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CohnReznick LLP Opens Unique, State-of-the-Art Innovation Lab


6/21/16

Lab created to help clients navigate disrupted landscape and transform business models for future growth

NEW YORK, N.Y. – CohnReznick LLP, a top accounting, tax, and advisory firm, today announced the opening of its new, state-of-the-art Innovation Lab, located in the Firm’s corporate New York City headquarters. It is the first Innovation Lab created by an accounting firm of CohnReznick’s size.

CohnReznick’s Innovation Lab is part of the Firm’s continued strategic commitment to providing world-class client service. Today’s companies face a new normal that challenges traditional growth strategies. Eroding profits, stagnating growth, and a failure to meet stakeholder/investor expectations await unless businesses are able to stay ahead of the competition. In the age of customer and digital disruption, companies and their executives must foster innovation to compete and stay ahead. Using cutting edge collaboration and visualization tools to facilitate connections, CohnReznick designed and created this new workspace to help companies transform business models, improve customer engagement, and streamline operations via a significantly more efficient approach than traditional methods.

“Studies suggest that those organizations which successfully nurture an innovation culture realize increased profit compared to their peers. Unfortunately, many growth companies lack the capability, including access to the latest tools and frameworks and the trained professionals to implement them, to create break through growth,” said Keith Denham, Managing Principal and National Director of CohnReznick Advisory. “This unique Innovation Lab will help clients build a ‘renewed’ business culture that’s fast and nimble, seizing opportunities before the competition, to get ahead and stay there.”

"CohnReznick is taking action to help middle market companies address the ‘innovation gap,’" said Frank Longobardi, Chief Executive Officer. “Our professionals are developing ways to help clients better engage customers, accelerate performance, and drive business transformation.”

The Lab features an entire wall of multi-touch displays and business collaboration tools to facilitate in-room and online ideation, problem solving, and visualization.

CohnReznick’s Innovation Lab will help clients with:

  • Speed – Accelerate the innovation process to get maximum results in the least possible time.
  • Creativity – Discover what the world’s best innovators and companies do to come up with break through ideas.
  • Risk – Reduce innovation risk while increasing innovation performance.
  • Engagement – Achieve effective collaboration across the organization, and unleash the hidden great ideas waiting in every corner.
  • Leadership – Insights from break through innovators and best practice companies will accelerate the right choices and get the entire organization on the move.
     

Services for clients through the Innovation Lab include many capabilities, such as, but not limited to:

  • Strategy and Transformation – Annual strategic planning, global operating model design, finance function transformation, turnaround strategy and digital strategy.
  • Deals – NewCo visioning and mobilization, merger & acquisition strategy, divestiture planning, due-diligence and post-merger technology integration.
  • Innovation and Ideation – Digital innovation, digital customer experience, new product/service creation and launch and scenario planning.
  • Financial/Operational Improvement – Financial Planning & Analysis (FP&A), working capital, fixed assets, capital expenditure optimization, operational cost reduction and business process redesign.
  • Critical Technology Acceleration – Software selection, software pilot and prototyping and technology architecture design.
  • Cybersecurity – Develop agile security sprints using real-time data and global collaboration.
  • CFO Advisory Solutions – Key Performance Indicator (KPI) visualization; alignment of finance, sales, and operations; quicker, more consistent forecasting.
     

As part of the Firm’s continued commitment to giving back to its community, CohnReznick plans to hold sessions with local students in the Lab, giving them exposure to cutting-edge technology and collaboration tools and concepts.

Late last year, the Firm moved to its new, New York City headquarters at 1301 Avenue of the Americas. The new location represented a significant expansion and upgrade, featuring collaborative meeting areas customized for the needs of the growing Firm. Phase two of the move will take place later this year bringing together 39 partners and more than 300 employees.

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