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Rohit Talwar 100 Drivers of Change for Business for ACCA International Assembly on 21/11/13
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Transcript of Rohit Talwar 100 Drivers of Change for Business for ACCA International Assembly on 21/11/13
The global body for professional accountants
100 Drivers of Change
for Business
ACCA International Assembly
November 21st 2013
Rohit Talwar
CEO - Fast Future Research
www.fastfuture.com
Twitter @fastfuture
What we do
Foresight Research
Helping you explore and understand
forces and ideas shaping the future
Consulting
Enabling you to respond to and create
future change
Speaking and Moderating
Inspiring insights into a changing world
and how others are responding to it
Event Design and Facilitation
Bringing the future to life and helping
develop an action agenda
The global body for professional accountants
‘Future Proofed’ Organisations
Work on 3 Horizons in Parallel
1-12 Months
Operational
Excellence
1-3 Years
Drive for
Growth
4-10 Years
Creating
the Future
The global body for professional accountants
The Drivers of Change –
Key Categories
Practice of
Accounting Accountancy
Profession Economy
Politics & Law
Environment,
Energy &
Resources
Science & Technology Business Society
The global body for professional accountants
• GFC fallout
• Effectiveness of the
global economic
infrastructure
• Debt sustainability
• Globalisation vs.
Protectionism
• Shadow economies
• Persistent turbulence
Systemic Challenges
The global body for professional accountants
Economic Management
• Stability of national
revenue bases
• Changing notions and
role of global reserve
currencies
• Stock exchange
mergers
• Alternative economic
models
The global body for professional accountants
Societal Impact Attitudes to pure capitalism and inequality
The global body for professional accountants
Prospects for Growth
• Role of infrastructure
investment
• Knowledge economy
• Micro-businesses
• Labour mobility
• Measures of value /
progress
The global body for professional accountants
Accountancy Impact of the BRIC economies on global
accountancy firms
The global body for professional accountants
National Governance Level of political volatility and the rate of
democratic transition
The global body for professional accountants
Service Delivery Governance and quality assurance of
public sector outsourcing
The global body for professional accountants
Demographics
• Rate and distribution of
global population
growth
• Resulting implications
for workforce age
structure
The global body for professional accountants
The Changing Workforce
• Female participation
• Cultural diversity in
society and the
workforce
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Generational Perspectives Expectations of emerging generations
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Developing Workforce
Capability
• Cost and ease of
access to higher
education
• Growing role of online
learning
The global body for professional accountants
Appetite for Transformation
• From governance /
leadership to
innovation
• Consideration of
alternative business /
market paradigms
The global body for professional accountants
Globalisation Opportunities and
Challenges • Scale of international
mergers and acquisitions
• Global talent pool
• Choice of business
languages
• Reverse innovation from
emerging economies
• Level of FDI in emerging
economies
• Impact of new financial
centres
The global body for professional accountants
Changing Landscape
• Emergence of new
industry sectors
• Social business
• Level of social
entrepreneurship
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Market Mechanisms
• Role of cash in
financial
transactions
• Role of
intermediaries
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The New Normal
• Business complexity
• Accelerating business
cycles
• New business models
(e.g. crowdfunding)
• Use of integrated
systems thinking
The global body for professional accountants
Licence to Trade
• Management of
enterprise risk
• Accountability
• Compliance
• Adoption of corporate
‘living wills’
The global body for professional accountants
‘Good Business’
• Evolution of corporate
governance
• Managing diverse
stakeholder
expectations
• Reputation
management
• Business
responsibility
‘Magic’ and Science are Blurring
Mapping and
Uploading the
Human Brain
Cognitive,
Genetic,
Physical and
Electronic
Enhancement of
the Human Body
The global body for professional accountants
Digitisation of Business and
Everyday Life
• Growing personal
technology ecosystems
• Bring your Own Device
(BYOD)
• Ease of access to
internet / social media
• Technology impact on
attention spans, learning
and knowledge retention
The global body for professional accountants
Business Applications
• Cloud computing
• Valuation of digital
assets
• Cybersecurity
• Rise of ‘big data’
• Value of data mining
The global body for professional accountants
Disruptive Developments
• Rise of new industries
and production
models
• Digital publishing
• Intelligent accounting
systems
• Predictive analytics
• Augmented reality
• Virtual reality
The global body for professional accountants
Emerging High Potential Areas
of Science
• Genetics
• Personalised health
care
• Brain science
• Robotics
• Nanotechnology
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Our Technologies are Evolving From
Desktop to Mobile ...
