Published on the 01/09/2023 | Written by Newsdesk
Lack of the right leadership behind faltering innovation, productivity…
One of Australia’s best-known business leaders, David Thodey AO, is warning attendees at the upcoming Tax Summit that today’s leaders need to demonstrate tenacity, embrace learning and invest in their own leadership journey.
Thodey, currently Chair of cloud-based accounting software Xero and former CEO at Telstra and IBM A/NZ, is a passionate technologist and well-regarded for his insights and global expertise on innovation, digital transformation and telecommunications.
As the world grapples with the hastening pace of change, Thodey’s understanding of technology – including emerging technologies like AI – offers valuable insights for the tax and accounting industry, as well as the broader nation. Australia’s digital readiness slipped last year (to 16th globally), presenting a major opportunity to strengthen capabilities, particularly among businesses, and prepare for change.
“We need leaders who are willing to create change”
Ahead of next week’s Tax Summit 2023 event in Melbourne, Thodey shares three actions budding innovators and changemakers should consider to prepare for the evolving digital world:
- Turn ideas into reality. Often, innovators and entrepreneurs have great ideas, however don’t give themselves enough time to explore them – so they never translate into reality. Australia scores in the world’s top 10% for our science and research but only rank #35 in our commercialisation. Simply give it a go to bring these ideas to fruition. It’s hard and risky, but the rewards are enormous.
- Invest in your leadership journey. In corporate Australia, the traditional models of hierarchical leadership no longer work in a digital age where information flows quickly. To make decisions fast and create value for clients, people need to invest in their leadership journey. The first step is knowing what type of person you are then embracing self-learning and vulnerability to continue to grow.
- Embrace learning. Technology will only keep rapidly changing – lean in and embrace this opportunity. Keep learning, keep driving forward and keep putting yourself in situations where you can be exposed to new ideas to progress yourself.
“Technology enabled innovation will continue to radically change our society and economy. Realistically, we’re at best 35% through an enormous global transformation. Ultimately, it’s about the enablement of doing things differently, whether using technology to deliver a better product, service or something at a lower cost. Many accountants and tax professionals are at the leading digital edge for the industry, but we must ensure everyone comes along for the journey,” Thodey warns.
“Speaking at The Tax Summit is an opportunity to connect with the industry on topics that are important for all Australians. Taxation is essential to support our quality of life and contributes to a great society. I want to see Australia grow and prosper to realise this potential. Innovation needs a different style of leadership.”
The event is hosted by the Tax Institute. President, and Chair of The Tax Summit Organising Committee, Marg Marshall, said, “We are thrilled to have one of Australia’s most respected business voices join us at this year’s event. Not only is David an experienced leader and technologist, he deeply understands the world of tax and accounting to help attendees navigate the digital frontier and beyond.
“At the event, attendees will hear expert insights on technology, leadership and the issues affecting the industry, as well as connect with peers in-person to share their learnings.”
Thodey joins a compelling speaker lineup of the nation’s most forward-thinking minds, including
- Karen Payne, CTA, Inspector-General of Taxation and Taxation Ombudsman;
- Victoria Lanyon, Senior Associate at King & Wood Mallesons;
- Australian Sporting Legend Kevin Sheedy; and many more.
Held at the Melbourne Convention and Exhibition Centre (MCEC) on Sep 5-7, The Tax Summit 2023 brings together taxation specialists, lawyers, accountants, newcomer tax professionals and business leaders as well as anyone with an interest in the latest issues impacting businesses on a local and global scale.
The Tax Institute is the leading forum for the tax community in Australia. It is committed to furthering tax education, representing its members and continuously improving the tax system for the benefit of all.
Register now to hear more insights from Thodey at The Tax Summit. And for more information on The Tax Summit and its line-up of more than 70 expert speakers, covering topics including economics, property, business, global tax developments and technology, please see the full agenda here.
