BDO says adapting to rapid change is now simply part of remaining competitive

02 March 2018

Latest research has found a surge in innovation among professional services firms has added an estimated $12 billion to the economy last year, delivering firms an average $585,000 boost from $171,000 invested.

The report, which features BDO as a case study, looks at how professional services firms are harnessing innovation and new technologies to deliver better value to customers. And this investment is finally paying off, with innovators reporting a wide range of benefits for their businesses, their customers and their stakeholders.

BDO’s Sydney Managing Partner, Grant Saxon, says that the accounting services sector has experienced a ‘paradigm shift’ where adapting to rapid change is now simply part of remaining competitive, rather than a disruptive threat.

Grant explained that BDO is now focused on delivering its global strategy based on the ‘convergence’ of people and technology to deliver the next generation of accounting and advisory services across its network of 73,854 people operating in 162 countries and territories.

“There is a client driven need for us to innovate,” Grant says. “Our traditional compliance work such as book keeping, tax and reconciliation activity is now often undertaken by the client themselves or has been replaced by technology.

“Clients are thinking differently about how they use their accountant and they rely on a different set of skills. Clients now look to us to analyse and interpret data across their business, identify insights, and advise on new and different solutions based on what we find.”

Grant says that BDO has developed a data and insights platform that is reflective of the modern requirements of BDO's clients. Known as BDODrive, the service combines data, insights and intelligence provided through consulting expertise to support the management of client businesses.