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…and totally Connected via
‘The Internet of Everything’
“What happens when the smartest thing in the room is the room itself?”
Madeleine Albright
Speech / gesture / image recognition, integrated analytics, knowledge management,
image / video / voice mining, client self-service, intelligent documents, expertise
systems, collaboration, secure email, virtual assistants, intelligent agents and
collective intelligence
Artificial Intelligence is Going
Mainstream
88% AI advisers /
helper apps
will structure
legal
documents
and check
content
generated by
lawyers
The global body for professional accountants
Impact of Current Consumption
and Production Patterns
• Competition for
natural resources
• Sustainability of
current patterns of
consumption
The global body for professional accountants
Environmental Challenges Climate change and the biodiversity
impacts of business
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Greening of Business
• Corporate eco-
literacy
• Green practices
• Ethical consumption
in business
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‘Marketisation of Green’
• Carbon trading
• Environmental
financial markets
• Take-up of green
energy
The global body for professional accountants
Strategic Finance
• Changing scope,
scale and complexity
of the CFO role
• Growth in demand for
non-financial and
integrated reporting
The global body for professional accountants
Globalisation
• Accounting
regulation, standards
and supply chains
• Implications for the
strategies and
structures of
accountancy firms
The global body for professional accountants
Operational Considerations
• Defining audit’s role
• Managing internal audit
• Balancing managerial
and financial accounting
• Valuation of intangible
assets
• Size of specific
regulations and rate of
adoption of XBRL as an
accounting data standard
The global body for professional accountants
Responding to the Financial
Crisis
• Societal definitions
and expectations of
accounting
• Public perceptions
and attractiveness of
the profession
The global body for professional accountants
Training and Development
• Flexibility, cost and
suitability of
accountancy training
• Developing
entrepreneurial skills
and business
awareness
• Building capacity in
transitional
economies
The global body for professional accountants
Sector Structure Impact of entrants from outside the
profession on the accountancy services
sector
The global body for professional accountants
Sector Evolution Establishing the role of industry
associations in developing markets
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Develop a Curious, Sticky,
Experimental and Adaptable
Mindset
The global body for professional accountants
5 Strategic action imperatives for the
accountancy profession.
The global body for professional accountants
Focus on a Holistic View of
Complexity, Risk and
Performance
•Customer Interface
•Process
•Organisation
•Information/Systems
•Regulatory
•Human
•Financial
The global body for professional accountants
Implications and Opportunities
Leverage Existing
Capabilities Develop New
Capabilities Build the Pipelines
Target Growth Sectors
Respond to Fast
Growth SME
Needs
Conclusions –
21st Century Survival Skills
• Foresight / Curiosity
• Sense making
• Accelerated learning
• Uncertainty tolerant
• Scenario thinking
• Embrace complexity
• Networking
• IT Innovation
Useful Reference Sources • Genetic profiling - https://www.23andme.com/
• X Prize - Breakthrough innovation projects - http://www.xprize.org/
• Google brain uploading - http://digitaljournal.com/article/352787
• Brain mapping projects - http://www.technologyreview.com/news/513011/why-obamas-brain-
mapping-project-matters/
• Global Future 2045 (immortality) http://2045.com/
• Human enhancement - http://en.wikipedia.org/wiki/Human_enhancement
• Wearable technology – Google Project Glass - http://www.google.com/glass/start/
• Emotiv Epoc Brain-Computer Interface - http://www.emotiv.com/
• AI Essay Grading Software - http://www.nytimes.com/2013/04/05/science/new-test-for-
computers-grading-essays-at-college-level.html?pagewanted=all&_r=0
• Crypto currencies –
– http://www.abc.net.au/technology/articles/2013/09/25/3855973.htm
– http://en.wikipedia.org/wiki/Cryptocurrency
– http://en.wikipedia.org/wiki/List_of_cryptocurrencies
• Autonomous cars -
– http://www.engineering.com/DesignerEdge/DesignerEdgeArticles/ArticleID/6357/Tesla-
Working-on-Autonomous-Car.aspx
– http://www.popsci.com/cars/article/2013-09/google-self-driving-car
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