Category Archives: Market Trends

Charlotte 2020

Charlotte 2020: Grow Your Business in the QC

If you live or do business in Greater Charlotte then you already know there’s a whole lot to be excited about in 2020 and beyond. The opportunities here are incredible, the city and state of NC in general are growing at a crazy fast pace and receiving all sorts of recognition nationally in “Best Places to Do Business” type articles. You can see for yourself (here, here, and here). Figuring out where to get plugged in or get more involved can be overwhelming, so I wanted to give you a few quick initial steps (4 to be exact) to take in the new year to kick things off, and I’ll elaborate and expand on this further throughout Q1.

Whether you’re new here, haven’t arrived yet, grew up here, or have been here for years now I highly recommend investing your time getting to know other professionals who are doing big things in business. Networking here has led to a substantial ROI for me and my businesses and I can’t encourage it enough. There are tons of organizations and resources with which to leverage at various price points and time commitments based on you and your company’s needs.

Personally, I’ve been involved in various capacities at board and committee levels with the Charlotte Regional Business Alliance (formerly the Charlotte Chamber of Commerce). I’d highly recommend it as a great place to start and get involved. However, to be fully transparent, after merging with the region’s economic development entity the organization’s mission and day-to-day focus are shifting pretty substantially.  Rather than solely focusing on greater Charlotte, The Alliance now has 15 counties across both NC and SC in its purview. Needless to say, that while it’s a positive shift overall that provides incredible opportunity, the scope and reach has shifted dramatically. Serving that wide an area comes with new challenges as well however, so clearly the day-to-day operations needed to change with it.

While I still very much intend to remain involved as a member and hopefully more, it would be a disservice to you if I didn’t say the new mission has simultaneously left a pretty sizable void for those with a more narrow focus of making an impact in greater Charlotte and don’t have the resources to have a target market that expansive. Again, yet another opportunity

This is where the Charlotte Business Group comes in. (Full disclosure: I recently joined the board in 2019 because I knew this transition was happening and wanted to prepare accordingly.) There are still a ton of business professionals who just have the capacity to focus on Greater Charlotte (it’s hard enough covering the Lake Norman to Rock Hill/Fort Mill area as it is, let alone a dozen plus other counties). So we decided to step in and do just that. We’re providing networking opportunities with our mixers, educational opportunities with our panel discussions, and we recently launched a membership program to be able to ramp up additional opportunities in the community (as well as with more focus on fostering referrals and connections but much more to come as the year rolls on). The focus will remain greater Charlotte, but everyone who wants to do business here is more than welcome to get involved. If you and your organization wants to align with that mission please reach out to me to set up a membership or sponsorship and we’ll get you plugged in.

Next up is another really non-negotiable if you’re serious about Charlotte. You need the Charlotte Business Journal in your life, by way of subscription (print and digital), attending their events, and you NEED the Book of Lists.

Charlotte Inno (formerly Start Charlotte) with their newsletter and PitchBreakfast events among others are also truly invaluable. Whether you want to learn about local start up success and origin stories, or see what other events are coming up on the horizon (they host many incredible ones themselves as well) you at least need to sign up for the newsletter and take it from there.

 

We’ll leave it here for now, as that’s 4 invaluable steps that you need to take in the new year if you haven’t already. But I’ll be adding much more with respect to the specific Charlotte focus moving forward (including a non-profit edition). Would love to hear your feedback on what organizations you’re involved with, what you’d recommend and to continue the conversation as it’s one that’s a major priority for me.

Charlotte Fall Updates

Charlotte in Fall

As the calendar has turned to October the temperatures in Charlotte are finally cooling off slightly after some record heat through September. While the weather may be cooling down and the fall spirit is spreading from Ballantyne to Belmont the business community around the Queen City is staying busy. Cranes can be seen all around the city and the roads are packed with dump trucks and construction vehicles. The real estate market is continuing to be very active as new residents continue to move into the Charlotte area and millennials embark on their first home buying purchase. Technology jobs are expanding across Charlotte bringing high paying jobs to the city and diversifying the entire regional economy. As job growth continues the real estate market in Charlotte is becoming one of the hottest real estate markets in the country. As an increased number of jobs are being created and the major infrastructure investments are made across the region the area is striving to move forward and be positioned for the economy of the future. While challenges including access to affordable housing and congestion exist the improvements and efforts of public and private leaders across the Charlotte region are addressing critical issues and moving the city towards a brighter future.

