future firms
Editor's Note: This is another snapshot in a series of excerpts from Hitendra R. Patil's book, "Accountaneur: The Entrepreneurial Accountant."
A CPA firm in San Francisco hires programmers. Do you? What do accounting firms need to be successful in future?
Thought leaders, industry experts and advisors have been discussing this for quite some time now.
What are those key traits you need to be a “Firm of The Future?”
In my book, "Accountaneur: The Entrepreneurial Accountant," I have explained in detail the following eight traits the firms of the future will have in common.
- Effectively priced intellectual capital on demand
- Ctrl+Alt+Del : Rebirth in new era with fresh thinking
- Decisive agility
- Creativity
- Innovation
- Cohesive consistency
- Visionary understanding of client businesses
- Risk-taking mindset to embrace new technologies
Why Do You Need to Create Firm of The Future Today?
The key word in the above question is “why.”
If you get the "why," you will find your way into the successful future for your firm. But it can be hazy, ambiguous and confusing. Who do you follow? Who do you listen to? And why should you change what has been a success formula for your firm?
Water and steam power mechanized production in the first Industrial Revolution. Next came the era of using electric power for mass manufacturing. Electronics and information technology was driving the third Industrial Revolution to automate mass production.
We now are on the cusp of the Digital Revolution – one that is converging the physical and digital worlds.
Each of the Industrial Revolutions changed the way human beings worked and lived. The Digital Revolution is no different.
It will impact the way we work and live.
And, the Digital Revolution is impacting mostly the knowledge workers. As information is more accessible, Artificial Intelligence is finding its way into even complex, knowledge driven processes.
That, is the "why" the accounting profession needs to take notice – and act.
Hitendra R. Patil is the author of "Accountaneur: The Entrepreneurial Accountant."
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