How chartered accountants can lead the business

This post is a transcript(non verbatim) on best efforts basis of the webcast available at (http://spotforge.net/live/icai300812/). Copyright not claimed-I guess it vests with ICAI. Please do not quote without approval from ICAI and the speaker.  The talk was by CA. Sunil O. Khandelwal,Chief Financial Officer, Alok Industries Limited. He is also Chairman, CMII. The topic of the webcast was  Skills of CA- CFO  CA- CEO ;  CA- Entrepreneur. He has 23 years of experience in the same company(Alok) and has grown to become CFO, yet humbly says that does not claim to have learnt his job fully. Without much ado, let us read the tips below. Caution they said is 2hrs training will not make someone a CEO/CFO etc(not even management books do so!), but guidance on what to imbibe.

1. Charming Futuristic Optimistic(CFO)-if CFO does not have a smile on face giving confidence to top management and others, while working on problems in mind. Ideally, crisis should come and go without people getting alarmed, don't show off-true quality of CFO is to give comfort, act on time.
2. Caring for organization/Company's full ownership-feel as if you are the owner of the company-give your 100% commitment. Leadership is the 'mindset' not the designation. Organization always watches you how sincere/committed you are, then only advances you.
3. First few years of the career should go to build your knowledge base/understanding of the company. He has 23 years of experience in the same company, and everyday learns something new/new way of doing the same company like raising funds etc.
4. What is finance-some feel nothing but giving projections about the company-revenue/profits/cash flows. But unless you know the ABCD of balance sheet/critical aspects, how will you project it? So do not resist doing job of accountant. Don't be hurry to become CEO/CFO on Day1. Take whatever comes your way, show your capability by being meticulous and giving suggestions on controlling cost/areas of improvement, by using your knowledge of the company.
5. CFO should be champion of Finance Operations-oath to organization that I will meet all the financial obligations of organization in time and at lowest cost.
6.  He learnt and grew along with the company for IPO/project finance/QIP/overseas M&A/FCCB  etc, but still feels he has a long way to go in learning. Accountant(first 4-5yrs), then taxation/finance/audit role expanded, then as company grew scope shifted to raising finance. As the company grew, they further began to specialize, so delegation is the new skillset needed.Job of leader create everyone in organization capable of becoming CFO.
7. Championing Financial Information and compliance-setting up SAP/Oracle, accounting systems etc. When asked about SAP implementation, he said that his only decision was deciding to go ahead with SAP, and praised his implementation team for doing it seamlessly[he did not even need to get involved hands on].
8. One of the major job of CFO is ensuring covenants met on time. Also, interacting with equity research/bankers and keeping them updated about the company. CFO represents company to all stakeholders-bank, auditors, consultants, media, investors, Govt, internal, public at large, and therefore strong hand in communications/marketing/website. 
9. The definition of CFO that he has learnt in the last one year is Champion of Full Operations of the Company. Not only having full knowledge of operations but also getting Contribution From Operations. Hence, not only monitoring/review system but also making it profitable using our financial acumen/knowledge. Focus of production guy is quality products, marketing is what sells but CFO focus is truly finance/costs and can advice functions accordingly. Also, not only raising working capital for the company but also reducing working capital cycle/ensuring that it is effectively used.
10. Ensure FCF(Free Cash Flow=Cash Flow from Operations-Working Capital Increase-Capex) positiveness, which bankers and investors like. Make people aware about importance of capital/return on capital. Functions may like capital rich model(buffer stocks, excess capacity, product variety), but Finance must step in.
11. Be aware about business environment, to effectively strategize. Importance of R&D(not just Apple/Pharma company)-so CFO needs to have eye on future-innovation.
12. Making business sustainable In good environment(high demand, low cost) its easy, but under any circumstances(SCM bottlenecks, demand low, cost high, less funds, FX risks), how to make business model sustainable->effective external risk management and manage internal risks-actively participate and take ownership. Sustainable cash flow(ensuing from profitable operations) is must. Even if operations temporarily loss making, still manage cash flow by managing working capital(stretching creditors, liquidating debtors/inventory). Conversely, ensure that additional sales not from increasing debtors/inventory of company-which leads to negative FCF.
13. Has to be effective HR guy, not only within division but beyond, to inculcate that vision etc even till the shop floor also. So use experience to suggest HR practices like ESOPs/profit sharing/target linked incentives etc, for financial impact. Also, quality initiatives-ISO/process engineering. "If you don't drive the business, you will be driven out of the business"
14. While answering audience Q&A -About decision making, interesting practice in Alok that of 8 member management committe(including promoters etc), atleast 5 of 8 have to agree else proposal is withdrawn. About cost reduction, advices that sustainable suppliers also needed, so negotiate as per supplier need(immediate payment cash discount, help supplier open L/C with bank, volume discounts, reduce cost of sourcing by inventory management etc, keeping them informed proactively if payment details, e-bidding for pre qualified bidders). When asked about a difficulty faced, said that everyday is a challenge to win the battle, especially for highly geared company(!), for example he said that stock hammered down 30% in past few days and they have to face those stakeholders openly & confidently.When asked about life of CFO, joked that his wife is his second wife(job is first wife!). If his company is doing well, his family will be proud. Rajkumar Adukia said that for those mobile, the world is their playground. Family needs to be taken care but ideally tell them 'I am there for you but priorities are XXX'-he had missed moments but has no regrets as family is ok-if he's not in office he's at home-no social life partying etc.

