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Disruption and innovation critical to corporate survival

One of the key findings of our 2019 Global CEO Outlook was that 84 percent of the 1,300 CEOs surveyed told us they want a culture where it is accepted that errors and mistakes are part of the innovation process, yet only 56 percent said that they currently have a culture where ‘fail fast’ innovation is celebrated. The paradox is stark; why is innovating seen as ‘unsafe’ when the opposite – not innovating – is perhaps the greatest organisational risk of all? How do we balance the risks that come with innovating against the bigger risk, the existential risk, of not innovating and eventually being disrupted?

The old adage that states that “if you are not going forwards, you are going backwards” is particularly relevant here. Globalisation is lifting consumer expectations, which each of us carry forward into every other facet of our day-to-day lives. We expect, and increasingly demand, Uber-like service, Amazon-like convenience and Apple-like experiences in every interaction; whether it is dealing with a government agency, seeking support from our own HR department, or doing our weekly grocery shopping. With the bar constantly increasing, it is more important than ever that organisations put their customers (both internal and external) at the centre of their innovation agenda, to understand their needs and design solutions that engage and delight them, in order to remain relevant in this hyper-connected world.

No single organisation is big enough to have all of the innovative ideas. Collaboration is the key; with partners, with researchers, with innovative startups and scaleups, and in some cases even with competitors. Through initiatives such as startup accelerator programs, industry clusters and cooperative research centres, we are starting to see greater collaboration across some of our key sectors. By creating these connections and lowering the barriers to adoption of disruptive technologies we can expect to see greater innovation and productivity, underpinning the long-term global competitiveness for our key export industries.

By harnessing innovation Western Australia can not only survive disruption, but we can lead it. In fact, in a number of critical fields, we already do.

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Accountants

2nd-Deloitte530
3rd-PwC510
4th-KPMG472
5th-RSM288
6th-BDO190
106 accountants ranked by number of accountants (including partners) in WA

Full-time in-house consultants

6th-PwC163
7th-AccentureNFP
8th↓KPMG146
9th-Velrada140
10th↑Turner & Townsend105
186 consulting firms ranked by number of full-time WA inhouse consultants

Corporate finance employees

8th-Hartleys11
9th-Regency CorporateNFP
10th↓KPMG9
11th-Macquarie Capital9
12th↑RSM8
83 corporate finance ranked by staff in corporate finance area (WA)

Insolvency professionals

6th↑BRI Ferrier Western AustraliaNFP
7th↑McGrathNicol15
8th↑EY14
9th↑KPMG12
44 insolvency practitioners ranked by number of professional staff working in insolvency (WA)

Number of Employees

Accountants

2ndDeloitte626
3rdPwC600
4thKPMG515
5thRSM402
6thBDO250

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Special Report

Great for the State – Edition 5: Disruption

Great for the State – Edition 5: Disruption

30 July 2019

In this edition, we’re painting a picture of how disruptive technology can change our state for the better.
- How can images of your eye help prevent disease?
- Are driving, petrol and car ownership meeting an end?

Innovation revolution for disease, disability

Innovation revolution for disease, disability 

Technology is dramatically expanding access to and the effectiveness of healthcare from the cities to WA’s most remote parts.

Seven WA disruptions, then and now

Seven WA disruptions, then and now 

We share seven of the many stories of WA ingenuity and entrepreneurship to have had an impact during the past five decades.

Disruption in motion

Disruption in motion 

Three big changes in the transport industry will revolutionise how Western Australians move around in decades to come.

Blue sky opportunities

Blue sky opportunities 

In the dunes of the state’s South West, on the mine sites of the red north, or in remote villages around the world, drones are unlocking opportunities.

Perkins, Green lead modern disruptors

Perkins, Green lead modern disruptors 

Before the business she co-founded attained its $1billion ‘unicorn’ valuation, Melanie Perkins hit a point where she thought she had failed her co-founders.

Building connections to enable disruption

Building connections to enable disruption 

Western Australia in 2029 will be dramatically different from today.

Some cars might be autonomous, drones will be buzzing through the sky, visits to the doctor will be possible online, and household objects will be connected to the web.

Disruption and innovation critical to corporate survival

Disruption and innovation critical to corporate survival 

One of the key findings of our 2019 Global CEO Outlook was that 84 percent of the 1,300 CEOs surveyed told us they want a culture where it is accepted that errors and mistakes are part of the innovation process, yet only 56 percent said that they currently have a culture where ‘fail fast’ innovat

Can AI prevent heart attacks?

Can AI prevent heart attacks? 

PREDICTING if someone is at imminent risk of a heart attack has been for a long time the Holy Grail for heart researchers. WA start-up Artrya Pty Ltd is now applying Artificial Intelligence to the challenge. 

The accelerating mobility revolution

The accelerating mobility revolution  

By 2030, more than 50 per cent of revenue generated by the mobility industry is likely to be disrupted.

The art of disruption : innovation at UWA IQX

The art of disruption : innovation at UWA IQX 

Universities are drivers of innovation, facilitating connections and collaboration between researchers, students, founders, funders, investors, and industry. But accessing these attributes can be difficult.