 

A Southern Tech Hub

Charlotte is expanding beyond being more than a financial services hub, it is becoming a major destination for tech talent. The CompTIA Tech Town Index 2018 ranked Charlotte as the best city to embark on a technology career. The lower cost of living, 1.3% below the national average make Charlotte a desirable place to move, begin a family and purchase a home. The cost of living is particularly more affordable than other tech hubs including the Bay Area, New York, and Boston.

Many workers from the Midwest and Northeast are relocating to Charlotte to settle down in a place with lower taxes and an abundance of recreational activities to supplement career growth. The projected number of openings over the next five years in the tech sector is a steady 11% showing how the growth in the Charlotte tech sector is here to stay. Many Charlotte companies desire tech workers including some of the largest regional job creators including major banks like Wells Fargo and Bank of America. Mooresville, NC based Lowe’s is opening a tech hub in the South End neighborhood of Charlotte bringing 2,000 jobs by 2021. This favorable job growth is spilling into the real estate market which consistently ranks as the one of the most active markets in the US.

 

Real Estate

The Charlotte real estate market was ranked fourth in the 41st annual Emerging Trends in Real Estate behind only Raleigh-Durham, Austin, and Nashville. The metrics from this report combine tech jobs to real estate investments in determining the rankings. The ranking of fourth marks a move from ninth in the 2018 report showing how the Charlotte real estate market is heating up. Some of the insight from the report also highlighted how strong home building prospects are in Charlotte, ranking second in 2019 up from fourth in 2018. The ability to attract technology and manufacturing to diversify beyond financial services is another factor driving regional growth and helping the housing market. Investments in infrastructure projects have provided additional benefits to improving desirability to Charlotte including improvements at Charlotte Douglas International Airport and an expanding Light Rail system. Along with massive success comes some growing pains and Charlotte, like many other Sunbelt cities, is feeling some residual effects of growth. These include higher housing costs, additional roadway infrastructure projects, and a need to improve stormwater systems. All things considered the real estate market is continuing to be very active, attracting 1.2% of US real estate investments from 2016-2019 while accounting for only 0.8% of the nation’s population. As additional companies  relocate to Charlotte and retirees move to the desirable Carolina climate and tax situation additional single-family homes, apartments, and townhouses will be needed to handle continued housing demands.

 

Relocations and Expansion

Over the past 12 months multiple companies have announced major relocation projects. The Charlotte Regional Business Alliance has been working with local and state officials in South Carolina and North Carolina to attract companies to expand current business operations, open regional offices, or relocate their headquarters to the regions. Some recent projects which have created new jobs across the region include Honeywell, which has relocated their headquarters to Charlotte in a move expected to create over 750 jobs.

These jobs along with new jobs from Lowe’s and a continued presence by Duke Energy, Bank of America, and Wells Fargo mean some of the world’s largest companies have a major presence in Charlotte. Beyond these firms the startup community in Charlotte is growing with recent expansions coming from AvidXchange who is planning to grow to accommodate 1,200 new employees. This diverse economic landscape allows Charlotte to grow beyond traditional financial services institutions while utilizing the skills of the regions highly skilled workforce.

 

 

WIMS Partners

The WIMS team has a robust and expanding presence in Charlotte utilizing the skills of partners. As we continue to grow, we are always looking for new partners and if you believe you can grow with us, we want to hear from you to see if opportunities exist. With the continued growth of WIMS it is exciting to see the city and region around us changing and growing.

 

Concluding thoughts

Charlotte has established itself as a major economic powerhouse in the Southeast that is seeing increased investment and interest on a regional, national, and international scene. As companies continue their planning for 2020 and beyond, many in the Charlotte region continue to grow towards an even brighter future. The institutions in the city through public private partnerships are investing in the city’s institutions to continue to encourage investment and relocations to Charlotte. By focusing on sustaining growth and creating a better region for the future, Charlotte is positioning itself for long term success moving up the ranking of best places to live as the quality of life in greater Charlotte region continues to improve.

