Let's make innovation more than a contest

Deepak Kapoor, Chairman, PwC India

Innovation is not just about doing the same things in a different way but is about cultivating a mindset of identifying new opportunities and avenues to add value by being more efficient and effective.

Innovation can be at different scales and it is important for any organisation to recognise this and promote an innovative mindset as a part of the overall work culture including by suitably rewarding deserving teams and individuals.

At PwC, becoming the number 1 professional services organisation is a challenge we’ve taken up! To be consistently the best and achieve this goal, the need of the hour is innovation–simply put--thinking laterally, out-of-the-box and differently.

We recently conducted our first ever ideas contest with the theme of 'profitable growth'. The contest required staff to contribute ideas on how we can achieve profitable growth in this challenging economic environment, where they needed to think not only beyond their projects and teams but even beyond their competencies. The lucrative prizes on offer were hotly contested for and the overall response was phenomenal. The winning ideas are being implemented across the firm.

The business environment is evolving at a faster pace than ever before and our clients are always on the lookout for opportunities to be more efficient and profitable. This creates great opportunities for us if we are able to help them adopt newer ways of working, technologies or even methods of transformation. This requires us to continuously work towards developing new solutions to meet the evolving business needs of our clients. The focus should not be on cutting corners but on constantly monitoring upcoming trends and emerging technologies to stay ahead of the curve to be the distinctive professional services firm in our focus markets and sectors.

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