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  • Innovation is in our DNA
Article:

Innovation is in our DNA

21 April 2022

On April 21, the #WCID (World Creativity and Innovation Day) celebrations of creativity and innovation, the world is called upon to embrace the idea that innovation is essential to harness the economic potential of countries. Innovation and creativity put into business can provide a new impulse for economic growth. They can even provide solutions to some of the most fundamental problems, such as the elimination of poverty and hunger.

That is why at BDO, we strive to innovate in everything we do through inspiration, creative solutions and the creation of a corporate culture that encourages openness of the mind. We live in the future and look at solutions through the lens of new trends and ideas. Innovation is in our DNA.

 

„In this fast-changing world, we don't stop investing in technology to help our clients. BDO is a progressive thinking organization,“ Keith Farlinger, Global CEO, BDO

 

Through established programs and community activities, we provide opportunities to develop innovative ideas (global and local) and we are opening the door to ideas for a viable new business. 

We value the passion and commitment on the path to innovation and listen to the ideas of our employees. This is one of the reasons why several functional and viable solutions have been developed in our ranks, from simple but highly efficient applications, through the introduction of advanced tools for process improvement to unique technological startups.

 

Within BDO, we are committed to creating opportunities for people to develop their innovative ideas, as well as to make the way for them as successful as possible.

 

The pandemic has further emphasized the need to step up our efforts on the road to innovation. We have therefore decided to intensively build optimal conditions for sustainable innovation within our organization in the spirit of the idea "Growing Business Together".

In this spirit, a platform has been set up within the international BDO network, which gives all BDO members the opportunity to develop their creative and innovative ideas from all its members around the world. All you have to do is keep an open mind, find and grasp a good idea and we will help you realize it. 

Take a look at examples of innovative solutions that BDO has supported through the created platform and accelerator program Seed Fund:

The Sustainability Toolbox (BDO) is a winning solution that helps organizations integrate sustainability into their DNA. It helps them manage to respond as best they can to the growing pressure on responsible business. This web-based tool collects client data and, when processed, generates a personalized report with automated digital consulting to improve the company's synergy with sustainability requirements. It contains relevant reference data that can be taken into account, measures that can be taken and tips to further promote sustainable development.

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Among the winners can be found an initiative such as BDO Smart & Sustainable Cities, which was launched two years ago. This project brought together global experts on sustainable development, digital infrastructure and related funding for PPP projects (public-private partnerships) and ESG projects (pursuing sustainable environmental, social and governance criteria) to create a structured survey focusing on the sustainability of cities and municipalities. By processing the results, this tool has already helped many cities in Belgium, Canada, the Netherlands, Norway and Switzerland.

Our next tool, which focuses on diagnosing the possibilities of switching to renewable energy sources, expands the answer to the question "How to do business responsibly?" even more. The transfer of a business to greener energy is a megatrend that will change the way economic systems and companies work. We have therefore created an automated tool, the output of which for companies is a personalized reference report providing direct feedback on the state of society on the issue of energy transformation. This tool, along with a wealth of advice and valuable information, is available on our BDO Global "Energy in Transition" website.

In the field of energy transformation, we see 3 key determinants to which companies will sooner or later be forced to respond:

1. Increasing ESG reporting requirements by investors and stakeholders, which will ultimately affect the behaviour of companies shortly.

2. The growing need to report on climate risks - as identified by the Climate Change Disclosure Working Group, which only promotes the "what can be measured, can be managed" ethos.

3. The last, but no less important, the determinant is the need to reduce emissions throughout the supply chain. The introduction of carbon taxes and tariffs worldwide is likely to disrupt the functioning of many industries and companies.

An AI-powered transfer pricing tool that provides the global transfer pricing community with a framework and set of tools for projects, design, and compliance.

An e-learning course designed to provide basic knowledge for the organization's sustainability activities and an innovative implementation mechanism.

​​A solution designed to calculate and visualize the benefits of the RPA (Robotic process automation) project for RPA service owners, business analysts and end users.

Plug-and-play solution that improves reconsilialization through automated ERP data collection into country-specific templates.

A comparison tool that allows companies to find a software solution adjusted to their business criteria.

An assessment tool designed to identify retraining / skills development opportunities through gamification.

​​​​​​​​​​​A centralized global repository of corporate tax laws that allows regular monitoring of all tax requirements, from compliance requirements to amendments, monitoring compliance status, and identifying non-compliance risks.