Wellknown consultant CA RajKumar Adukia advised on how a CA can become a business leader, focusing on mindset(can-do, fire in the belly). He also said that inquiring attitude(to add value to that activity/reduce its cost) via professional skepticism, is the best learning from the CA course. CA should play role of doctor(solution giver) not of policeman! Use sound technical knowledge, ability to meet deadlines(honed under articleship training) while working under pressure, and good analytical ability to add value.  Five minimum qualities for professional as per him acronym KILL P

1. Knowledge A professional should not have any boundary for knowledge(keep learning till we retire in profession) and achievement(strive till the last breath despite limitations ). Else, even senior people(say President Finance) may not be functional leaders if they need to ask VP/Sr Mgr for each and every new thing/amendment! Have inquiring attitude of general knowledge/learning. He also advices seminars, post qualification courses etc.
2. Interact with persons smarter than oneself
3. Listening very attentively when we are in meeting/GD, and THEN give our response. He observes that even practising CAs listen to clients for 5mins, quote a fee, and then when complexity unfolded fully, they regret that should have quoted more. 
4. Learn from mistakes of others Many success stories of CEOs who are CAs vs those who have not excelled, try to compare and contrast. Books/Code of Ethics are also a good way.
5. Making presence felt by writing/speaking etc, on burning issues/analysis etc. Rajkumar Adukia himself is himself an expert on this-just see his website! Also, one needs executive presence to be able to assume leadership roles one day. Developing and learning soft skills(presentations in branches/chapters/study circles, joining Toastmasters)

Financial reporting and taxation a zero sum game?

Reposting from another blog of mine http://apoliticallyincorrect.blogspot.in/2012/10/financial-reporting-and-taxation-zero.html  At the risk of repetition, views purely personal.

Fake or not, Gselevator has lots of useful career advice, quotes/insights.

For nearly a year now, the anonymous tweeter acccount(https://twitter.com/#!/GSElevator), claiming to give quotable quotes mentioned in Goldman Sachs, has been source of endless amusement among those associated with finance. While some people feel that this is not written by a Goldman Sachs person due to basic ignorance about the firm revealed in some tweets(http://www.ritholtz.com/blog/2012/02/why-gselevator-is-a-fake/), the tweets albeit caustic and revealing, can really give lots of insights. 

1. Against arm chair critics:-People who are in position to, or smart enough to solve the European debt crisis don't have the time to debate it on Facebook.
2. How upbringing affects our views:-Dude, don't blame chicks for their insecurities. Most fairy tales teach girls that only men can save them.
3. Importance of Excel in finance:-If you can't use Excel without a mouse, keep your résumé updated. 390 Greenwich is just down the street.
4. How retail investors are conned:-Retail investors should be circumspect of any offering they’re able to get their hands on. If you can get it, you don’t want it.”
5. Why bankers should be rich:-If people never trust a skinny chef, they shouldn't want their bankers to be poor.
6. About Euro:-The Euro is dead. They're just bickering over who pays for the funeral.
7. Financial literacy/Money:-The lottery is just a way of taxing poor people who don't know math. If life's a game, money is how you keep score.
8. How things never change:-Solar power has been the next big thing for forty years.

