In the latest issue of Dividends, Shawn Kanungo CPA, CA details ten areas (below), based on the book The Ten Type of Innovation by Larry Keeley, in which an industry can experience disruptive innovation.Fortunately, CPAs can have an impact in each one of those ten areas. Shawn is leading a session at this year’s Accountability Summit, which is themed “Disruption: An Opportunity.” Shawn’s session focuses on building a culture of innovation.
- Profit: developing a new way to generate cash.
How CPAs can contribute: This is an obvious area where CPAs are positioned to provide value. What are the numbers saying? Where are there surprising sources of revenue? How does changing the pricing structure impact profits?
- Network: leveraging relationships to increase organizational performance.
How CPAs can contribute: Think about your own network, and try to see innovative connections between their work and the work of your organization. Are there mutually beneficial partnerships that can be built? Can you work together to take advantage of each other’s strengths to address a shortcoming in your organizations?
- Structure: organizing an organization’s assets in the most effective way.
How CPAs can contribute: This is another area of traditional strength for CPAs. How can the organization become structured more efficiently? What are the costs and benefits of making changes? What impact will changing the structure have on the bottom line?
- Process: changing the way business is done.
How CPAs can contribute: A CPA is well-positioned to be able to look at the entire organization, as opposed to one department or operation. Think about the way the organization does business, and how a dramatic change in process could reap rewards.
- Product Performance: developing a distinct offering.
How CPAs can contribute: Are their gaps in the organization’s offerings, where client needs aren’t being met? That could point to a need for an entirely new product or service. CPAs can also help determine what features are important to clients that can be changed that can deliver a long-term competitive advantage.
- Product System: creating connections between offerings.
How CPAs can contribute: With that high-level knowledge of the entire organization, think about ways that what the organization offers can be bundled to more effectively serve clients.
- Service: increasing the value of your offering.
How CPAs can contribute: Think about the organization’s offerings, and look for ways to improve the experience for end users.Channel: delivering offerings to clients.
- Channel: delivering offerings to clients.
How CPAs can contribute: What is the most effective way to reach clients? Are there opportunities to make it easier for your organization’s clients to get your offering, where and when they want it?
- Brand: developing an identity.
How CPAs can contribute: First and foremost, recognize that you are a representative of your organization’s brand. Beyond that, help determine what aspects of the organization are resonating with stakeholders, particularly those that are unique to your organization.
- Customer Engagement: making connections with clients.
How CPAs can contribute: Analyze the data to glean insights into and understand the organization’s clients.
Source of the ten types of disruption: The Ten Type of Innovation by Larry Keeley.