Deloitte recognised again as one of Australia & New Zealand’s Most Innovative Companies
Ranked in the top 10 for the second year in a row
31 July 2018: Deloitte Australia has ranked 10 on this year’s AFR Most Innovative Companies list, making it two years in a row the firm has made the top ten*, the only professional services firm to do so.
The Most Innovative Companies awards, which received over 1,000 entries, called out DeloitteASSIST as an example of world-class innovation. DeloitteASSIST is a voice-activated hospital bedside assistant, created by Deloitte using AI and natural language processing, to provide the next generation in hospital care. It provides patients with better access to nursing care, improves care responsiveness and supports better planning of staff workloads.
“This is an incredible result that makes us very proud,” said Clare Harding, Deloitte’s Chief Strategy Officer. “After four years of consistently being recognised as an Innovative Company, it’s fantastic this year to be recognised for a client innovation, with DeloitteASSIST, and to share this award with our client, the Prince of Wales hospital.
“At Deloitte we don’t have a stand-alone innovation strategy. Rather innovation is embedded into our core business strategy. It’s a strategic choice and in our DNA. It underpins our investment in new business models, customer service and the evolution and transformation of our business. We want to make an impact that matters for our clients and we never take our eye off the ball."
Jason Bender, Deloitte Head of Innovation, said: “Innovation requires commitment, discipline and a willingness to always challenge ourselves to push further and faster for our clients, our people and the future of our firm. Our continued recognition through this award belongs to all those who have shown the courage to transform themselves and the way they work.
“All of our clients are searching for growth and transformation, and innovation is an essential component of this. They are aware of the imperative, but challenged with turning ideas into action.
“What do businesses cite as the biggest barriers to innovating? It’s not a lack of good ideas, but knowing how to execute on those ideas.”
Recently released data by the ABS, suggests it’s the barriers to adopting technology that could be part of the issue. Deloitte’s survey for the AFR Innovation Summit 2018 found that almost half (47%) of respondents saw AI (e.g. Machine learning, cognitive technologies) as having the biggest impact on their future business. We also found that the biggest barriers to successful innovation are a lack of strategic focus on innovation; a lack of funding; and a lack of systematic process.
“Australia needs to embrace innovation, not just product innovation, but business model and platform innovation, and really get ahead of the game,” said Harding.
“We need to prioritise outcomes over analysis, to change our mind-set from ‘what if we could’ to ‘here’s how we can’. That requires leadership, a disciplined and structured approach to execution, clear metrics, and planning how to scale a new idea into a viable customer offering.
“For Australia to truly capitalise on innovation, businesses need to convert the R&D mind-set into new business products, opportunities and platforms - to commercialise ideas and turn R&D into R and Do.”
The Deloitte team, called out as ‘best dressed’ by the judges on the night, accepting the award as one of Australia and New Zealand’s most innovative companies.
*Deloitte ranked 6 in 2017 and 18 in 2016.