Talking 2018 with FIT!

• January 3, 2018
• Denny Schleper

In 2017 we distilled our CLA Promise to one phrase: we promise to know you and help you. It is a personal commitment based on deep relationships. It requires us to take action to get to know our clients and each other. When we do this, we create opportunities for our clients, our people, and our communities.
Let’s start off 2018 with the CLA Promise in mind. This podcast is a conversation with FIT that I had when we gathered in Orlando with the young executive team, the executive team, and some of the chief industry officers across CLA. Together we explored the strategies and vision needed to know and help our clients, our people, and our communities.

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Transcript

[00:00:04]

Man: Welcome to “Own the Promise,” a CLA podcast created to share what guides every decision we make and every relationship we cultivate.

[00:00:17]

Denny: Hello, CLA family. Denny Schleper coming to you once again, this time actually from Orlando, Florida. Why are we in Orlando? We are in Orlando actually this week with the incredible pleasure of meeting with the executive team, the young executive team, some of the chief industry officers across CLA, and the FIT group–the Future Innovation Team.

We spent about the last day and a half really looking at 2018; where are we going as a firm, what do we have to prioritize; a year from now, what is that we absolutely are going to have to accomplish as a firm. One of the great things about CLA is that people like myself, the board of directors, the executive team, we know and understand we don’t have all the answers.

There’s no way that we can figure this out for a firm like CLA, with the geographic reach that we have, the industry reach, the service reach that we have, and also for many of you listening, obviously, the perspectives of all the generations within CLA. So the reason the Future Innovation Team is invited is to really help us figure out a perspective that we wouldn’t otherwise have within the firm.

So actually with me today are members of the Future Innovation Team. And this group, many of them have been together now for a little bit, about a year and a half or so. Some are newer. But it was just a fantastic experience we’ve had. And I wanted to share with all of you, and let you not only get introduced to this group, but really get a sense as to what they add to the strategy of CLA and the vision of CLA.

I know I get impressed with the 50% that I understand that they’re talking about, and I guess really impressed with the other 50% because it sure sounds good. But it does give us that knowledge that we need. So I would love for all of you across CLA to get introduced to this group and hopefully, as I do, really appreciate the efforts. They do this really on a volunteer basis. This is their time above their day jobs, really helping the firm move forward.

With that, I’m happy to turn it over to one of the FIT members. And somebody needs to raise their hand. We have a hand raised. John Tauer.

[00:02:44]

John: Thank you, and hello CLA, and I appreciate having the opportunity to say a few words. And I had to raise my hand there initially because Denny said he wanted to put a group together to figure all this out. If you’re looking to us to have it all figured out, we don’t have it all figured out, and frankly, we’re probably never gonna have it all figured out. It’s a journey. So what is FIT doing and how do we feel we’re helping the firm? It’s really trying to dive deeper into the disruption that we’re hearing and we’re seeing throughout all industries, throughout the economy, in many different pockets.

And we don’t know what the exact answer is. We don’t know the exact path to get there. But we know we all need to be engaged in it, and we need everybody from CLA to be engaged in it at some level, whether you just started with CLA, you know, one day ago and you have an idea. We want to hear about it. If you’ve been here for 30 years, we want your help as well, too, because you’re also probably leading others and other groups and need to be open to that. So again, that’s what we really see as probably again as top level, what does FIT do?

You know, we just got our ears and eyes open and trying to understand the market and hoping that we can add value to where we’re all trying to go.

[00:03:51]

Denny: Jessica Platt from New Bedford.

[00:03:53]

Jessica: I would also say in regards to the FIT, when people hear about FIT, they immediately go to technology and how we use technology to help simplify our lives and our experiences, but it’s not only technology and it’s not only this invention, what’s the new big, better thing that we can do, but just think more innovatively around how we approach our everyday jobs. And if you’re doing something and it’s maybe the old-school way where you have to put lists together or something, can we stop and pause and ask ourselves, is there a way to use technology to maybe data scan or do something to help get that information together more efficiently?

So again, I would challenge everyone within our CLA family to really keep your eyes and ears open as it relates to efficiencies in our procedures and practices and just new ways of thinking about the jobs that we do every day.

[00:04:43]

Denny: You know, I just wanted to comment, when we put this together, and Jessica mentioned about it’s not just all about technology, that was one of my concerns when we put this group together. Were we gonna get just a bunch of recommendations as we need this app, we need this kind of technology? And it would just not have any structure to it and there wouldn’t be any prioritization to it other than the latest and greatest technology? The biggest advantage in my mind that this group has added to the firm is to help us put all of those types of opportunities into the right perspective.