I did not update this post written way earlier, but the above is itself good food for thought

What do Chief Operating Officers do in banks(& why)

Most of this post is based on my reading of bank strategy notes/analyst reports/articles, as well as my own analysis, discussions with a COO and some staff, and banking internships. Seeing an increasing trend towards operations as the value driver(also discussed generally in this post http://iimaexperiences.blogspot.com/2012/02/hr-law-and-operations-next-hot-things.html), I thought this article needed to be written.For some background, Wikipedia has a gem of an article on the COO position(http://en.wikipedia.org/wiki/Chief_operating_officer), and gives an insight that The COO is responsible for ensuring that business operations are efficient and effective. While it seems BGO(blinding glimpse of the obvious and vague), it would encompass all back end/middle office functions in banks. Of course, generalizing is risky since each organization tailors the COO role according to the wish of the Board and CEO, but the below observations would throw some insights.

1. In Jan-11, Citi named its first COO since 2007. The person was John P. Havens, the head of the investment banking division, appointed for his managerial acumen etc. That shows the importance Citi gives to this role
2. Banks are increasing mentioning 'cost efficiency', 'cross selling' 'international network optimization', 'consistent operating models' etc. All that entails explicit focus to operations, as a way to improve Cost Efficiency Ratio-the other way is to increase revenues without additional costs i.e leveraging platform better
3. Increasing focus on Cost Efficiency Ratio(CER)-which goes beyond compensation cuts, and leads to operational excellence mission for back end outsourcing/setting up COEs etc.
4. With regulation becoming more complex, time to market is even more of a differentiation, as banks hesitate to launch new products before getting it perfect(as regulators need just an excuse to crack down in many jurisdictions for playing to the gallery). Hence, those banks able to navigate the labyrinth of internal systems and external approvals, will realize the pot of gold for a longer time. And this is where streamlining internal procedures without losing out on compliance and risk management, becomes much more important  
5. COO is a link between the front end and support functions, to ensure the business is built and run efficiently.

Private equity careers in India-pros and cons

This time of the year is when final year MBA students in India must get away from the 2 year vacation on campus(just kidding :P) and make up their mind about career choices. For those in the higher ranked campuses, there are options on buy side in campus itself, but even for others, especially with work experience, the off campus route may yield results in later years. While researching for making my own career choices, I did some homework and just want to put those insights below, so that others can benefit from the same. A small request-if you benefited from this, do comment below or share it so that others can also benefit from the same. I hope that readers would atleast read on Wikipedia/do a basic Google also.

1. Difference from venture capital:-The difference is mainly that VCs are at a much earlier stage, and often take a strategic minority stake. While PEs take a usually majority stake(except in India where they are compelled to go for strategic minority stake) in mature companies in high growth sectors. In the technology space, there is ample overlap but otherwise one would find PEs in any high potential sector but VCs are more of 'smart money' concentrated in technology sectors
2. Linkage with consultants and investment bankers:-Interestingly, as a Linkedin search would show, Indian PE employees are mostly drawn from consulting firms and investment banks. A reason is that investment banks help in sourcing deals and exiting investments(via IPOs), while consulting firms help in strategic roadmap/due diligence of portfolio companies etc. Depending on the sector of the PE firm, both these skills sets matter, and so the revolving door exists.
   
