Systems innovations: Reimagining the role of the professional accountant in today’s environment

Most financial data collected and interpreted by CPAs is based on past performance which may not help measure and assess the future impact of innovation. Today’s volatile business environment calls for innovation with better foresight and an integrated understanding of systems.

Systems innovators tend to set trends, rather than follow them, as they understand how to nudge systems. They proactively look for and manage risk, rather than putting out fires after accidents happen. In systems innovation, each action, no matter how small, is a step toward a desirable future. Unlike traditional forms of innovation which focus on a problem or opportunity, systems innovation visits and revisits the corporate purpose to ensure that innovations are aligned. In volatile business environments, innovators can lose their way chasing new markets or lower costs, without considering the corporate values, mission, and purpose.

There is a growing need to apply human judgement and real-time data analysis to drive decision making in a way that supplements what can be learned from financial records. CPAs can use systems innovation to improve their understanding of positive and negative risks and play an important role in communicating the significance of data to senior leaders. CPAs can use the language of systems innovation as a communication tool to explain the shift in business mindset that they are advocating.

Read this publication to learn more about systems innovation and why it matters for the future-focused CPA.