Disrupt or be Disrupted
Deloitte's Innovation Practice is focused on bringing innovation to our businesses: Audit, Tax, Consulting, Risk Advisory, and Financial Advisory. We believe that exponential technology has the potential to disrupt our business, and we want to embrace technology for our needs.
But first, why is innovation a priority?
The short answer is that innovation is becoming the life support system for any business. Companies that do not invest in innovation run the risk of legging behind and might find themselves outdated soon.
Ultimately, innovation is all about growth and profitability - without innovation, your business will keep growing, until it won't.
Without innovation, it will become increasingly hard for any business to identify, track and defend against the disruptive competitors who will always be faster, smarter, and even cheaper. So how can disrupted organization retaliate and regain their competitive edge?
Generally speaking, there are two types of innovation – sustaining and disruptive. While disruptive innovation (often called "revolutions") aims at creating new markets and values, sustaining innovation attempts to upgrade and evolve existing ones (AKA "evolutions").
In order to achieve cutting-edge innovation within a company, said company should aspire to achieve both revolution and evolution. Then it will have a significant and noticeable advantage over their opponents, since truly innovative companies differentiate from those where innovation is simply 'business as usual'.
Innovation within Deloitte
Our mission is to assimilate the Israeli innovation culture and harness its insights and technologies to facilitate both evolution and revolution in the professional services worlds – creating brand new business offerings and markedly upgrading existing ones. We aspire to promote innovation within the firm and maintain continuous growth by developing new multidisciplinary services and products that will address our clients’ current and evolving needs.
Our innovation model is built around four vectors of innovation:
• Embedding an innovation culture.
• Develop new Businesses and products that are technology driven.
• Digitizing our profession.
• Shaping the future generations of our professionals.
How do we innovate?
Our innovation journey is realized through several avenues:
1. Work with Deloitte Global – We routinely collaborate with other Deloitte member firms and innovation groups around the world.
2. Harness Israeli technology and startups – Design, pilot, and launch innovations by continuously engaging with the local innovation ecosystem and harnessing its technologies and entrepreneurs. We're constantly scouting the start-up community for ingenious new products and/or technologies that may benefit our global clients or Deloitte – either as a standalone solution or as an integrated addition to our core services. We engage in various domains and technologies, including Fintech, Cyber, Blockchain, IoT, AI & Cognitive Computing, Analytics and Crowd, NLP, and many, many more.
3. In-house specification and development of innovative solutions - design the capability, install its core elements, connect it to the relevant vital ecosystem, and understand the related business needs.