At this year’s Unlock conference, innovation took center stage in a compelling session led by Marc Staut, CITO of Boomer Consulting, Inc. He challenged firm leaders to rethink how they define, measure, and act on innovation beyond buzzwords and shiny tools.
According to McKinsey, 72% of business leaders see innovation as a top priority, yet only 22% of Fortune 1000 companies have clear metrics to track it.
If innovation matters this much, why is it so hard to define, measure, or prioritize?
The short answer: time.
Innovation in accounting firms doesn’t happen just because you implement a new tool. It happens when your team has the space to think, experiment, and iterate. And for most firms, that space is exactly what’s missing.
Innovation in accounting firms refers to the intentional introduction of tools, processes, or strategies that increase capacity, reduce costs, or improve the client experience.
The #1 rule: No tech for the sake of tech
When firm leaders talk about innovation, it often starts with software ranging from new tools to automations and AI. But the best question isn’t “What technology should we use?” It’s:
“What problem are we solving?”
Innovation only works when it’s grounded in real challenges. That’s why Marc highlighted how critical it is to define the inefficiency, capacity constraint, or opportunity before you evaluate any solution. And then ask:
How will this help your firm? How will it help you?
Innovation is measurable, but only if you measure the right things
If innovation doesn’t lead to real change, it’s just noise. True innovation requires a business case, because when firm leaders pursue innovation intentionally, benefits emerge in two main categories: (1) measurable outcomes they can track and (2) intangible gains that strengthen the firm’s long-term position.
Tangible benefits firms often see:
- Reduction in write-downs through better workflow automation
- Increased capacity for high-value work
- Time savings through AI copilots and automation
Intangible (but equally important) outcomes:
- Talent attraction and retention
- Improved client experience
- Enhanced brand value and differentiation
To measure innovation ROI in accounting, Marc shared that accounting firms must consider both tangible KPIs (e.g. write-down reduction) and behavioral metrics (e.g. talent retention). And even more importantly, these goals need to be realistic because most technology solutions don’t deliver ROI overnight.
The true cost of a decision
When the audience was asked who was using or had a pilot of Microsoft Copilot in place, more than half the room raised their hands.
Marc proceeded to use Copilot as an example for how to determine the ROI of a new, innovative product. He broke down the cost and highlighted how obtaining Copilot licenses for some firms could mean doubling their Microsoft Office spend.
Was it in the budget? Probably not.
Was it worth it? Depends how you use the time you save.
If Copilot saves 10 minutes per person per month, most firms can justify the investment. But only if that time is reallocated to higher-value work. Whether it’s training, reducing burnout, or delivering better client outcomes, the ROI only materializes when the saved time is put to use.
The takeaway? There’s a cost to not innovating. But there’s also opportunity cost in failing to turn new tools into lasting change.
Interested in other ways firms are streamlining their Microsoft products? Check out our post on rethinking your firm’s DMS strategy to include SharePoint.
What about non-billable team members?
The above example focuses on billable hours. Knowing that innovation isn’t just about client-facing staff, Marc dove into an ROI example focused on operational roles. These roles, often overlooked, are seeing outsized returns because those in operations are getting even more use out of Copilot by:
- Transcribing and summarizing meeting notes
- Automating data processing
- Assisting billable teams by absorbing repeatable tasks
Even if operational personnel only save 15 minutes per day, the breakeven point is met. But again, what they do with that time determines the value created.
The innovation formula
So how do you bring all this together? Marc shared a clear, consultative framework:
- Identify the business problem. Define the inefficiency or gap. Avoid tech that’s in search of a problem.
- Define the solution. Document tangible and intangible benefits, expected ROI, risks, costs, and assumptions.
- Align to firm strategy. Map the value to firm-wide goals: growth, margin, client satisfaction, talent pipeline. Include performance and behavior indicators (KPIs and KBIs), not just financial metrics.
Marc cautioned the audience: When you’re calculating ROI, it’s not just about the technology itself, it’s about everything required to make it work.
That includes time for training and enablement, the effort of implementation and change management, and a realistic view of how long it will take to see meaningful value. In many cases, like rolling out a new practice management system, the true return can take years. That doesn’t make it any less worthwhile, it just means you need to plan for the long game and be prepared to not see any returns in year one.
Traits of innovative organizations
Innovation doesn’t stop with a framework. Even the best strategy will stall without the right environment to support it. The most forward-thinking firms foster innovation as an ongoing discipline rather than a one-time project. That mindset shows up in how they work, how they collaborate, and how they respond to new ideas.
Here’s what sets truly innovative organizations apart:
- Assume there’s always a better way to do things
- Surface both stated and unstated client needs
- Break silos and cross-pollinate ideas across the organization
- Encourage experimentation, fast failure, and iteration
- Empower people to challenge assumptions and seek resources
They don’t just innovate once. They build innovation into the culture.
Key takeaway
Marc left us with an insightful takeaway. “Don’t step over a dollar to save a dime. The firms that win tomorrow are investing in time today.”
This was the core message from Marc and it stuck. Not because it’s provocative, but because it’s true. Innovation doesn’t stall from a lack of ideas or tools. It stalls when firms don’t have the time or structure to pursue it with intent. The most effective firms treat time like capital: they track it, invest it wisely, and expect returns.
If you’re serious about creating capacity, retaining talent, or evolving your business model, start with how your firm spends its time and whether that time is creating value.
We’d like to thank Marc for such an insightful presentation and to Boomer Consulting for returning as a Premier Partner at Unlock 2025!
