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Transcript of i for Technology
i For Technology Social Media, Mobile & Cloud
Technology, Other Issues
Ameet PatelJanuary 2014
RRC, Mahableshwar
Social Media – what do you know about it?
Time to reach 50 mn users
38 years
13 years
4 years
3 years
1 year
Can Social Media help in Selling
? ? ?
It helped….
$$$$
Car purchase decided, not by the size of Xylo ads, but by the 22 recommendations here!!
It helped one of these car companies
It helps sell T-shirts...rather, it RUNS a large T-shirt business!
And it helped this plumber
Same could happen with a doctor, a lawyer, a CA ....
There will be positive recommendations, as
also negative….“Don’t go to that
guy.. He’s a cheat..” etc.
“I will tell my Facebook friends about your brand. Not because I like your brand, but
because I like my friends!”
Social Media For Professionals
Social Media is all about building “Relationships”
• Network with existing relationships• Leverage existing... to build new ones• Find new relationship opportunities• Convert “contacts” into “contracts”
For professionals like CAs, Social Media can be very useful
Power of LinkedIn..at a click
Create Thought Leadership• A tool for creating a brand (without
advertising)• Platforms
• Blogs• You Tube
• Content• Talk about issues and your opinion on those
issues• Similar to writing articles in the Institute’s or
BCA journals• Except now you are trying to address your
potential customers and not just fellow CAs
Generate Leads
• Build relationships• Platforms
– LinkedIn– Yahoo Answers– Google Groups
• Build your network…bigger the better• Participate in conversations
– Groups– Q and A
Reputation Monitoring
• For large firms• For “well known” individuals• ORM – Online reputation management– What are people talking about – Responding to issues right away
General Tips
• Social Media is not about shouting out loud. It is about quiet conversations
• You have to learn to listen, before you start talking
• It is about creating “shareable” content. Your users (consumers) are also your content distributors
• It is about lighting up a forest with a match stick
Using LinkedIn for sourcing staff
How to use social media – see how Big 4 do
it
How to use social media – see how Big 4 do
it
Power of Twitter – No. of followers
(as on 28th December, 2013)Barack Obama 4,07,20,611
Amitabh Bachchan 75,90,081
Sachin Tendulkar 39,93,031
Narendra Modi 30,59,117
Shashi Tharoor 20,08,516
Kiran Bedi 13,10,299
Barkha Dutt 11,33,199
PMO 9,81,001
Arvind Kejriwal 9,38,376
Power of Facebook Pages – No. of Likes (as on 28th December, 2013)
Name of Page No. of Likes
Narendra Modi 75,04,848
Madhuri Dixit Nene 49,72,415
ICAI 1,02,683
ICFAI 8,256
ICAEW 21,338
MTV 4,84,25,783
Vodafone Zoozoos 1,65,83,162
Kotak Mahindra Bank Ltd 1,53,914
Power of Twitter – And where are
CAs?Name of Person No. of followers
Mukesh Butani 1,232
Arun Giri 1,112
Richard Rekhy 862
Chirag Chauhan 402
Ameet Patel 274
Lubna Kably 253
Ketan Dalal 245
Shailesh Haribhakti 103
Nitin Shingala 57
Social Media – What’s new?
• Foursquare is becoming popular• “Listening” is the in thing. Companies are
spending lot of time, money and efforts in analysing what others are writing, sharing on SM
• CAs will also need to “listen” on SM
Mobile Technology
• Exciting• Ever changing• Gives massive power to the user• Can easily replace laptops and computers• Younger generation is always stuck to their
mobile phones
Mobile Technology – Growing importance
Future Mobile Technology
• Bendable Technology– Flexible screens– Malleable phones– Bendable phones that can be rolled up the
sleeves or wrapped around our wrists– Phones that can be moulded into any shape
that we want
Future Technology
• Wearable technology– Google Glass
• Activated by looking up• Can be controlled through voice and touch• GPS enabled and Wifi enabled• Projects a screen into our filed of vision allowing us to
view information while engaging with apps
– iWatch
Wearable Mobile Phones
Bendable mobile phones
360◦ Screen
Future phones - security
• Facial recognition• Retina recognition• DNA identification
Smart Phones and Doctors
• Smart phones enable doctors to go mobile thereby allowing them to diagnose and treat illnesses from anywhere in the world
• Future phones could:– Monitor hearbeat– Check blood sugar levels– Measure blood pressure– Send out auto alerts to doctors in case of
problems
MOBILE TECHNOLOGY• Fast changing • Extremely exciting• Almost every week, we see a new model of a
phone being launched either by Apple or by Samsung or by Nokia or any of the other manufacturers
• Most people are now buying smart phones and phablets.
• As people spend more and more time on their phones and phablets, what is it that we CAs can do in terms of using this technology?
Smart phones & CAs
• Smart phones can easily replace your personal secretary– Who will remind you about whom to call and
when– Who will remind you where you are supposed to
be at what time– Who will learn your routine and suggest ways to
improve your day
• Smart phones will be able to project interactive touch screens onto any surface
Mobile Technology & CAs
• Instead of sending out emails, send out SMS or Whatsapp or BBM messages to clients / staff by way of reminders for various due dates
• Creating apps for routine matters and encouraging clients to use the same. For example, bank summary or capital gains details. If a simple to use app is created and clients are encouraged to put in their data into the same and submit to the CA's office by way of an email, it would reduce the burden on the CA, do away with routine and monotonous work for the CA's staff and improve profitability
• Instead of sending out tax alerts and newsletters, one could update the firm's app and the app could send out auto alerts to users that something new has come up on the app.
Mobile Technology & CAs
• With wearable and bendable phones and many such innovative technologies available, we don’t need to tie ourselves to our offices or desks
• We can work on anything in any place• We can access anything anywhere• In ITAT / Court / Arbitration / Meetings / Seminars /
Hearings – everywhere, we can access contents stored either in the cloud or on the internet or in a server
Contactless payments
• Google Wallet allows users to store all their credit cards in one place and use the phone as a wireless wallet
• Send money to any one in the US with an email address. It's easy, fast and free to send from your bank account or Google Wallet Balance.
• If this facility is available in India too, what does it mean for CAs?
Contactless payments
• Will you accept fees from a client via this facility?
• Will your website / app permit such a payment to be made by a client?
• If your client accepts payments from its customers, how would that affect the audit trail and how will you verify such transactions?
Cloud Technology
• SaaS ≠ Mother in Law• PaaS ≠ Hindi translation of “near”• IaaS ≠ admission of the fact that I am an
ass• NaaS ≠ Hindi translation of steam
inhalation
Imagine all these in the cloud
Cloud Technology
• Challenges exist• Advantages exist• Choice is yours
Other Issues
• Customer Relations Management• Version Management• DSC Management• XML Management
Customer Relations Management• In a firm, various members have hundreds
of contacts• In a year, large number of mailers go out
to different sets of people• Maintaining a single database of clients /
contacts etc is the need of the hour
Other Issues
• Version Management• DSC Management• XML Management
They have all migrated
from their traditional
places. And settled in a
new land and the land is
called…….
Yes..!! They are now with me…
Convergence of technology
What lessons can we CAs draw from this?1. More and more people desire to get wide
range of services under one roof2. Younger generation insists on
convergence3. Are you part of a one stop shop?4. Are you an old Nokia phone or a smart
Samsung phone?
Technology is telling us that its time for us to pause and think
Ball is in our court
I for Technologyinformation Technology
I for Technologyinnovative Technology
I for TechnologyBut most important is
IAm I ready for Technology?
Am I keen on using Technology?Am I eager to move with the times?
Do I have an eye for technology?