How Are Accounting Firms Innovating?

The answer to “what is innovation” is different for each different profession. And for Accounting Profession, it is a long held belief that accounting profession’s innovation originates mainly from the technology companies that provide accounting and related softwares.

This belief can get demolished in a jiffy if you read this extract from what IBM Chairman has to say about innovation…..


Technology is NOT the Innovation

And this comes from none other than the head of one of the largest and highly admired technology company in the world.

Here is an extract from “A Letter from the Chairman” from IBM’s Chairman, President and CEO – Virginia M. Rometty.

“IBM is an innovation company. Both in what we do and in how we do it, we pursue continuous transformation—always remixing to higher value in our portfolio and skills, in the capabilities we deliver to our clients and in our own operations and management practices.”

How Does it Define Innovation At YOUR Firm?

Here are Five Takeaways from the IBM mantra.

  1. Your firm is not just an accounting firm. You truly believe that it’s an innovation company.

  2. Your firm pursues “Continuous Transformation”.

  3. Your firm always achieves higher value in your portfolio and the combined skills of your firm’s people

  4. Your firm always increases the capabilities it delivers to your clients.

  5. Your firm continuously transforms its operations and management practices.

If your answer is YES to one or more of the above (points 2 to 5), your firm IS indeed innovative

And yes, technology can be one of the innovation facilitators for you.

What do YOU think?

Reference : IBM Chairman’s Letter to Investors

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