Princeton, NJ – At Withum, a forward-thinking advisory and public accounting firm, an innovation and technology initiative has taken hold to bolster the firm’s expansive services and work culture. Since 2020, the company has made a significant capital investment in creating a dedicated innovation department tasked with providing tools and processes that accelerate staff-driven ideation to benefit clients, team members and the firm.
“At Withum, we define innovation as generating and implementing new ideas that add value for clients, our team members and the firm – it is that straightforward,” said Molly Goins-Cox, the firm’s Chief Innovation Officer. “An extension for understanding the motivation behind Withum innovation is a desire and ability to bring new ideas forward and put them into practice.”
The realization of Withum’s business strategy to embrace innovation has been spearheaded by Goins-Cox, who was hired to the C-Suite role in late-2020. Since that time, she has led Withum’s Year of Innovation kickoff in 2021 and now leads a 17-person team tasked with identifying and fostering innovations that increase operational efficiencies and add value to the firm.
Among the firm’s most notable achievements on the innovation front are Robotic Process Automation (RPA), intelligent automation of a centralized tracking system, tax integration portal and single-source workpaper automation. While each initiative has achieved enhanced productivity, accuracy and greater efficiency through the allocation of resources, RPA realized time-savings equivalent to five full-time employees annually and ROI by the end of month one.
► Bottom-Up Innovation Originates at Grassroots Level
Unlike traditional top-down models that rely on leadership to drive change, Withum’s approach empowers team members at every level to brainstorm with peers on different ways to deliver services that will differentiate the firm in the marketplace. This marks a bold step in aligning innovation with the day-to-day experiences of the Withum workforce, bringing life to meaningful ideas that start at the grassroots level. Team members are encouraged to identify areas for improvement and share their ideas through a custom-built submission portal, where the innovation team assesses them and brings the most promising concepts to life.
COO Chris DeMayo, who led the conception, creation and implementation of Withum’s Innovation Initiative as part of the firm’s master strategic plan, emphasized the importance of this bottom-up approach.
“We realize that the best ideas often come from those who are deeply immersed in our daily operations,” he said. “Our team members who interact directly with clients or manage complex internal processes are the ones who can see where scalable improvements can be made. That’s why we decided that innovation should be a responsibility shared by everyone, not just a select few at the top.”
Withum’s Innovation Department has become central to the firm’s cultural evolution by embedding innovation into the core of its identity – and not just as a means to achieve business objectives. By giving team members the tools and platform to propose new ideas, Withum ensures its innovation strategy is both dynamic and sustainable. “Innovation doesn’t have to be exclusively technology driven,” said Goins-Cox. “Sometimes, the most impactful changes come from process-driven improvements that optimize workflows, increase efficiency and create a more fulfilling workplace.”
► Innovation Breeds Focus on Higher-Level, Impactful Work
DeMayo also highlights how this evolution in workplace culture continues to be bolstered by adopting new technologies like AI to automate recurring tasks. “This isn’t just about investing in technology for the sake of it; it’s about freeing our people up from routine, repetitive tasks so they can focus on higher-level, more impactful work,” he explained. “We’re already seeing benefits today, and we’re excited about what the future holds as we continue to foster a culture of innovation.”
Goins-Cox and the Innovation Department have modernized the process of innovating at Withum by building out a culture of origination across all levels of the firm. Specifics include creating a comprehensive program that rewards innovation and ingenuity – the Withum Bucks Program – and quantifying the costs and benefits of fostering innovation by establishing key performance indicators (KPI) to quantify the program’s long term performance measurements.
By investing in internally-driven idea advancement, Withum is not only nurturing an entrepreneurial work culture but also delivering more meaningful services to its clients. The firm recognizes innovation as a powerful tool for improving client experiences – from automating manual tasks to creating new, streamlined processes that reduce varied interpretations. Through this initiative, Withum aims to empower its team members, allowing them to take ownership of the company’s growth and future success.
“Withum’s investment solidifies its position as a company that delivers top-tier services to clients while prioritizing the well-being and success of its workforce,” said DeMayo. “By democratizing innovation and making it an integral part of its culture, we are poised to continue evolving and thriving in an increasingly competitive marketplace.”