Innovation at Deloitte
Making a bigger impact with innovation
Innovation is one of the main drivers of success and at Deloitte we help our clients to embed innovation within their organisations. We also practice what we preach: innovation is applied inside Deloitte with the same conviction. We believe in giving innovation the space and the opportunity it needs to grow.
“Innovation needs to be in the DNA of a business. Until a few years ago, innovation at Deloitte was still very ad hoc. Now we have a more structured innovation system. It encourages the random, then captures and develops ideas.”
Guido Vandervorst, Managing Partner Innovation
Deloitte believes that innovation should be a tool, not an aim. Company management needs to have its objectives in mind and look to see whether innovation can help them achieve them. Innovation should result in the company becoming more competitive and dynamic, and ultimately create more growth.
According to a survey conducted by Deloitte in 2013 for the Federation of Belgian Enterprises, it is important to get a new idea to market quickly. Companies must rapidly realise what the market wants by experimenting, testing and making adjustments. Having a link between production and innovation is also important as merely ‘inventing’ without producing results in missed opportunities.
Open innovation is also required. This does not mean the end of intellectual property such as brands, patents and copyrights. A company must look at where protecting intellectual property makes a difference, but also recognise that by working together far more can be achieved. Innovation comes from combining. Fear of someone else running away with your innovation is not productive.
Doing things differently, and doing new things has been Deloitte’s maxim for many new service launches over the last years. For instance, Deloitte is a trendsetter in cloud accounting which has generated additional revenue streams through new services such as identity management, digital services and innovation services. Deloitte believes it also has a role in stimulating innovation in the Belgian economy. That’s why it has decided to launch the Deloitte Innovation Centre. The centre will focus on technology companies in the digital sector involved in analytics, cyber security and mobility solutions.
“Innovation is the main source for generating a competitive edge. It’s about making changes that will help a company grow.”
Professor Koenraad Debackere, managing director of KU Leuven’s Research & Development unit