Innovation is the lifeblood of modern corporations, enabling them to stay competitive and adapt to the ever-changing market landscape. At the recent Collision Conference 2024, Daniel Resnick, Partner, Customer Strategy Financial Services Lead and Head of ESG Transformation at KPMG, shared valuable insights about how large organizations can foster a culture of innovation and leverage cutting-edge technologies like AI to drive growth and efficiency.
Creating a Culture of Innovation
Resnick emphasized the importance of creating an environment that encourages innovation. In large organizations, employees are often bogged down by routine tasks, leaving little room for creative thinking. To combat this, companies need to find creative ways to invest in innovation, build a culture that allows for experimentation, and be willing to fail and iterate.
“Most of their employees are still consumed with just day-to-day, peoples’ lives, and so, frequently, they’ve got to find creative ways to invest and create a climate to allow people to innovate,” Resnick said.
Practical Examples of Innovation
KPMG works with clients across industries to help them innovate. Resnick highlighted two of the company’s most notable examples:
- Retail Client: KPMG helped a large retail client build an in-house innovation team with dedicated skills, capabilities, and funding to develop creative ideas and bring them to market.
- Insurance Client: An insurance client developed advanced AI capabilities to identify new revenue streams, demonstrating how innovation can lead to market expansion and improved customer offerings.
Leveraging AI for Innovation
AI is a hot topic, and KPMG is at the forefront of using AI to drive innovation. Resnick mentioned several ways AI is being utilized:
- Financial Services: Better management and content generation.
- Customer Feedback: Gather and analyze customer feedback to refine products and services.
- Internal Use: KPO, an AI tool developed by KPMG, enhances market research, streamlines operations, and provides clients with actionable insights.
Challenges in Implementing Innovation
Implementing a new strategy is not without its challenges. Resnick noted that innovation should be seen as a “portfolio game,” where multiple attempts are necessary to achieve success. Corporations need to allow room for experimentation and avoid the pressure to achieve immediate results.
“It takes 5, 6, 7, 8 tries. a couple of singles and doubles and maybe hit a home run,” Resnick said.
Can Your Corporation Stay Ahead of the Curve?
Innovation is essential for the sustained success of any corporation. By fostering a culture that encourages creativity, leveraging advanced technologies like AI, and embracing the iterative nature of innovation, companies can stay ahead of the curve. Resnick’s insights from Collision Conference 2024 provide a roadmap for organizations looking to drive innovation and achieve long-term growth. If you’re ready to turn these insights into action, contact the City Innovations team for expert guidance.