Introduction to Kanban

What is Kanban?

Kanban is the Japanese phrase for signboard or billboard. It is additionally a scheduling tool used across manufacturing, restaurants, and software development to stay on track and effectively completing tasks for project. The concept originated in Japan by Toyota under the leadership of Taiichi Ohno who worked as an industrial engineer helping to spread the technique of lean manufacturing. Kanban was initially implemented to expedite the just-in-time production method producing a specific quantity of necessary products based on consumer demand.

 

Overview of Kanban

Understanding the origin and general principles of Kanban allows for an easier adoption of Kanban. If you do not anticipate fully incorporating Kanban, understanding an additional time management and organizational design tool will allow for better results. At its core, Kanban is a form of managing work by balancing the required actions needed to complete work with the available capacity in order to complete different tasks. Since work is completed on a just-in-time manner waste is limited across the entire system. Workers only complete tasks that are necessary at the time the work is being done ensuring that the overall objective is maintained.

 

Sushi and production management

An example of just-in-time production outside of manufacturing is a sushi menu with a list of possible items and a box to check the quantity and type of each sushi roll. By completing work in a just-in-time manner customers will have fresh sushi rolls that were specifically made for them. On the production side, Kanban reduces food waste since food is prepared only when customers order a specific dish. The combination of reducing food waste and providing customers with fresher food will make the experience of both the restaurant and the customer more enjoyable.

 

Kanban board

However, the implications go beyond sushi! The seamless structure of ordering fresh rolls makes for an easy to grasp visual and edible example. The Kanban board is a practical visual tool used to follow the journey into Kanban by displaying relevant tasks on a visual board. While every Kanban board will be structured in a unique way to maximize value to the user, the general concept is that work is tracked from left to right as progress is made. Kanban boards can be utilized on whiteboards with sticky notes, in a spreadsheet of your choice, or through the online project management software of your choice including Zoho, Trello, and Atlassian.

 

Further Actions

Like any methodology, the key to becoming successful with Kanban is to stick to something that you will commit to the long run. Success through using Kanban can be maximized through additional agile frameworks ensuring that the quality of work is improved through focusing on moving tasks through the system and completing them in a timely manner. The importance of continual improvement, self-reflection, and increasing output are meaningful to the project itself and the outlook of the workers on the project by empowering them to take more ownership of the finished product. Kanban holds an important value by taking ownership of your own life and fully understanding the power of this approach and is beneficial for those who embrace Kanban and those who study it. Tools are merely the instruments used to accomplish goals and since Kanban is a tool it can be used in varying degrees to reach goals, set new ones, and complete projects in more efficient ways.

Salesforce Heads North

In June 2019 Salesforce announced that it would be purchasing Tableau in a deal worth over $15.7 billion. This deal will allow San Francisco based Salesforce to expand its presence in Seattle creating a second headquarters in Seattle, home of Tableau, like what Seattle-based Amazon did with its HQ2 competition last year. I was in the Seattle area on vacation as the news broke and was able to read local newspapers on this deal from the local perspective which went beyond the financial terms of the agreement.

This deal represents the second largest acquisition in the history of the state of Washington and shows the power of the technology sector in the Pacific Northwest and willingness of companies to expand beyond Silicon Valley (Romano, Seattle Times). With a presence of 1,000 employees already in Seattle, Salesforce is familiar with the business climate in Washington. Moving forward this acquisition is not an outlier and additional companies in the cloud computing space will look to expand their operations and establish additional offices beyond their initial headquarters.