3. Reliable Data on sector:-IVCA Report coauthored by Bain & Company(http://www.indiavca.org/IVCA%20Bain%20India%20Private%20Equity%20Report%202011.pdf) and KPMG annual report on private equity(http://www.kpmg.com/IN/en/IssuesAndInsights/ThoughtLeadership/Return-from-Indian-Private-Equity_1.pdf). Both reports have different perspectives on sectors and returns, and give a good insight into the state of private equity in India. Otherwise, newspaper reports often come on that
4. The money:-Base pay is quite decent, but the real money is in the 'carry'-i.e 20%(usually) share in the net profits on the deal. Depending on sector, carry takes 5-10 years to be realized(the trend is now on the higher side due to underperforming capital markets delaying exit), and the share goes to the deal team that worked on the transaction. Hence, long term approach matters! 
5. Few lumpy transactions:-Even a firm like KKR with 35yrs in the industry(it was setup in 1976) has done just 195 investments at a transaction value of $445bn. Hence, it is certainly not like trading with a large transaction turnover. The reason for the lower deal volume is scalability(the holy grail of PE), demanding high investment value(usually not below $50MM in India) and need for greater due diligence since it is an investing decision, not a research decision! 
6. India specific regulatory and legal issues:-Thanks to the existing securities/financial law framework, things like hostile acquisitions, LBOs, exotic structures etc are easier said than done. And when it comes to sensitive sectors like real estate, retail, media etc, the extent of scrutiny is much more for foreign funding(source of PE funds in India), with the accompanying restrictions on FDI etc. Hence, seeking alpha from clever financial structuring is more difficult here. And with the recent court battle(in the Maharashtra Scooters case, Bombay HC) about the validity of put options on listed equities in shareholder agreements, such controversies are live and kicking. 
7. Demographics driven sectors:-As the recent runup in the stock price of Hindustan Unilever(and Jubiliant Foodworks) shows, the consumer goods boom in India is live and kicking. And  thanks to the telecom reforms underway, there is hope for the digital divide to be finally bridged, and the present USA internet boom(Facebook/Linkedin/Groupon/Zynga) to catch up in India as well. But that is B2C. In the B2B sectors, realty among others, is expected to benefit fro the urbanization and infrastructure development spend, IF it can get its governance in place. 
8. Investment Committees:-He who pays the bills calls the shots. Investment committees are often offshore(Singapore/Hong Kong/NY/London) situated where the fund raising happens, and many Indian branches of PE firms still need case-case signoffs. Even for hiring, this dependency is reflected. While it is a good thing for transferring the investment process rigour to the new Indian offices, those with more experience may chaff at the reins.
9. Bank backed distressed companies crowding out PE:-While Indian firms are not flush with cash like the USA firms(barring Reliance Industries/Piramal Healthcare), the banks more than make up for that. Even basket cases like airlines, steel companies etc often get away with a CDR without having to take drastic changes/reduce promoter equity substantially. Hence, PE companies specializing in turnabouts, often find that banks do not permit the companies to fail!

While my personal preferences are not the subject of this post, one should consider the type of work, comfort level with foreign supervision, exit options, remunerations, long term focus etc before taking a call on the same.

How the CA profession changed circa 2011-a lookback in 2020

We cannot (yet) travel in time, so only time can test my predictions of how the CA profession will evolve. However, so many exciting changes are happening(we live in interesting times) that I just had to pen down my thoughts to connect the dots, and do some crystal ball gazing

The global subprime crisis gave a boost to principles based accounting and auditing standards(IFRS, audit standards) which were nearly universally adopted/adapted from 2008-2013. But if investors thought it would result in lesser fraud incidence, they were sadly mistaken. The IFRS transition and IFRS induced volatility, led to a comedy of errors, misunderstandings and reratings of stocks/sectors. Management subject to tighter performance linked pay, clawback etc(copied from the Western banking sector pay clampdowns) responded by gaming the metrics. And IFRS was an unwitting accomplice. Realizing that they could use aggressive accounting without earning qualified audit reports, management went all out to polish their books. And the auditors still coming to terms with IFRS, auditing standards, new formats laws etc were always one step behind.  But investors were not dummies. The savvier ones among them(FIIs, PE funds etc) demanded forensic audit to be mandatorily performed in addition.  Companies on their part, realized that investor relations was too important to be entrusted to the CFO/CS, and instead decided to develop their in house teams with business understanding/insight AND with expertise in accounting, marketing and communications.  CAs again were picked up for this role, given their integrated understanding.

The global outcry against income disparities, basic necessity deprivation, corporate ‘huge earnings’, Govt spending , corruption and crony capitalism manifested itself in the Arab spring riots(Egypt, Libya, Tunisia..), Lokpal bill struggle in India, Dodd Frank/Obamacare in USA. The Indian Govt did not set up a Lokpal but agreed to be enhance the e-governance substantially, and introduce worldclass measures like self assessment, uniform tax rates, less complexity, tight but fair penalties, deemed resolution in favour of citizen in case of delay etc. This transparency increased the willingness to pay tax, and increased the taxpayer base to 25% of the population. Of course, this was aided by more withholding taxes(TDS/TCS), transaction taxes(STT, GST) and innovative tax base(MAT, dividend tax, reverse charge etc). After plenty of struggles, GST was introduced in 2015, with dual rates

CAs saw the need to collaborate within the profession(alliances, CPE circles, benevolent fund, networking) and with other professions(LLPs).  The MCA introduction of LLP was leveraged by ICAI to permit these partnerships. And how they prospered! Engineers, architects and lawyers helped immensely in valuation, due diligence and expert opinions in audits; while company secretaries and management accountants lent their name to compliance services, cost audits and transactional services performed by LLPs. Of course, the jack of all trades(CA) remained the managing partner. Stung by the fact that LLPs of mostly other professionals were grabbing the premier cost audits, ICWAI tried to amend its bill to prevent that, but failed due to opposition from other professionals.  Networks of LLPs rose(many of them borne from ICAI networking efforts) and challenged the Big4 in specialist areas like forensic accounting, valuation, merchant banking etc.

