innovation is not just for technology companies anymore
TRANSCRIPT
Innovation Is Not Just for Technology Companies Anymore! Tom Hood, CPA, CITP, CGMA @tomhood CEO Maryland Association of CPAs Business Learning Institute www.blionline.org
If there is a conversation about the future of the profession, you're bound to hear Hood's name mentioned as one of the people leading the way. – Accounting Today
Tom Hood, CPA, CITP, CGMA
CPA Practice Adviser Accounting Hall of Fame Named the Second Most Influential in Accounting by
Accounting Today Magazine 2015 (11th year in Top 100) Top 150 Influencer by Linked-In Top 25 Influencers in Learning & HR by HR Examiner Top 25 Public Accounting Thought Leaders by CPA Practice
Adviser Working on Learning Management with AICPA/CPA2Biz,
Cloud Curriculum, Performance Management /XBRL, Leadership & Generations
CEO Maryland Association of CPAs (MACPA) www.macpa.org Business Learning Institute (BLI) www.blionline.org
http://www.linkedin.com/in/tomhood/
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The # 1 Challenge
Will disruption come from inside your industry?
The Warning Signs• I don’t buy my own company’s products or services • We are investing at the same levels or even more and not
getting margins or growth in return • Customers are finding cheaper or simpler solutions to be “good
enough” • Competition is emerging from places we didn’t expect • Customers are no longer excited with what we have to offer • We are not considered a top place to work by the people we
would like to hire • Some of our very best people are leaving • The growth trajectory has slowed or reversed
www.blionline.org/rita
“How would you think differently about your strategy if you knew your advantage might not last?”
What?
www.blionline.org
Source: CPA.COM Insight into the CPA of the Future Study 2014
92% of CPAs are NOT 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.
Gradual then Sudden
Exponential Times!
More Uber cars than yellow taxis on the road in NYC
Will your job be done by a machine?
Source: NPR Planet Money, May, 2015
In the next five years we will
TRANSFORM
How we market, sell , communicate, collaborate, innovate, and educate
– Dan Burrus
So What?
• Agricultural Age Land Ownership• Industrial Age Means of Production• Information Age Information• Creative Age INNOVATION
Source: The Nomura Research Institute
Shift in the Source of Competitive Advantage
74%Next gen leaders do not believe their
organizations are encouraging practices that foster innovation
Source: Deloitte Millennial Survey
“Innovation at the institutional level is needed to sufficiently shift an organization’s mindset to allow new ideas to truly emerge and thrive.
While our current business leaders can debate how and where to innovate, it’s clear how much importance our future leaders place on
innovation—not just as a driver of business growth but also as a catalyst for solving society’s most pressing problems.”
- Barry Salzberg, CEO of Deloitte
Innovation is not Invention
Innovation is not Creativity
Connect the dots“They used to say knowledge is power, but now there’s google…”
Illustration by David Somerville based on original by Hugh McLeod @gapingvoid
Innovation is creating value in anticipation of future
trends.
WWGDWhat would Google Do?
What about these guys?
Colleagues Against Virtually Everything!
Disruption and RONI���The gap is widening, faster!
Source: Clayton Christensen, “Innovation Killers”
We think this is trade-off
Now What?
The Innovator’s playbook1. Competency2. Context3. Certainty4. Collaborative5. Culture & Core
Competency
Disrup'ons before they disrupt Problems before you have them Customer Needs before they have them New Opportuni'es before the compe22on
An2cipate
Source: Daniel Burrus
ANTICIPATION Strategic Thinking External Awareness Vision Con2nuous Learning Innova2on Crea2vity Problem Solving Priori2za2on Business Acumen Decisiveness Influencing/Persuading Emo2onal Intelligence Consensus Building Collabora2on Inspira2on 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
Certainty - Hard Trends
Four Hard Trends:1. Government Regulation2. Technology3. Demographics4. Globalization
12,000 CPAs, 75,000 Comments over 15
years
Context
What are the hard trends for me and my customer?
How can I give my customers the ability to do what they can't do but would want to -- if they knew it was possible?
www.blionline.org/ao
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Common Themes in Organizational Strategy
Source: Gretchen Pisano at AICPA Leadership Academy – i2a: Insights to Action
Connect, Collaborate, and Co-create
Strategic Thinking Process!Sight-Insight describes the context from hindsight, foresight, and current insight
then you can create from opportunities, communicate and inspire action.!
Building an Innovative Culture BLI’s 8-S Strategy Model
Strategy Staff
Skills
Structure
Style
Systems
Shared Vision
Shared Beliefs
www.blionline.org Copyright Business Learning Institute - 2015
Creating the Magnetic FirmPurpose Driven Great Leadership Culture
Of GrowthInspiring
WorkplaceVision, Purpose and Values based
Transparent and Inspirational Leadership
Learning Culture- Self and Formal Development
Flexible and Open Work Environment
Focus on Strengths and Positivity
Build Consensus and Commitment
Career & Growth Orientation – Career Paths
Work/Life Balance
Inclusive and Diverse Leadership Development at all levels
Customer focused Coaching and Feedback
High Performance – Insight to Action
Anticipatory and Proactive
Collaborative and Team based
Effective Technology Tools - mobile
Copyright Business Learning Institute - 2015
The Innovator’s playbook1. Competency-based2. Context3. Certainty4. Collaborative5. Culture & Core
Case Study
MACPA / BLI value proposition!
!The value we bring!
to this venture
Draft business model
The leaders are the ones who take the first steps
“Tom Hood and his colleagues at the Maryland Associa2on of CPAs never fail to amaze and impress. Some2mes you can find them orchestra2ng a flash mob of accountants or puPng down stakes in the virtual world of Second Life, but most recently the associa2on has goRen serious about XBRL and has undertaken a project to demonstrate XBRL's scope and versa2lity by tagging its own financial statements and showing how non-‐profits can, well, profit from the experience. “What message can you learn from the MACPA's XBRL project? First, you can start examining your own client base to see who can benefit from the experiences of MACPA. But the bigger message is, stop wai2ng for other people to tell you what works and what doesn't. Be proac2ve and experiment. That's what new technology is all about. Whether it's cloud technology, IFRS and XBRL, social media, or choreographing a dance – the leaders are the ones who take the first steps.”
-‐-‐ Gail Perry, editor, Accoun2ngWEB
Calendar - The No. 1 AppSpend just one hour per week in the future…
Tools
Confidential – Internal Use Only
Key Partners
§ Who are our key partners?
§ Who are our key suppliers?
§ Which key resources are we acquiring from partners?
§ Which key activities do partners perform?
Key Activities§ What key activities does
our value proposition require?
Value Proposition§ What value do we
deliver to the customer?
§ What customer problem are we solving?
Customer Relationships
§ What type of relationship do our member segments expect us to establish and maintain with them?
CustomerSegments§ For whom are we
creating value?
Key Resources§ What key resources do
our value propositions require?
Channels§ Through what channels do
our member segments want to be reached?
§ How do we reach the member now?
Cost Structure§ What are the most important costs inherent in our business model?
§ Which key resources are most expensive?
§ Which key activities are most expensive?
Revenue Streams§ For what value are our members really willing to pay?
§ How much does each revenue stream contribute to overall revenues?
Strategic Positioning GrowthOperational ExcellenceThis canvas helps develop new business models and opportunities
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