Disruptive technology is all around our profession. Some people in the profession choose to hide their heads in the sand, hope they can ride it out and retire before they’re rendered redundant. But Managing Partners don’t have that luxury. It’s their duty to steward the firm and shepherd its people through the storm.
Automation, machine learning, blockchain, predictive analytics, etc. are having a real and lasting impact on the accounting profession. Managing partners who ignore them will lose talent and see their firms become irrelevant.
To become the leader your firm needs at this time, an understanding of emerging technology is critical. You don’t need to be an expert, but you should read up on them and seek out experts who can help you get a plan in place. Once your plan is in place, the next step is communicating it to the people you work with.
Remember, your team is also hearing scary things about the future of the profession. It’s crucial to assure them that you understand the changes that are coming and have a plan to leverage the opportunity. If you don’t communicate your plans, they’ll join a firm that does.
If you aren’t sure where to start developing a plan or communicating it to your people, a great place to start is our upcoming Blockchain Innovation Accelerator. In this one-day workshop on July 10, 2018, we’re going beyond high-level overviews of blockchain and its impact the profession to give you practical strategies and a customized action plan to take back to your firm.
Now, more than ever, Managing Partners need to be proactive in addressing new technologies. If you act now, you can take advantage of these technological innovations and create opportunities. If you sit back and wait to see what happens, you’ll lose talent, clients and market value.
Marc Staut, Principal & Consultant at Boomer Consulting, Inc., helps meet the growing needs of CPA firms by leveraging his experience to provide strategic technology assessments, planning, visioning and coaching. He feels that “technology should be an enabler – something that’s approachable, aligned with and integral to the success of each firm.”