Become an AI-X Firm

by Following this Market Shifter

I’m a market shifter. Not to be confused with a shapeshifter, mind you. I can’t morph into a wolf — or any other cool animal (or human) — but I have amassed the “power” to help guide the accounting profession through the next major market shift. And firms that get ahead of said shift now will be positioned for growth and prosperity over the next few years emerging as AI-X^(SM) firms.

“AI-X” requires explanation. At least it should as it’s my newly coined term — and the only way to describe what’s going to be required of firms as we head into the next big market shift. AI-X: Artificial Intelligence Xcellence. You get where I’m going, so more on this later. For now, let’s get back to “market shifter.”

A market shifter is more than a thought leader. It’s someone who’s always innovating, testing, executing, and looking for new and improved ways to move the needle — to prepare the whole of the profession for what’s to come (and to show them how to do it). And of course in a radical way! A market shifter ensures that firms have the insight and know-how to implement change with confidence so they can dominate their market(s) and achieve healthy growth and bolster profitability. That’s me.

What Can You Expect?

As a market shifter, my sole purpose is helping firms master the art of change, stay ahead of trends and technology, and make the shift into the profession’s vanguard (where you belong). But you may be wondering (and I get it): Why should I trust her? Well, I’ll tell you: This isn’t my first rodeo.

I’ve helped lead two major market shifts to date. I was at the helm during the transition to the cloud and the cloud business model that supports it. In fact, the AICPA — specifically Mark Koziel, CEO, and Tom Hood, EVP of Business Engagement & Growth — coined my work as a “movement.” I also led the social influencer movement (back in the day before “influencer” was a recognized term in the profession) and have accumulated hundreds of thousands of followers as a result.

The next major market shift will be my third and I am armed and ready for it — having put in the time on research and testing. Evolution is good for the profession, offering firms the opportunity to grow and improve. Without change, we stay stagnant and risk becoming irrelevant. So don’t fear this next big market shift; embrace it. And remember, I’m here to support you. Now, let’s prepare together.

Predictions From Your Market Shifter

It’s time (well past, actually) to move out of tradition and confidence attrition. There’s no reason to stake a claim in the land of “the way things have always been done.” It’s time to plant your flag in the “when we know better, we do better” metropolis. And trust me, that’s where you want to be. It’s a place where your confidence soars because you’re ahead of trends and solving for the future instead of playing catchup and acting reactively in the present.

Truly, it’s now or never, folks. Monumental market shifts are in play as I type, specifically with AI. In fact, 2030 is the year when AI will rule in our profession (and it’ll be here sooner than you think). AI-X firms will be using artificial intelligence as an integrated component of their larger ecosystem, running smoothly in the background.

What does this mean? It means strategy planning starts now…not in 2030 when everyone else will be up and running. Don’t wait for someone in your firm to just “figure things out” whether that’s AI, the new PE landscape or the mass exodus of Boomers. You have to spark change — make it happen — because no one is going to just hand over the answers.

But no fear: I’m here (to help). So let’s start together, right now, and move out of the past and toward AI-X status. It’s gonna be a most xcellent ride.

Bye-Bye Best Practices

Best practices? Phfft. More like get-some-rest practices because they’re tired. 😆We’ve been talking about best practices from a fairly generic perspective for years. But what does this really mean? Well, here’s what I believe: Best practices are a road to nowhere because they keep you standing still locked in the present. This is what happens when you follow traditional tactics that are embedded in a traditional business model. At best, it only allows you to make incremental changes when you need to be making transformational strides forward.

Best practices also align you with everyone else, the status quo, the big gray wall of sameness. I’m not saying that best practices need to go away completely, but they do need a companion: NEXT practices.

Next practices are the rocket fuel required to accelerate past the traditional mindset. To keep you looking ahead and planning strategically for the bigger and better things to come. To keep you innovating, thinking differently and continually busting through the norm. Let’s stick with the AI example here as we delve into strategy as a next practice.

All Roads Lead to and from Strategy

What’s coming with AI? Many firms would say, “It’s too early to tell.” I say: “Wrong!” AI is here now (and to stay), helping firms automate repetitive tasks and ditch manual work. AI-X firms are not only loving the time savings but also the ability to offer true value-priced services. I’m talking about services that support recurring and lucrative revenue streams for your firm and much-needed advisory support for clients.

Firms have to move past the superficial features of AI and get to an actual strategy. With strategy comes clarity because you’re spelling out every phase of implementation from planning to execution. And with clarity comes firm-wide buy in and, eventually, a successful rollout and adoption. Here’s the really cool thing: You can use AI to define your AI strategy! AI serves as a solid brainstorming partner, helping us uncover and think through all the opportunities and alternatives for improving operations.

A sound AI strategy has many parts. As you move forward, consider must-have components such as process automation, enhanced auditing, improved data analysis, elevated client communications, compliance and risk management, tax research and planning, and continuous learning and adaptation. Once you start to map it out, it becomes clear just how critical strategy is.

A Quick Word on Automation

The frenzy around automation has proven to be one of the greatest unlevelers in the profession. We are a market of automation babies. Automation this, automation that. And, don’t get me wrong, automation is a prime taste-bud-blasting ingredient in the recipe for long-term, sustainable growth, but it’s not a strategy. It’s part of one.

Because firm leaders are so focused on automation, they’ve taken their eye off the prize: Strategy. And without it, you can’t effectively implement change. Strategy offers the sturdy foundation from which new, winning initiatives are launched. Automation being one of them.

Now, here’s the kicker. You do need a sound AI strategy but don’t expect to have a crystal clear one right out of the gate. There is no definitive roadmap for this yet, that will take time, intention and testing. The key is to start moving toward a strategy so you don’t fall behind. Inaction is the worst plan.

The Redefining of a Profession

AI has permeated every industry across the globe. While accounting, traditionally, has been slow to adopt new technologies, there’s no waiting on this one. If you get stuck at the prompt, prepare to be left behind — and quickly.

I truly believe that the accounting profession is in for a major market shift, and that means change is no longer avoidable. 2030 is only a few years away (<5!). And, again, whether it’s a new tidal wave of PE investments, AI leaps or a big old Boomer Irish goodbye, huge market shifts are on the horizon.

But the shift is not the actual challenge. The problem is that no one is owning this shift. No one is thinking through how to redefine the profession to survive in the age of AI, PE and ongoing staffing shortages. Except this market shifter, that is. I’m going to continue to push valuable content on all the changes that are inevitable and necessary. I’m creating a movement of my own to align with the coming shift. Align with me!

I’ve been in the accounting profession for a very long time, and I’ve made big contributions that have helped move the needle over the years. There are people investing in a pricing model that I built, advisory frameworks I’ve already tested and proven, and AI strategies I’ve already positioned. As a dedicated market shifter, I will continue to do what I do — for a profession that has been so very good to me and that I love. Let me guide you on the road to becoming an AI-X firm in the most xcellent radical way.