1	Impact on Profession and Preparation for Tomorrow A Rethinking Exercise on Role of the Professionals
2	"Time has come for fundamental..." Time has come for fundamental Rethinking
3	"Why Rethinking" Why Rethinking?
4	Need for Rethinking Professions are also exposed to variety of RISK FACTORS Internal Risk Technological Risk Legislative Risk Competitive Risk Professionals need to change with Changing Paradigm Increasing expectations of Society from Professionals Professionals need to grow on a Sustainable Basis
5	"RISK FACTORS" RISK FACTORS
6	Internal Risk Factors Focus on Legal Recognition - Consistent focus on legal recognition even when professionals have wider knowledge to perform variety of roles Limited Focus on Professional Development – After becoming professionals members do not attends programmes to update their skills and knowledge Research and Development – Professionals are so busy with routine activities that they forget importance of proactive research and development Reactive Strategy – Traditional Professionals act very late, whereas MBAs and MCAs change with time and technology
7	Internal Risk Factors Poor Communication Strategy – Capabilities of professionals are not highlighted properly at various forums Poor Employability – Lack of effective training and awareness in the industry Lack of Entrepreneurial Skills – Members still prefer less paying secured jobs than starting practice Lack of Self Confidence – “our members lack confidence”, “we can’t do it better than advanced countries”, “big 4 are threat”, “we cannot match anybody”, etc
8	Technological Risk Factors Technology does not come with a warning (A decade old NSE accounts for 86% Turnover) ERP and Financial Accounting Software have already taken most of the accounting jobs E-Commerce is wiping off Middle Management from the organisational hierarchy Financial decisions and legal compliances are becoming automatic Financial and Secretarial Software and Websites make it so easy that one professional can handle any number of companies
9	Legislative Risk Factors DCA Vision Statement – Towards simplified corporate laws facilitating growth of corporate sector Dilution of much awaited Companies Bill 2003 All expert reports suggest further liberalisation and simplification of law Naresh Chandra II Committee recommends concessions to small companies and says that the company law was made in days of License Raj and now it must change for enhancing competitiveness of India We still find English Case Laws for Non-Compliance of Law
10	Competitive Risk Factors Global competitor need no explanation Reducing distinction between services provided by professionals CS, CA, CWA, LLB all are now recognised for issuing various certificates and representing in all Tribunals SEBI, BSE, NSE, and other organisations have started their own Learning Institutes Private Institutions are getting recognition from Government, Regulators and Industry Private Institutions are becoming Deemed Universities, thus adding to competition
11	Similarity of Services by Professionals
12	"All this is something happened..." All this is something happened over the years
13	"Something more is happening" Something more is happening
14	"Changing Paradigm" Changing Paradigm
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19	"These are bringing opportunities" These are bringing opportunities
20	"… and also big challenges" … and also big challenges
21	"… that may question the..." … that may question the existence of professionals providing traditional services
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23	"Need of regulatory controls and..." Need of regulatory controls and policing may not arise in the era of Self-Governance and Corporate Social Responsibility
24	Globalisation Vasudev Kutumbakam becoming a reality Free and Fair Trade and Vanishing Economic Boundaries UN, WTO, WB, IMF, OECD, ADB and ICC are standardising rules for International Trade UN EDIFACT Standard for E-commerce is standardising information relating to Financial, Administration, Commercial and Transportation information Internet and Global ERP Vendors (SAP, Oracle, Baan, PeopleSoft, etc) are spreading Global Best Practices in Business All these moving towards Single Law for Trade and Commerce
25	"Globalisation is a big THREAT..." Globalisation is a big THREAT for Pessimist Professionals
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27	"Today or tomorrow we will..." Today or tomorrow we will have to face Global Competition
28	Technological Advancements Information, Communication and Transportation Technologies are redefining how business is done E-Governance (DCA21, EDIFAR, etc.) – Compliance on Click of Mouse Capital Market and Banking Integration – Straight Through Processing Artificial Intelligence (Expert Systems) – Automatic Decisions Enterprise Resource Planning (ERP) and E-Commerce – From Entry to Balance Sheet everything is automatic Computer Aided Design/ Manufacturing (CAD/ CAM) – quick new product decisions
29	"In years to come computers..." In years to come computers will do most of our traditional work
30	Public-Private Partnership Partnership in National Development Projects National Highway Projects E-Governance & DCA21 Township Development Development of SEZ, EPZ, STP, etc Mutual Trust between Government and Industry Example: Liberalization and Privatization Policy Enhancing Role of Voluntary Sector
31	"Further relaxations in regulatory controls..." Further relaxations in regulatory controls mean reduction in work for traditional professionals
32	"Some people may even Question" Some people may even Question
33	"Will there be need of..." Will there be need of secretarial compliance audit, financial audit or cost audit in the era of self-governance, free economies, e-governance and so many relaxations?
34	"Time has come to rethink..." Time has come to rethink what traditional professionals will do in future
35	Rethinking Need for Various Professions
36	"Opportunities are there but need..." Opportunities are there but need to be explored
37	Opportunities for Professionals Focus on Areas where Computers cannot enter Venturing into Unexplored Areas Diversification into New Segments Fulfilling Expectations of the Society Professionalism in National Development Projects Entrepreneurship Professionals know how to do business better than anyone
38	Areas where Technology Cannot Enter Entrepreneurship Innovation/ Idea Generation Complex Decision Making Contingency Planning Crisis Management Human Resource Understanding and Development Relationship Building
39	"Exploring Opportunities in Various Management..." Exploring Opportunities in Various Management Functions
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41	"Professionals must diversify into New..." Professionals must diversify into New Segments
42	Different Knowledge Areas
43	Different Services
44	Different Corporate Structures
45	Different Industry Segments
46	Different Scales
47	Different Geographies of Operations
48	"Is it possible" Is it possible?
49	"YES" YES
50	All you need is: Understand Industry Needs Gain ‘Substantial Knowledge of Management’ – Learning little more than what is included in the CS or CA Courses Provide PQRS – Productivity, Quality, Reliability and Service Use 3Cs - Creativity, Confidence and Communication Conduct Periodical SWOT Analysis of Self Use Technology to Beat Technology
51	Providing PQRS Productivity – Management want you to use resources in most profitable manner Quality – There is no compromise on quality Reliability – Companies require trust in abilities and loyalty to company all the time Service – Value Added Services with courtesy and smile is absolute necessity
52	Using 3Cs Creativity – Innovation is the critical success factor Confidence – Believe in Yourself (Yes, You Can Do It) Communication – It is how you make people know about your creativity and confidence. It is Communication that creates opportunities.
53	Periodical SWOT Analysis Strengths: What are my strengths? Weaknesses: What are my weaknesses? Opportunities: What are new opportunities? Threats: What are new threats?
54	Use Technology to Beat Technology Internet and E-commerce Enterprise Resource Planning (ERP) ERP for Professional Firms Customer Relationship Management Tools for Practising Firms Data Warehousing and Data Mining Computer Based Complex Business Analysis Models There are many more...
55	"AND" AND
56	"COOPERATE INSTEAD OF COMPETE" COOPERATE INSTEAD OF COMPETE
57	Global Success Call for Synergy of
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59	"OPTIMISM COMES FROM COOPERATION" OPTIMISM COMES FROM COOPERATION
60	"For Optimists Globalisation means Opportunities..." For Optimists Globalisation means Opportunities in 145 Member Countries of WTO
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62	"Global Threats To Global Opportunities" Global Threats To Global Opportunities
63	"It’s a matter of Perception..." It’s a matter of Perception and Positive Thinking
64	"Thank You" Thank You