This trend poses the opportunity for companies to benefit from the strengths of different metropolitan areas while also increasing the expectations the residents of these cities have of these companies to become stewards of the community and provide jobs to locals. This deal will change the entire landscape and power dynamics in the CRM and Business Intelligence world. This deal seems to represent a move by Salesforce to invest in research and development through the purchase of Tableau which may signal slowing internal innovation (Moorehead, Forbes). This deal comes after Salesforce paid $300 million to integrate the companies non-profit arm, Salesforce.org, into the companies for-profit side (Salesforce Press Release). This deal will have a substantial impact to the overall company and could create anywhere from $150 to $200 million this Fiscal Year depending on when the deal closes. These strategic changes show how Salesforce is moving beyond CRM and taking the potentially risky decision of incorporating its non-profit wing into its for-profit business. Although Salesforce has been on the leading edge of philanthropic causes with rising housing prices and inequality in the San Francisco Bay area and Seattle areas Salesforce will be held accountable and pushed to create more equitable growth as their operations expand.

Seattle is a city that has long struggled with homelessness and affordable housing. While the city is the thirteenth largest city it has the third largest homeless population. Driving through Seattle and talking with locals on my recent trip to the city I heard and saw homeless camps and the stories of how homelessness and affordability is an issue impacting suburbs across the Seattle area with camps in view of I-5.

While Salesforce CEO Marc Benioff has led his company to be a leader of philanthropic efforts and combating homelessness, he is entering a new arena in Seattle (Romano, Seattle Times). Long a leader in giving back Salesforce pledges 1% of profits, products, and employee time to philanthropic efforts. Marc and Lynne Benioff have signed the Giving Pledge and are leading advocates in the San Francisco area working to combat homelessness. Lynne Benioff cofounded a program in 2011 to provide shelters for families around San Francisco. Tableau also has taken on a philanthropic approach as well and pledged $100 million in grants and technology to global health and equality organizations (Romano, Seattle Times).

This merger has just occurred, but challenges persist moving forward. Benioff says that Tableau will operate independent of Salesforce and affirmed that this is a merger of two equals. This is rarely the case in mergers as power dynamics and even the slightest of differences can cause division between leaders in the merged companies. Time will tell how this deal will be remembered but one thing is certain which is that this will not be the last big software deal of the year.

 

Links

Image from: Romano, Benjamin. “Why Salesforce is shelling out $15.7 billion in stock for Seattle’s Tableau, in one of the NW’s largest acquisitions?” Seattle Times. https://www.seattletimes.com/business/technology/salesforce-buying-seattle-based-tableau-for-15-7-billion-in-stock-one-of-the-northwests-largest-acquisitions/.

 

Moorehead, Patrick. “Salesforce.com’s Tableau Acquisition: Admitting Organic Innovation Failure?” Forbes. https://www.forbes.com/sites/patrickmoorhead/2019/06/18/salesforces-tableau-acquisition-admitting-organic-innovation-failure/.

 

Salesforce Press Releases. “Salesforce and Salesforce.org Combine to Drive Greater Philanthropic Impact and Success for Social Good Organizations.” https://investor.salesforce.com/press-releases/press-release-details/2019/Salesforce-and-Salesforceorg-Combine-to-Drive-Greater-Philanthropic-Impact-and-Success-for-Social-Good-Organizations/default.aspx.

Renewable Energy Insights

 

Energy powers the modern world and economy which goes without saying but can be lost in the current environment we live in. A few generations ago the world went dark at night and productivity was only accomplished during the day. The world has seen major growth since the end of the 19th century as electricity and energy production fueled this growth.

 

This has generated interest from leaders of political parties, cities, and businesses around the world as collaborated efforts are needed to reduce the carbon emission put into the atmosphere. Plans are in place to create a future where green technology will power the energy grid as effectively as possible.

 

While hurdles are in place the growth and expansion of renewable energy will grow as policies and technologies expand who and where renewable energy can be implemented.

 

The future will be powered by renewable energy and the industries including space and wind production will create new industries which will add economic value across the economy.

 

The world is facing a series of unprecedented consequences from the changing world around us. The world is seeing more extreme weather events, coastal regions face the threat of displacement from rising tides, and disruptions in crop production.

 

Now is the time to implement changes and for companies and individuals to invest in renewable energy sources as well as to learn about ways to reduce the carbon footprint they have. These will force difficult questions to be raised but leaders from a wide range of industries are already working to find solutions to help preserve our earth for future generations.

