All professions have been exposed to weaknesses and opportunities during the pandemic. Accounting was not alone, as medicine, law, banking and even the clergy were forced to change and innovate. One only has to look at the advancement of telemedicine, live-streaming church services, virtual court appearances, and a significant portion of the workforce that has experienced working from home and doesn’t intend to return to the office.
Stop and ask: Why didn’t we do this before the pandemic? The technology (toolsets) and (skill sets) were already available and being used by innovative businesses. With the right mindset, the profession has a once-in-a-lifetime opportunity to lead the business community with a mindset of abundance rather than scarcity. With that said, the profession should be proud that they went virtual in 48 to 72 hours.
Dr. Peter Diamandis wrote “Abundance: The Future Is Better Than You Think” in 2013. For the past six years, I’ve participated in his annual Abundance 360 Conference. This event brings together world technology experts and leaders to discuss the convergence of multiple technologies impacting longevity, artificial intelligence, materials science, robotics, machine learning, education, space, blockchain, digital manufacturing, agriculture and food production, bandwidth, security, neural networks and fintech. My reason for attending has been to determine trends, technologies, education and mindsets to advance and transform our profession. This year’s conference was different in that it was planned for a physical and virtual setting, but California authorities forced most to attend virtually. The conference was a huge success, with global experts, panels, breakout sessions and one day focused on spatial — testing the Oculus 2 and the future of virtual and augmented reality. This technology will have an immediate impact on education and the accounting profession.
While it is impossible to summarize and convey all of the conference highlights, I will focus on some of the lessons I learned that impact all professions and not just the technology. Here are a couple of starter questions for the profession before I mention my top choices.
- How would you plan your life and career if your life expectancy (quality life) was extended to 125?
- Where would you choose to live if bandwidth were unlimited and housing costs were 50 percent of where you live now? More important, where would your employees choose to live?
- How much time would you spend on upskilling?
To address some of these questions, I will feature some of the comments and lessons I learned.
Lesson No. 1 (Dan Sullivan, founder of The Strategic Coach): “Your eyes only see, and your ears only hear, what your mind is looking for.”
Throughout the conference, all the speakers stressed the importance of an abundance rather than a scarcity mindset. Most people were not born with an abundance mindset. All the speakers stressed that Moore’s Law is still in place and that after over 55 years, the upward slope is steep. I urge you to think about the innovations in 1921 versus 2021. The big innovations 100 years ago were: the discovery of insulin, epidural anesthesia, the polygraph, the automobile headrest, crop dusting, the overhead door, and the first use of the term “robot” in a play by Karel Capek. Training and developing our mindset is critical to sustaining success and remaining future-ready.
Lesson No. 2 (Joe Pollish, founder of Piranha Marketing): A person has a million dreams, but without their health, they have only one. Longevity, diet, exercise and sleep advancements were a significant part of the program. Most in our profession are not getting the recommended eight hours, especially during the busy season. Behavioral norms must change to attract and retain top talent and keep them healthy. Excessive charge hours are no longer a badge of honor. Virtual has opened the world to talent and other resources.
Lesson No. 3 (Jeff Wilke, CEO of Amazon Consumer): Jeff tells a very compelling story about the Amazon supply chain and the impact of COVID. The most important piece of advice was to write your press release first and then work backward. He focuses on continuous process improvement and how the tools and technology are now available as defined by Lean Six Sigma. He also stressed that a 7,000-mile supply chain to China is inefficient, and more manufacturing will be returning to the U.S. He also emphasized that failures occur during innovation. His advice: Separate the project from the person. This applies to many processes in an accounting firm.
Lesson No. 4 (Marc Benioff, founder and CEO of Salesforce): We are now in Stage 3 of the cloud: work from anywhere. The pandemic advanced us from Stage 2, which focused on mobile. Before mobile, we were in Stage 1, which focused on hardware and software as a service. I was particularly impressed with his business acumen and his focus on social issues, and how businesses can drive change in their communities. He also stressed that values differ by the person, and you must choose, as you can’t have them all.
Lesson No. 5 (Keith Ferazzi, author of “Leading without Authority”): Keith started his career with Deloitte but is now focused on co-elevation, consulting, speaking and writing. He stressed that most people are terrible managers and desperately need upskilling. This problem is widespread, and firm leaders must focus on their own behavior to recognize cognitive bias. He also spoke about the sourcing trend and reminded the audience to focus on sourcing tasks and not roles. Virtual has expanded a global market for many tasks. Job descriptions need change, and the use of agile processes will increase. His presentation was especially relevant to the accounting profession and the need for significant changes in mindset in order to leverage the new tools and skills. Talent leaders must monitor both risks and opportunities.
The technology
Now, let’s quickly cover the technology that I believe will impact our profession in 2021 and beyond. These technologies will impact you personally, professionally, and in your firm.
1. Bandwidth. Don’t believe all of the 5G hype from the telecoms but look for an abundance of bandwidth in the future. Cable companies have the advantage with the new technology.
2. Blockchain and cryptos. Blockchain is accelerating and being applied to significant business problems by major companies, industries and professions. The crypto market is at the forefront of global monetary policies and banking processes. Many processes and regulations aren’t designed for a digital world.
3. Virtual and spatial. Leverage the available technology and go beyond Zoom. Zoom is a great transportation tool, and most firms are not using it to its full potential.
4. Process improvement. The technology is now available to automate and deliver the processes that Lean Six Sigma defined. Think aggregation of data and delivery of reports and returns from a client’s perspective. It will help you deliver additional value. Technical skills are important, but many firms fail in the customer experience arena.
5. The convergence of AI, robotics and machine learning. The convergence of these technologies allows firms to automate standardized processes. Don’t expect to leverage this technology if each office or partner does it “their way.”
6. Wearables and medical testing. Apple watches and glasses (coming later this year or early next) are growing in importance and capability. These devices are stylish and not “nerdy” like the original Google Glass. In the meantime, your family will be glad you purchased an Oculus 2. The glasses may replace your cell phone within three years!
7. Longevity and quality of life. What will you do with the extra years, and how will you live a comfortable lifestyle? What’s your passion? Know that, and you are off to a good start. You might need to change your diet (less sugar), and exercise and sleep more.
A closing lesson
Charlie “Tremendous” Jones was a motivational speaker known for his statement, “You will be the same person in five years as you are today except for the people you meet and the books you read.” This is still true.
Abundance 360, along with Strategic Coach, have allowed our firm to bring resources and positive mindsets to our great profession.
Think, plan and grow!
