skills to meet client demands in a rapidly evolving landscape. He highlights that firms should focus on listening to client needs rather than solely promoting their services and stresses the need to embrace technology and social media. By fostering an innovative culture and adapting to change, firms can enhance their capabilities and client relationships while preparing for a successful future.
mPower Summit - Innovation
- 1. mPower Summit Infotech & 4i Committee Bombay Chartered Accountants’ Society 10th May, 2013 Mumbai Innovation CA Ameet Patel
- 2. An extract from ―A Letter from the Chairman‖ from IBM’s Chairman, President and CEO – Virginia M. Rometty ―IBM is an innovation company. Both in what we do and in how we do it, we pursue continuous transformation—always remixing to higher value in our portfolio and skills, in the capabilities we deliver to our clients and in our own operations and management practices.‖ Innovation
- 3. Putting aside the past and looking at future. Leaving one’s inhibitions behind and aspiring for a more exciting future. Changing the mindset. Innovation means trying things out and failing The importance of innovation in professional services firm
- 4. Delivery v/s. Discovery Discovery skills focus on new opportunities, trends and creativity while delivery focuses on execution. You need both, but the tendency amongst CA firms is to focus on delivery
- 5. Most important discovery characteristics • The ability to connect and associate different perspectives (clients, multiple advisors, trends, technology and etc.) • The ability to question the status quo • The ability to hold self and others accountable • The willingness to participate in "safe haven" meetings with peer leaders • The ability to manage, not avoid risk. The quantity of new ideas improves the quality. Create the environment to promote, not stifle innovation.
- 6. ―Innovation is part of a firm's culture and DNA. It requires leadership and the willingness to manage risk. Not every idea is a great idea, but the quantity of ideas determines quality. Successful firms balance discovery and delivery skills. Does your firm have the discovery skills necessary to meet your clients' demands in a rapidly changing world?‖
- 7. Discovery – Client Focus • ―Clients don't want you sitting in the back of the truck filling out their tax returns and conducting compliance work; they want you in the front of the truck driving along with them‖ • ―And that means listening to your clients' needs and not just speaking about why your firm has what they need‖
- 8. Discovery – Client Focus ―How much time do you spend talking to your prospects and existing clients about your firm and what you can do for them versus listening to what keeps them up at night? If you do more of the latter, you can determine some additional services you offer that your clients may need, but they don't know you offer. Or, perhaps you currently don't offer those services, but you have the talent pool, so why not?‖
- 9. Where does our spare time go? Based upon recent studies, most firms are less than 50 percent chargeable. What better use of the non chargeable time than innovation, training and new business development?
- 10. Innovation occurs with vision, hindsight and insight Which out of these three is lacking in you or your firm?
- 11. Three important drivers of innovation in the days to come SOCIAL MEDIA VALUE PRICING TECHNOLOGY
- 12. Social Media Social media is at centre stage across the world Your staff would be on some social or professional network or the other Your child/children would be on some social or professional network or the other Your younger partner(s) would be on some social or professional network or the other Have you noticed how popular some members have become in the profession due to their social media presence?
- 13. Social Media Where are you? Have you shown your thought leadership to the world? Is there any visible proof of your expertise anywhere on the internet? Would someone in Tokyo or Oslo find you if he was looking out for a CA in Aurangabad/Goa/Delhi/Secunderabad /Dehradun?
- 14. Value Pricing Lump sum pricing v/s. hourly billing v/s. value pricing Clients are conscious of value Clients are willing to pay for value
- 15. Tttttt The ever changing skyline Technology
- 16. Technology Is there any one who needs to be told about technology? It is all pervasive and far reaching Narendra Modi wants to bring wifi to all villages in Gujarat If you do not have latest technology, you will find it more & more difficult to perform effectively and efficiently
- 17. Technology Latest software and apps are mind boggling Everything is online Clients also want everything yesterday Cloud technology can transform your practice Flexi timings, Working from home etc.
- 18. Putting aside one’s past When you merge with another firm, you need to be ready to put aside your past If you carry your baggage around, your merger will not succeed Merger begins with meeting of minds What does putting aside one’s past entail?
- 19. Putting aside one’s past Pre Merger Post Merger You were the only decision maker You are one of the decision makers You made all decisions which you felt were right Your new partner(s) may not necessarily agree with your decision You had a say in everything Some decisions may be taken without your knowledge You were signing audit reports, tax audit reports, Transfer Pricing reports, certificates, preparing tax returns, attending to scrutinies & appeals – lots of things You are handling a specialised line of practice. You are not to do any other work You were servicing some clients for past 20-30 years You suddenly stop servicing such clients as the work is now done by somebody else
- 20. Putting aside one’s past Pre Merger Post Merger You signed cheques, approved vouchers, sanctioned leave, appointed people, decided the holiday list, designed the layout of your office, decided which computer to buy etc etc These functions are now decentralised and you may not even have a say in any of these All the financial benefits that came from your clients went to you Other partners now get some of these benefits Your office was located in a place that suited your convenience You are now suddenly having to travel 2-3 hours extra everyday to reach your new office Nobody questioned you You have to accept challenges and questions
- 21. Putting aside one’s past Pre Merger Post Merger Autocracry Democracy Ownership and management were in one and the same hands - yours You may not have either of these with you now You were the highest earner in your firm Merit will determine who earns what. A much younger person may earn far more than you One ego Many egos
- 22. Excitement about the future! You need to take a call option on your future You can continue to live on the basis of your past Else, you could start out on a fresh note for a different future Whether the future is better or not only time will tell But do you want to try?
- 23. How would the future be different? Responsibilities can be shared Burden of administration can be delegated You can focus on what you are good at You can get more time to upgrade yourself professionally Your firm can provide more services to the same clients Your firm can provide services to more clients You can have multi state/city presence
- 24. How would the future be different? Your firm can attract talent / better talent You can afford better infrastructure (offices, computers, software, webs ite etc) You can afford to be choosy about the type of clients that you take on You can afford to invest time, efforts and money in training, processes, manuals etc.
- 25. Any Questions ?