 

Even if you cannot afford solar panels here are some actions that can be made with meaningful impacts purchasing green products, donating to non-profits who are working to improve renewable solutions, and supporting policies at your place of work to become more sustainable.

 

Like the pieces of a jigsaw puzzle it will take many pieces to come together to create renewable energy grid which will drive the future growth in the world. Stakeholders must come together to drive changes and provide energy solutions to make the future run smoother and cleaner providing new advanced energy solutions. Renewable energy should be viewed as the way forward and a series of technological offerings which will create a more sustainable and equitable world.

Mobile Insights from Deloitte

A Deloitte perspective entitled Failure to Launch outlines the steps to follow to build mobile applications which employees will want to use. This insight shows the importance of mobile technology in today’s world as well as the attention of consumers and business partners as they shift to the screens of mobile devices. An aspect of mobile applications which is also vital but does not always receive as much attention is the importance of developing applications for internal use.

 

The focus of this Deloitte writeup is to outline some steps to follow to improve the effectiveness and use of enterprise mobile apps for employees use. With many different applications and projects to juggle daily it is becoming harder for companies to unveil and implement internal tools for employees. The key to successfully unveiling an application internally should mirror an external product release and be strategically aligned with the mission of growth for your organization. These steps should serve as a guide to review not only new app development but also a benchmark for all internal processes and the perfect opportunity to take the time to invest time and resources into improving those processes. Internal processes are not the most exciting aspect of running a successful project but are critical to the success of specific projects and the sustained success of an organization.

 

The system below should be a guideline and not a hard set of rules to stick to. Leaders and decisions makers within an organization should take the time to fully analyze multiple data points and conduct informational interviews with members of their teams to collect the relevant facts and information from their industry and company. This wide amount of information will allow the greatest amount of data available to make a well thought out decision while also bringing together stakeholders through the entire process from idea generation to implementation.

 

Seven steps are laid out to build and successfully launch enterprise mobile apps:

  1. Strategy and Value: Have a clear goal behind what you are undergoing which can easily be conveyed and understood to those who are hearing about your idea for the first time.
  2. User input: Gather information beginning with idea generation and continuing through implementation from a broad range of potential end users.
  3. App Development: During the development process have steps in place to provide feedback and convey this to your team.
  4. Distribution: Announce the launch of the app and make it known to all parties who may be interested in finding more about the specific app launch and your company in general.
  5. User Support: After the release keep contact with your team and continue to gather feedback from them. When issues arise provide a way for them to easily find the answers to questions and develop a culture where workers interact and shape the future of products in a proactive environment.
  6. Supporting organization: Reinforce the practices in your organization though best practices and foster a tech and mobile friendly company culture.
  7. Continuous Optimization: Never stop gathering feedback and look to stay ahead of the game to be an industry leader with a robust internal team.

 

These strategies were formulated for enterprise mobile apps but the tips should be used to foster change in creating a workplace culture where design, creativity, and innovation propel your company and projects forward as an industry leader.

 

Source

“7 steps to building mobile apps employees will really use.” Deloitte. https://www2.deloitte.com/us/en/pages/technology/articles/deloitte-digital-mobile-enterprise.html.

Managing Stakeholders in the Technological Age

Over the past week Microsoft has been in the headlines after a group of employees sent a letter to company leaders protesting a contract with the US Army. This story has received major media attention from Wired to NPR who are taking an interest in this case and how a tricky relationship exists between technology companies and the government.

 

The contract in questions was awarded in November 2018 and represents the first time Microsoft products, in this case HoloLens headsets, would be used in actual combat operations. This worried Microsoft employees who did not want the products they work on to be used in combat operations and is another statement of concern voiced by technology workers in the US against contracts with the US government.

 

The Wired article included an excerpt of a statement Microsoft CEO Satya Nadella gave standing by the contract and highlighted the importance he sees in continuing to work with the government and military.

 

“Monday, Microsoft CEO Satya Nadella rebuffed the plea. “We made a principled decision that we’re not going to withhold technology from institutions that we have elected in democracies to protect the freedoms we enjoy,” Nadella told CNN Business at Mobile World Congress in Barcelona.”

