Are you making the "shift change" in your business model?
According to research from OpenMatters, with analysis by Deloitte, CFOs need to go digital or face putting their company’s future at risk.
"The bottom line: The organizations that are most effective in delivering company performance and enterprise value are allocating their capital to growing business models that serve today’s empowered and digitally connected customers...
If business models drive value, then what drives business models?
The answer is, the “mental model” of a company’s CFO, his or her management team, and the board of directors. Mental models drive capital allocation, meaning people invest in what they believe has value. For example, leaders of asset builders believe that value resides in developing and owning (or leasing) hard assets, which can be used to manufacture, distribute and sell physical things. Leaders of Service Providers care about hiring people and selling services (including billable hours). Technology Creators focus on developing and selling intellectual property, such as medical technology and software. Network Orchestrators’ top priorities are building and operating social and commercial networks that foster interactions and co-creation with their customers."
This is a major trend and pattern we are seeing in all parts of the CPA Profession. The demand for CPAs/FInance/Accouting Professionals to add value and insight to businesses of all sizes.
As the Deloitte talent study says, "Talent has a big role to play in making the transition to a new model. After all, skills in areas like partnering, market value creation, project management, transformation, analytics and communications are not traditional strengths in finance and accounting. Talent may likely have to bridge the gap."
It confirms research quoated by Sage VP Jennifer Warawa that the # 1 reason CPAs/CFOs fail is a lcak of communication skills.
Add to that the recent IBM Global CEO study that says the #1 skill needed by global companies is collaboration.
Our research (Business Learning Institute http://www.blionline.org) shows the Top Five Competiencies needed by Accounting/Finance Professionals for the future (out to 2025) are: 1) Leadership; 2) Communications; 3) Strategic Thinking; 4) Collaboration & Synthesis; 5) Technologically Savvy.
We have integrated these competencies into a career path model we call a 5 x 5 matrix - five (5) competencies by firve (5) career steps. This gives a systematic and strategic approach to your talent development. We even put it in a model we call theBounce http://cpa.tc/2qh.
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