Making Your Organization Future-Ready
- May 30, 2023
Recently, Allinial Global held its Executive Team Conference in Chicago, attracting firm leaders from North America and beyond to focus on the theme of Winning Together. EisnerAmper was part of a panel on the topic “How to Make Firm Transformation More than Just Hype,” which was focused on requirements, benefits, and approaches to enable a firm’s business transformation.
Three key takeaways:
- Workforce shortage compels organizations to embrace innovation and digital transformation. Technology is a great enabler. It’s no longer a ‘nice to have’ – tech is now a must.
- Technology investments, including automation, can improve our ability to complete time-sensitive work. Eliminate tedious tasks, streamline workflows, and maintain ongoing financial accuracy and compliance.
- Continue asking questions to change the status quo. Testing new approaches is a critical component of digital transformation. We can’t rely on Excel or simple recordkeeping for most things any longer.
- Culture plays an important role in innovation and transformation. Leadership must provide support in the essential process to enable learning and ‘failing fast’ without fear.
- Future-ready firms are transitioning to value-based pricing and leveraging both three-tier pricing and subscription models for their services, especially for client accounting services (“CAS”). New thinking:
- Outcomes over effort – address customer ROI (value) and deliver great experiences. Hours don’t matter to clients, results do!
- Replace cost-plus pricing – Hourly billing relies on volume for growth. People have limits! Staff time is finite. Higher volume ultimately reduces revenue per customer.
- Understand clients and cultivate ideas to turn those ideas into winning products/services.
- AI is an influencer/disrupter. AI-driven insights can provide clients with deeper analysis, informed strategy, and decision-making processes.
In summary, an organization’s health must have the following behaviors to deliver growth, strategy, and viability:
- Client-centric culture to transform and innovate with new products/services.
- Deliver an exceptional client experience.
- Do the right work for the right clients – stop the rest.
- Position work for its worth – NOT cost.
- Manage all work with intention and effectiveness!
- Execute with excellence.
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Michael Mattia, Partner-in-Charge of Marketing, guides EisnerAmper's strategic and tactical marketing initiatives, including new service line, product development, corporate communications, business development, and the firm's referral network.
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