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Aerial view of solar panels forming a circular pattern.

Future-proof: Why CPAs need systems innovations thinking

Today’s volatile business environment calls for innovation with better foresight and an integrated understanding of systems. CPAs that shift their thinking to systems innovations models will gain a crucial management competency in today’s economy.

To encourage more successful innovation, foresight is required, but most data collected and interpreted by CPAs is based on past performance. Systems innovators proactively look for and manage risk—they set trends, rather than follow them because they know how to nudge systems forward. 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.

Systems innovation continually revisits the corporate purpose to ensure all innovations are aligned, and in volatile business environments, leaders can lose their way chasing new markets or lower costs without considering corporate values, mission and purpose. Since there is a growing need to apply human judgement and real-time data analysis to drive decision making CPAs can use the language of systems innovation as a communication tool to explain the shift in business mindset that they are advocating for.

Key takeaways:

  • foundational systems innovation practices
  • how to broaden the scope of what’s measured
  • extending data sources from which to draw information 

 

This report is a collaboration between CPA Canada and Innovation North.