Deloitte Australia has been recognised as Australia's Most Innovative Professional Services business, and took out the hotly contested Best Innovation Award overall in this year's AFR BOSS Most Innovative Companies, making it the third year in a row Deloitte has placed in the top 10.*
The AFR BOSS Most Innovative Companies Awards were held last night at the Shangri-La Hotel in Sydney, and showcased Deloitte Cube as an example of world-class innovation. Using a combination of machine learning and content analysis, Deloitte Cube processes significant volumes of paper-based and electronic documents. It extracts targeted information from the documents and slots the information into a logical workflow tool.
"We continue to see an increased focus on the conduct of Australian business," said Clare Harding, Deloitte's Chief Transformation Officer. "This focus has resulted in a mountain of paperwork for businesses to get through in investigating potential issues.
"Through Deloitte Cube, we have significantly accelerated the remediation process by organising historical paper documents and identifying information on customer and adviser interactions. Deloitte Cube is a wonderful example of the culture of innovation that is such a big part of who we are and why our clients choose to work with Deloitte."
Deloitte Cube can process all types of documents and subject matter across multiple use cases. Using machine learning and natural language processing, the solution can read and extract information from documents using a new set of rules without coding. It can also read any document in any format, including tables and images.
Jason Bender, Deloitte Head of Innovation, said: "Winning the Best Overall Innovation award acknowledges our sustained commitment, creative mind-set and disciplined approach to innovation. Innovation requires the willingness to challenge ourselves to push further and faster for our clients, our people and the future of our firm. I am both proud of and grateful to all our staff, my Partners and the firm's executive.
"Innovation can no longer be a side-hustle, it must be at the very core of your business strategy. Our clients are searching for growth and transformation, and innovation is the best way to enable this. They are aware of the imperative, but often challenged with turning ideas into action.
"What do businesses cite as the biggest barriers to innovating? It's not a lack of good ideas, but knowing how to execute on those ideas."
Rob Hillard, Deloitte Chief Strategy and Innovation Officer said Australia needs to continue to embrace innovation, to stay ahead of the game. A culture of experimenting, failing, learning and experimenting again will result in companies commercialising innovation rather than just talking about it.
"We all need to prioritise outcomes over analysis, to change our mind-set from 'what if we could' to 'here's how we can'. That requires leadership, a disciplined and structured approach to execution, clear metrics, and planning how to scale a new idea into a viable customer offering," Mr Hillard said.