The ICAI efforts to increase the quality of entrants in the CA profession worked well. Despite a midway oversupply(May-11 CA Final placements!), the overall consensus in 2020 was that academic toppers entering the field, had done excellently and could challenge their science peers. This reflected in the MBA entrance results where more CAs got into the premier IIMs(instead of having to wait and go abroad/to ISB), as their analytical caliber helped them to crack CAT. Of course, the CA Final exam pattern was made more practical/applied to ensure that bookworms/crammers would not get rewarded for just knowing the contents of a Rs 500 CD ROM! Recognizing that the quality and quantity of CAs was going up, industry recognized this by shifting a good chunk of Tier I and Tier II MBA college placements to the ICAI campus placements.

This would not have been possible without an improved training. Discarding the old system of relying wholly on the employer for training inputs during the 3yr period, ICAI adapted the ICAEW system of learning diaries, to be maintained and uploaded online. Like how peer review/FRRB brought out the best/worst practices for assurance practices, the review of these diaries was a valuable source of course correction for ICAI, to help those students where learning seemed too skewed. And by setting up its own coaching infrastructure(attending those to be counted as articleship!) and centres of excellence, ICAI was able to conduct many more student seminars/conferences/training programs. The communication skills training program was made on par with top MBA programs, and the Information systems course also was so interesting that CAs decided to compete with BTech system auditors!

CAs finally entered the digital age with XBRL, which made data crunching less labour intensive. While some KPOs were not happy(!), software companies embraced the movement to offer 100% automated XBRL solutions, which could then be verified by the CA.  Even the source data(ERP system) become standardized with cloudcomputing based ERP solutions, that allowed even SMEs to enjoy the benefits of ERP without the capex costs and learning costs(project failure etc). These twin developments made it more imperative for CAs to be tech savvy, capable of writing that XBRL coder on the fly if necessary, or to liason between operational staff and software persons.

The general improvement in personnel, systems, tax compliance mood etc made the Govt/Regulators even more trusting, and sparked off a virtuous cycle. Human interface kept reducing(or replaced by helpdesks instead of that pesky inspector!), with the limited manpower focused on major cases/test cases only instead of picking on the small fry. Of course, the severe penalties for fraud/major mistake ensured that the tax payers/regulated parties themselves preferred the least human errors, for which systems were designed to auto generate the returns from the ERP/other MIS. This led to reduction in Finance Dept size(now one did not need so many people to manually prepare the basic stuff!).  Compliance hassles became fewer(thanks to model laws like LLP/new companies Act) as Govt focused on ensuring companies had processes in place, instead of just an accurate output. The CARO question on internal audit sufficiency and appropriateness, expanded to cover a chunk of other key processes like tax.

With all that technology push, finance departments decided to proactively respond to the double dip recession/cost push inflation/high interest rates etc. Management accounting became in vogue again, and companies began to actually read and apply their cost audit reports.  ICWAs finally got their due respect and status on par with CMAs abroad, as companies realized that they had ignored their low hanging fruits for decades. The worst hit sectors(banking, insurance, infrastructure) learnt to apply those lessons, and were now on the rescue path. 

So finally, the profession(service and practice) saw substantial changes. Those who went with the wind prospered, others were left wondering what happened.  

How ICAI is fast cutting the learning curve for new members

Veteran practioners have often recounted their war tales to me-of how they came to Mumbai from mofussil places to set up their own practice. Those days, unless you had a family history in the profession, setting up from scratch was quite difficult. I’m not donning rose tinted glasses and saying that entry in the profession is much simpler today. In fact, even old non Big4 firms are facing challenges to retain their growing clients and staff aspirations. Still, the ICAI is now doing a yeoman’s task to roll out a red carpet for its new members in practice, and to reverse the trend of new CAs preferring practice to service. Some examples are

·         Publications:- ICAI has published and allows free downloading of many industry guides, audit manuals, checklists etc(http://www.icai.org/post.html?post_id=6623). That facility allows net savvy CAs to download the manuals, read at their leisure and purchase only the manuals they wish. In fact, they can get entire documentation from scratch.