How do they fit into CLA strategy? How do they fit into serving the types of clients that CLA serves? It was an incredible benefit to the firm. Many of you across the country have heard about this kind of first-generation knowledge that we want to have. The implementation of it, as John Tauer indicates, we don’t have all those answers. My fear was, we’re gonna go to the implementation without having all of the answers and those fears were quelched by really the talent of this group. So, greatly appreciate that one piece. Sam Metcalf.

[00:05:51]

Sam: Well, and I just want to take that and give an example of something that we’re thinking about and talking about, is industry relevance. So we take a look at our firm and really from a growth perspective, we drive through our industries, and if you look out into the future and what’s happening with our existing client base, there is a lot of disruption happening. There’s a lot of things coming down the pipeline, and it’s been great to just take a step back and say, “What could happen now and in the future?

And as an industry leader, myself, it’s a reflection to say, what should I be thinking about five years in advance and how can we prepare ourselves and clients to look in the future? The other thing that we think about from an industry perspective is where do we have opportunities? You think of the energy sector, and you think of the technology sector and say, wow, those are extremely quick moving, fast growing industries, and how can we as a firm take advantage of that?

[00:06:47]

Denny: Jill Bosco.

[00:06:48:17 Jill: I particularly enjoyed our conversation yesterday and today, talking about mega trends. We are thinking and talking about things that we don’t, in our day-to-day life, when we sit here as a part of the FIT team, and we spent time talking about industrial revolution 4.0. What does that mean to us? What does that mean to our clients? We talked about the globalization of the economy and the world and the expansion and the shifts that are gonna happen.

We talked about the work force transformation, engaging and inspiring, and we also talked about this huge trillion dollar–if we could see the Austin Powers of impressions that were done today, but the trillion dollar wealth transfer and the millennials and the next generation, the generation X, what that means to us, to our firm, and to our clients.

These are just the things that we’re talking about, as a group, and working on what it means to our clients, and it’s just a privilege. It makes, I think, many of us here at this table better leaders and better professionals to be a part of these conversations.

[00:07:55]

Denny: I also just want to follow up; it isn’t just discussion. And I don’t want to leave the impression that a CLA family like we get along and have a nice chat. All of these discussions are the items that specifically then get implemented into the 2018 overall priorities, so that they get to implementation and beyond discussion. To me, that’s the power of being able to do this. Matt?

[00:08:23]

Matt: Thanks, Denny. Matt Anderson. I’d love to take an opportunity to try to demystify something for you, CLA, and that is our data analytics sixth service line we’ve been outsourcing. It directly aligns with one of FIT’s priorities. It also directly aligns with the firm-wide strategy of growth and that growth mind-set. So what do we mean when we’re talking about data analytics? Well, we have opportunities to bring inside out of our own data that we own and possess at CLA, but also we have an opportunity to take advantage of data that’s out there, facing–and challenges facing our clients in specific industries.

So that could be public data. It could be data that our clients currently own and possess that we just need to commit to. There’s this explosion of data going on right now that we’re in the middle of. And 80% of that data is never touched or analyzed, so how can we really tap into that? Well, our strategic advantages right now as a firm are our clients and our deep industry knowledge. So if we can tap into our deep industry knowledge, connect with our clients, and build those relationships, tease out those questions that bring insight.

This more than dashboards and benchmarking tools and models. This is a socialization of insight, bringing value to our clients. If we can do that, that’s really going to drive growth. We need all of you out there to think about, as you’re interacting with those clients, what are those challenges? What are those insights that are available for us to harvest? And then really help them either make better strategic decisions, improve operations, or even monetize the information that they possess and own. Thank you.

[00:10:06]

Clayton: Hey, everybody. It’s Clayton Bland. So, one of the great opportunities of being in this group that I would share is, as in doing this podcast, one of the efforts was, let’s broadcast the FIT group out to the rest of the firm, not just from a recognition standpoint, obviously, but really how do we get more involvement from people within our offices and where we’re at? And if we can really encourage, you know, reach out with some of these ideas. As an example, I got an email yesterday morning from somebody in the Belleview office, asking, what does FIT think about block chain, and how is that being incorporated in our audit practice?

And those are great conversations. It’s something we’ve looked at extensively and it’s something we’re exploring, you know, as a firm and certainly fits a part of that. But that is really the exciting part, when we talk about–not just technology, but thinking truly of future innovation with the underpinning being how do we look at these things as opportunities to help us drive growth? It’s really exciting to be part of that.

[00:11:02]

James: Hi, CLA. It’s James Watson from the Philadelphia office. Denny, you asked me what do I bring to the table, I think, as part of being this team, and I think with that role is one of the newer members is around really just asking questions. You know, as a managing principle of fairly large office, you know, representing a firm that’s even much larger, we hear a lot about disruption, what’s happening in our clients’ industries, what’s happening in our industry.

