17 Sep Innovation is here to stay

Posted at 12:00h in Insights by Charles Handley

17 September 2018

Innovative thinking is no longer perceived as a trend but something clients have come to expect from their service providers.

Innovation is “the act or process of introducing new ideas, devices, or methods”. The quest for innovation is particularly relevant in the context of professional services firms as they look to differentiate themselves and stay ahead of the pack in an ever more challenging market. Technology is a major component of this investment and a key to innovation success.

Recent research indicates that many functions within the professional services field (e.g. accounting and auditing) are future targets for automation. To keep up with the rapid pace at which disruption occurs and to safeguard the role professional services firms play, organisations are investing in resources and initiatives to create new products, improve business processes and enhance client service delivery.

“Technology is here, and one question is around how law firms can use technology as an enabler for customer collaboration. Data aggregation and effective automation are critical considerations and will be among the differentiators in developing innovative and transformative solutions that deliver real value to clients.” David Lizzio, General Manager Digital, Brand and Marketing – Allens

Innovation in action

Some examples of how firms are embracing the innovation age are below:

  • Aurecon’s Future Ready team works with clients to deliver new ideas and knowledge, such as digitising infrastructure and intelligent buildings.
  • Deloitte, Gilbert + Tobin and Aurecon were ranked as 10th, 50th and 68th respectively in AFR’s Most Innovative Companies 2018.
  • Allens recently teamed up with UNSW to launch the Allens Hub for Technology, Law & Innovation, which looks at how law deals with disruption and the speed of technological change.
  • Gilbert + Tobin’s innovation strategy is known as ‘g+t <i>’ – they team with clients and startups to explore better ways of meeting client needs through new business models and efficient processes. Another G+T initiative involves “teaching lawyers to code and to use technology to deliver their work”.
  • KPMG Innovate helps drive creative change. Using their Innovation Lab, the team helps bring ideas to life.
  • King & Wood Mallesons (KWM) partnered with start-up company, InsideSherpa, in early 2018 to launch Australia’s first virtual law internship program. KWM also have a Digital Intelligence hub.

In summary

  • The growing need to offer greater value to clients has resulted in businesses looking to innovate across strategy; operations and processes; products and the organisation.
  • Technology is an enabler for innovation. Firms are using the advances in technology to deepen client relationships and grow the customer experience, through Artificial Intelligence (AI) and Augmented Reality (AR), for example.
  • The ability for firms to differentiate through client experience, employee experience and firm value across every part of the business, means clients now expect them to do so.

Next steps

Want to be part of the innovation revolution? Contact Dalton Handley for a confidential discussion and expert advice.