·         Loans:- Though open for all, it benefits newbies the most. The scheme(http://www.icai.org/post.html?post_id=6623) does not insist on collateral and is quite liberal compared to the other options out there.

·         Free  Software:- This independence day(16 Aug 2011), ICAI launched free office management software to help the firms prepare returns, ROC work, bank projections, manage correspondence etc. While there are other commercial solutions out there, having a free official version helps a lot

·         Subsidized software otherwise out of reach:- Areas like transfer pricing are not rocket science but they do require access to expensive databases. Same holds for litigation support practices(need Excus/TIOL etc). ICAI has arranged subsidized access to Tally ERP 9, transfer pricing software and other initiatives.

·         CPE Programs/Training:- While many CAs send their articled assistants to sign proxy in lieu of benefiting from it, some of these programs by industry stalwarts are really great and informative. If people go with some background knowledge, they can really learn a lot and also network with other attendees. For specialized areas like IFRS, Intl Tax, IT Audit; there are courses for  Rs 15000-30000 which do seem worth it, given the faculty profile and certification aspects of it.

·         Encourage networks:- For years, the ICAI would turn a jaundiced eye to networks of CA firms, but now it is actively encouraging its members to collaborate more and more, to be able to compete with the Big4. While few have succeeded, ICAI has spared no efforts in this regard to pave hurdles in its way.

Other reasons not quite attributable to ICAI are

·         LLP practices permitted:- These will allow CAs/CSs/CWAs/LLBs/consulting engineers to collaborate as individuals within a LLP framework, and specialize in their niche to give competition to bigger firms. While the older firms hesitate to induct other professionals, beginners can steal the march in this front, especially in new areas like cost audit(of which scope is now huge).

·         Increasing online governance/business:-Everything from corporate e-filing , tax payments, returns etc can now be done from the humble desktop. The need to suck up to the lowly departmental officers is now lesser(no chai pani for routine online work!) and now competition can be more on intellectual brainpower/experience than on decades old networks and contacts within the bureaucracy.  Softwares + cheap storage solutions allow for nearly 100% digitization, and lesser need to have huge bulky files eating up office/godown space. Hence, if not for the image, small offices are perfectly ok. 

I’m the first one to admit that ICAI is not perfect(far to the contrary) but we should admire and support its good initiatives.  So will all the above benefits induce me to enter practice? Probably not, but then that would not be for want of opportunity/support infrastructure.

How vunerable are banking jobs to being replaced by technology?

A famous quote reads 'Lead, sell or get out of the way'. In today's world, that would probably be 'Lead, sell, risk manage or get out of the way'-considering the immense workloads on compliance, audit, risk, tax etc. Industries like type writers, travel agents, brick and mortar book sellers have virtually been wiped out by the internet/technology alternatives-which have essentially replaced recurring operating expenses(opex) by covert capital expenditure(capex). I say 'covert capex' because few capital budgeting calculations can accurately capture all relevant costs like training, business disruption, maintenance, redundancy etc.

Like how media enhanced the reach of sporting/entertainment superstars(thereby ballooning their incomes), technology amplified the reach of the banking super stars(traders, sell side investment bankers), who could now access more markets, trade more asset classes, do cross border huge mandates etc. All that did lead to the increase in compensation, compared to retail banking, where the technology led to more customers going the online/contact less banking route thus lowering the need for staff.

In my view, the only functions which cannot be replaced by technology are sales, general management, technology support and creativity. Analytical/Administrative functions are at risk of being replaced by technological alternatives. In my view, some at risk functions are

• Daily report preparers
• Arbitrageurs
• Stenos/secretaries-unless they upskill to becoming executive assistants. 
• Flow traders.

So how to prevent your role from being truncated/cut? Well, my two bits on this would include

• Coming up with creative ideas and implementing them-with net profit/cost savings to the company
• Embracing efficient technology solutions for personal work-Google Docs, apps etc. 
• Building strong relationships-internal and external
• If in an analytical role, being in the 'tacit knowledge' domain as long as possible-which would imply coming up with new and better ways of number crunching.