And one of the things that I think–the questions I hear a lot is, what is the firm doing about it? And I think if you’re listening to this podcast and you’re involved in what we’re trying to accomplish, if you look at the teams that have evolved—the FIT, the YET, the LATITUDE, coupled with the executive team in the board, including these podcasts and other communications that we’re looking to drive and enhance–it’s a direct response to some of these questions, what is the firm doing.

And hopefully if you’re listening and you’re listening to the other folks that spoke before me, one of the themes that’s really prevalent within this is getting that voice from the rest of the firm and those that maybe don’t have the opportunity to serve on these types of teams, and that–if we’re able to achieve will really propel us to be successful.

[00:12:17]

Jennifer: Hi, CLA family. Jen Leary, Charlotte office. So proud to be on the FIT team and speaking to you today. And as you’re listening there, you’ve heard a lot about opportunities and how we really want to get the knowledge from each and every one of you into the discussion, and that’s really where the power of us collectively will help us to move the entire firm forward. And so you may be saying, “Well, how?” And there’s a couple of ways, and you’ll be seeing more communication coming to you in 2018. But the quickest way is to join the conversation on Yammer.

So we have a Future Innovations Team group set up. We would love to get your ideas and postings and watch what we’re posting. You’ll see that this is a think tank full of people that have a lot of ideas and we’re focused on some strategic projects. And each and every one of them we will be completely transparent with you and we love your ideas. I had a great conversation with a few of our team members in Charlotte recently who were explaining to me the benefits of harvesting Bitcoin and what that looks like, and we don’t purport to know everything within this team. We want to be a catalyst for knowledge and innovation.

And so really excited to get your thoughts and ideas. Another example is the CLA accelerator, and Clayton and I are working on that, but that’s another way. Today you can go on my CLA, you can send an email, and you can share your idea, and we will partner you with someone who hopefully can help you foster that idea into something that might be very special to you and special to the firm.

[00:13:45]

Reed: Hi, CLA. This is Reed Matthews. I’m a member of the FIT team as well. I just wanted to echo what’s been said, along with, you know, yesterday we had some interesting discussions in our group, and one of the thing–couple of things that came out is, it’s already been said here a little bit, but–is that we’re looking to learn from all the industries, not just what other people in the accounting industry are doing, but all industries and across the country and in the world, really, to understand what they’re doing and how they’re using artificial intelligence, how they’re using data analytics and technology to help them.

Our belief is that’s not only going to help us become a better firm but also help us serve our clients and meet the CLA promise. You know, through all of these discussions that I’ve participated in the group, the one thing that I recognize is, we’re trying to keep on top of what change is going to look like, but we don’t know what change is gonna look like in the long term or even the midterm. But what we’re trying to do is help develop a culture within the firm, a culture of change, knowing that we’re not gonna be the Kodaks of the world, but we want to be the Googles and Amazons of the world and keep up with that change and be in the forefront, and that’s really what our goal is here.

So as you see more information come out in 2018 on how to participate and how to get involved and help us understand some of the knowledge that you know and share so that we can get the economies of scale with our knowledge within the firm, please participate; please help us know what your ideas are, what your thoughts are, how we can get better, more efficient, and keep on top of these things, and that’s how we’ll be able to help the firm grow and continue to change and keep pace with this ever-changing economy.

[00:15:26]

Denny: Well, thank you, Future Innovation Team. We also have Todd Benson with us that participates on the Future Innovation Team. Bryon Reinhart was not able to be with us at this get-together. Are we missing any other–

[00:15:37]

Woman: Cindy Scheid.

[00:15:38]

Denny: Cindy Scheid also needed to head out. So, you know, I’d like to conclude this way, understanding that every person and every team in the firm impacts the firm in different ways. One of the things this group may not know is that I actually call this group my Nyquil group. (laughter)

Not because you put me to sleep. But it’s to address the question, when people ask that common question–what keeps you up at night–and now I get to answer “very little.”

But if it wasn’t for this group, all of the issues that you’re dealing with would truly keep me up at night, because I won’t even know, to James, your point–the right questions to be asking. Now I feel like CLA is asking the right questions, and as said, we don’t have all the answers yet, but we’re asking the right questions. I get to spend time with enough other firms to know they’re not asking the right questions. They don’t even have an understanding as to what could change, and I think their understanding of all of this is not where ours is, and that’s really because mainly the Future Innovation Team.

So on behalf of myself, the board, the executive team, thank you very much for what you do for the firm, and I know everybody listening to this podcast appreciates it as well. So, thank you.

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