Price waterhouse Coopers (PwC), a multinational professional services network of firms that provides assurance (which includes audit), deals, tax, and consulting has unveiled strategies to help business owners build client’s trust and enable them deliver sustained outcome in coming years.
Disclosing this in a statement on Tuesday, in South Africa, the organization unveiled a strategy called “The New Equation”.
The New Equation which is said to be based on analysis of global trends and thousands of conversations with clients and stakeholders, is also stated to be built on more than a decade of sustained revenue growth and continued investment.
PwC also revealed that the New Equation focuses on two interconnected needs that clients face in the coming years, which include: – to build trust, and – to deliver sustained outcomes in an environment where competition and the risk of disruption are more intense than ever and societal expectations have never been greater.
Emphasizing on these two needs the Global Chairman of PwC, Bob Moritz said: “The profound changes in the world mean that to succeed, organisations need to create a virtuous circle between earning trust and delivering sustained outcomes.
“By bringing our unique combination of capabilities together and matching it with serious investment and our commitment to quality, we can help them do that. In doing so, we will help clients unlock value for shareholders, stakeholders and wider society.”
How PwC will help build trust and deliver sustained outcomes
PwC has stated that in its approach to building trust and delivering sustained outcomes, it made planned investment of US$12 billion for the next five years, in order to create over 100,000 new jobs.
The planned investment which includes Initial commitments constitute of: new ESG Centres of Excellence, Leadership Institutes, accelerated deployment of emerging technologies and increased investment to support audit quality.
Environmental, Social, and Governance (ESG): PwC stated that it would expand Centres of Excellence for specialists on key ESG topics, including climate risk and supply chain, as well as create a global ESG Academy which will enable all its partners and staff to integrate the fundamentals of ESG into their work.
“1,000 partners from 60 territories across the network have already completed an in-depth six-week programme focused on business issues resulting from critical global trends.” PwC stated.
Quality: PwC stated that it would continue to invest to further enhance quality across its businesses.
“This will include US$1bn dedicated to accelerate deployment of technology that further automates the implementation of quality frameworks in audit, as well as build the delivery model for the audits of the future – which are expected to require more types of data, assess a broader range of risks and more fully integrate non-financial information.
“This additional technology investment builds on the ongoing focus on quality, supported by rigorous methodology and training across all lines of service.” It stated.
Leadership Institutes: Today’s leaders need new skills to help lead through and manage uncertainty, build inclusive cultures, and support transformation.
“New Leadership Institutes will be created to support clients and stakeholders. The first Institute will be based in the United States and will empower more than 10,000 of today and tomorrow’s C-suite leaders, executives, and Board members to build trust.
“Another Leadership Institute will be created in Asia-Pacific and further announcements will be made in the coming months.” PwC stated.
Technology: PwC stated that it would continue its strategy of being human led and tech powered.
“We will continue to rapidly expand our use of cloud, artificial intelligence, technology alliances, virtual reality and other emerging technologies to deliver insight and drive competitive advantage for clients.” PwC stated.
In addition, PwC says its accelerating the deployment of technology products, supporting seamless collaboration and enabling its people to automate processes.
These products and automations are expected to transform the client’s experience and allow new insights and value to emerge.