 

As companies look to provide more advanced technological offerings workers increasingly find themselves working on projects where they do not know how the end user will utilize the product and in some cases who the end user is. Workers walk a fine line here and as companies provide more advanced technology to public and private sector clients an upfront policy on how to address who their clients are and be transparent about how relevant stakeholders might react to different projects.

 

Companies cannot sit idle but must be proactive and work with all stakeholders to ensure everyone is on the same page and have a channel of dealing with complaints internally before too much disruption occurs. As technology solutions become more advanced and integrated into all aspects of life difficult questions of who has access to technology and when technology goes too far will become increasingly more prevalent. As issues arise dialogue is needed from all parties to workout what steps are needed moving forward and when to move away from a project. An additional factor complicating issues surrounding technology is that as new forms of technology become available and trends change the norms of technology shift very fast.

 

To succeed, an organization must take the time to set aside a block of time and address where technology can fit in with their organization and under what circumstances do technology and privacy go too far. A strong organization will be able to move through this time but if transparent conversations are not had by leaders from across the organization internal conflict possess the threat of making disagreements public and damaging the reputation and name of an organization. As with any advancement both progress and new challenges will arise causing leaders to make new types of decisions about who can access information, what projects the organization works on, and what types of organizations a specific organization forms strategic alliances and partnerships with.

 

The issues raised by Microsoft employees will not go away neither will the opinions of varying stakeholders who take different stands to improve their own position within organizations. As more stakeholders enter the conversation more ideas are generated but at the same time more safeguards and guidelines are needed to limit internal strife and the possibility that different sides take a hard position which could reduce the efficiency of an organization. This is an era that goes beyond making a right or wrong choice but is centered on making a choice that leaders can stand by and defend while not alienating stakeholders to the point of rebellion. This is bound to play out in additional companies and increasingly be brought up in the legal system.

Resources from the Charlotte Alliance

The Charlotte Alliance

 

The Charlotte Alliance provides information on their website on a range of meaningful sources. This includes Data and Reports, Charlotte Regional facts, talent development, public policy positions, and a schedule of events providing valuable information to those interested in the business climate in the Charlotte region.

 

The website also provides links to recent expansion and investment projects around the Charlotte area. The information on the website shows how the Charlotte Alliance is a resource for the community which takes the time and effort to create a better Charlotte bringing the regions leaders together. This advocacy and collaboration is shown across a range of industries including some targeted industries which are important to the identity of the Charlotte business community.

 

Some highlighted industries include healthcare, information technology, and financial services. Through the advocacy and work of the Alliance the Charlotte region is displayed as a place of economic collaboration and innovation on the national and international stage with a diverse and knowledgeable workforce.

 

Target Industries

 

The Charlotte Alliance has a team that is dedicated to highlighting the unique business community in Charlotte placing a spotlight on some specific target industries. This information paints the picture of a region with a talented and diverse workforce that is ready to drive growth into the future. These industries include Financial Services/Fintech, Advanced Manufacturing, Healthcare, Information Technology, and Logistics benefit from a well-trained workforce and the presence of area universities and college who have relationships with major area employers.

 

By focusing on these industries which are expected to be of high growth and demand as the economy changes over the coming decades the Alliance has placed the Charlotte region in a good position to grow and gain momentum. These industries will attract interest and investment in the highlighted industries along with adjacent and support companies.

 

Financial Services/Fintech

 

The first image of Charlotte for many people is of the towers of Uptown and a city full of bankers who moved to the area from the Northeast and Midwest. Many of the largest employers in Charlotte are rooted in the financial services industry. Charlotte is seeing new players in the growing Fintech sector grow and invest in the area including AvidXchange and Lending Tree. These new companies along with the established banking community including Bank of America and Wells Fargo mean that some of the top financial services talent in the world reside in and around Charlotte.

 

Healthcare

 

The Charlotte region is increasingly being recognized regionally, nationally, and internationally as a healthcare center with access to some of the nation’s best talent and facilities. The healthcare industry in the Charlotte region is diverse and includes hospitals, research, and biotech manufacturing. With many schools offering degrees related to the healthcare industry the region boosts a strong talent pool to fill healthcare positions at companies including Novant Health and Atrium Health which are two of the region’s largest employers.

