New Ways of Servicing Clients – Leveraging On Expertise of Others Nik Mohd Hasyudeen Yusoff President Malaysian Institute of Accountants
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New Ways of Servicing Clients – Leveraging On Expertise of Others
Nik Mohd Hasyudeen YusoffPresidentMalaysian Institute of Accountants
Three Deep Fundamentals
Adapting to Change
Be Innovative With Market Focused
“If I had asked the people what they wanted, they would have said a faster horse”
Henry Ford
Needs of Business - ExamplesChallenge Area
Specific Challenges
Start-up Stage
Fast-growth Stage
Sustainability stage
Global Enterprise
Business development
Managing the finance gap
Seed funding Financing growth
Retaining earning and/or exit
Financing evolution and change
Management development
Upgrading management skills
Entre-preneurship
Management Leadership Executive Vision
Organisa-tional development
Growth and organisa-tional change
Manage chaos
Alignment Operational improve-ment
Re-engineering
Influencing factors
Financing availability
Owner equity
Debt financing
Private equity
Public equity
Re-configure, Re-invent, Re-think•Re-configure your value chain – what is your unique
selling proposition?•Re-invent your business model – how do you
structure your business to interact with business partners and suppliers to offer your USP to your clients?
•Re-think your business process – could it be done differently in a more effective and efficient manner which add more value to clients?
Re-configure, Re-invent, Re-Think
Do You Have Enough Brainpower?•Not all the smart
people in the world work for you!
•Talents are more mobile than before
•Gen-Y has different ideas about life
Capturing the Opportunities
BusinessServices
Firm
BusinessPartner
BusinessPartner
ExistingClients
NewClients
NewClients
Existing services based on existing capabilities
New services based on partner’s capabilities
New services based on newly acquired capabilities
New services to new clients based on partner’scapabilities
New services to new clients based on partner’scapabilities and new distribution channels
What Are Your Strategic Options?
BusinessServices
FirmMarket 1
Market 2Market 3
Direct present
VerticalIntegration?
Direct present
Direct present
What Are Your Strategic Options?
BusinessServices
FirmMarket 1
Market 2Market 3
Direct present
Network-Centric?
NetworkPartner
NetworkPartner
Service PlatformOwner
What Are Your Strategic Options?
ClientsProblems
BusinessServicesFirm 1
BusinessServicesFirm 2 Sorry, no capability
Yes, we have solutions!
Knowledgeprovider
SubjectMatterExpert
BusinessServicesFirm 3
A Case Study – The Big-4• The Big-4 accounting firms are competing on Network-
to-Network basis▫Global leadership but innovative structure to
accommodate various domestic regulation▫Offers diversified range or services and some do not
identify themselves as accounting practices but just by their brands
▫Experts need not necessarily reside in all firms but could be brought into the picture from various offices and jurisdictions
▫Share knowledge-base, intellectual assets, business platforms but RISKS are confined to respective jurisdictions
Network-Centric Competition FeaturesNetwork-Centric Elements
Features
Network leadership Orchestrating the behaviour of network members and network activities in creating value to clients
Network governance A clear articulation of the roles and responsibilities of the members in the network
Supporting infrastructure
Knowledge management, project management, technology platforms, business tools etc which are core to the USP of the network
Intellectual property management and value appropriation protocols
Cover how intellectual property is developed, owned and shared as well as the value created through the use of the IPs are shared
Critical factors to Consider•How to ensure excellent service experience and
quality across the network?•How do you manage risks when more parties are
involved?•Need to overcome “Not-Invented-Here” and “We
Know Everything” attitudes
The Way Forward•With changing business environment, professional
business services firms need to consider various options in delivering higher value to clients
• As knowledge is the driver for value for professional business services firms, access to the right talents is critical for business competitiveness and sustainability
• Competing on a network-centric structure may enable professional business services firms to provide solutions to the needs of their clients effectively and efficiently
Thank You and Q&A
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