Our Assurance practice plays a key role in delivering against our network purpose – ‘To build trust in society and solve important problems.’ This year, rebuilding public trust has remained a priority for many organisations. But we’ve found they’re also facing a new conflict: that as they innovate and grow in new and increasingly competitive markets, trust is being further eroded.
Why? Well, as sceptical consumers struggle to keep up with the sheer pace of change, companies can no longer rely on the trust they’ve built up in the past. Instead they need to re-establish trust continually as they transform and enter new markets.
This means organisations can innovate and grow more successfully by having a better understanding of the drivers of trust, and by providing stakeholders with deeper and more transparent insights into their business. And this imperative for clients is increasingly shaping our Assurance practice’s approach and solution set.
These changes are playing out amid intensifying scrutiny of everything businesses do, why they do it, and the resulting impacts. To thrive in such an environment, businesses need to restore trust in innovation as they transform themselves. The good news is that part of the solution may lie within innovation itself.
For example, the explosion in ‘big data’ is opening up opportunities for businesses to use information in smarter ways – both to make better business decisions, and also to understand where and how they can build trust with diverse stakeholders. And PwC is helping them do this, by providing management, boards and stakeholders with greater confidence in the information they use and report, and deeper insight than ever before into operations, risks and performance.
In the past year, organisations have been facing the challenge of reconnecting innovation and growth with trust. We’ve been helping them rise to this challenge – and we’ll keep doing so in the years to come.