 

Information Technology

 

The technology sector is an increasingly important aspect of the Charlotte region combining the talent of transplants to the region, recent college graduates, and seasoned tech professionals. As companies increasingly seek out ways to incorporate better data into their decision-making processes tech companies are seeing some of the biggest growth among any industry. In Charlotte, the presence of some of the largest financial and healthcare companies means companies can use the innovation of established companies to work on projects. These companies are able to access the dynamic talent pool and provide innovative specialized technological services. Top area employers in the sector include consulting firms like Accenture and Deloitte and financial services companies including AvidXchange and Lending Tree.

 

Concluding Thoughts

The tourism campaign for the city of Charlotte is Charlotte’s Got A Lot which could also serve as the slogan for the economic development in this area. Charlotte and surrounding counties have a highly skilled talent pool with knowledge in a vast range of industries including financial services, healthcare, and technology/analytics. The Charlotte Regional Business Alliance works to foster and develop the relationships between company leaders, public officials, and companies interested in relocating to Charlotte to foster collaboration and showcase the vibrant and diverse economic activity across the region.

 

WIMS Guide Industry Outlooks

Introducing WIMS Guide In-Depth Industry Outlooks

Over the next several weeks/months we will be releasing in-depth industry outlook guides in order to provide additional value to our audience.

Yes, there are many industry outlooks out there already, most of them created by highly funded teams and experts with lots of resources to leverage. However, because of that, their focus typically remains at a very high and unapproachable level as they try to be relevant to too broad a target audience. Besides, we will be aggregating many of the most well known reports and curating them to extract the insightful, thought-provoking, and most importantly, call-to-action oriented data and trends that help move the needle in your business.

Whether you’re currently working in these industries, are service provides to clients in the space, or simply strive to remain knowledgeable about what lies ahead in the macro-economic environment, we are committed to making sure they provide tremendous value.

The initial roll out will include the following industries:

  • Healthcare
  • Commercial Real Estate
  • Legal
  • Accounting & Finance
  • Sports
  • Technology
  • Non-Profit
  • Startups

Each will also include a localized angel from our various locations, including Charlotte, Miami, and Southern California.

As we begin to launch this initiative what would you like to see in such an industry outlook? What would be most relevant to you?

Accounting Industry Trends

 

The accounting industry is being disrupted by a range of technologies including machine learning, Artificial Intelligence, and the blockchain. The sources below highlight trends across marketing, human resources, and cybersecurity with implications across the accounting and financial services industry.

Major changes are coming to the workplace as technological disruptions alter where work is done, the speed of workflow, and the role of the employee within the mission of the firm. These new trends are shaping the core principles of work across all industries including how workplace meetings are run, how financial transactions are handled, and change the necessary skills sets a competitive workforce has. From webinars to speakers at industry conferences blockchain technology is a disruptive technology which continually is discussed.

The chart below, from Robert Half, highlights survey results from over 2,000 financial leaders on blockchain technology and how it will shape the financial services industry.

The results from this survey show how finance leaders have a range of thoughts on how cryptocurrencies and the blockchain will affect the overall industry. Only 13% of those surveyed believe that cryptocurrencies will not be common while 50% believed that cryptocurrencies will either be Somewhat Common or Very Common. Since most of these finance leaders believe that cryptocurrencies will have some impact on their business they are planning for a future where cryptocurrencies shape strategic decisions across the firm. Some ways that companies are addressing the growth of cryptocurrencies include training staff on cryptocurrencies, increase investment in specialized accounting including forensics accounting, and increased cross-departmental collaborations. These changes can be met through focusing on internal growth and development while also seeking outside partners to increase marketing, business development, and employees training.

The accounting industry is at an exciting place. The last decade has seen some of the most drastic changes improving the efficiency of the industry. Some technological advances include the growth of blockchain technology and machine learning. Industry leaders are making investments in training their workforce, increasing their marketing presence through digital campaigns and brand journalism. Through partnering with marketing firms and investing internally on training and retaining top talent, accounting firms can position their brand favorably in the industry while growing their service offerings.