17 minute read 17 Dec 2019
Business woman standing factory balcony

How we are creating long-term value for clients

Long-term value for clients means helping them address today’s challenges and move forward into the next wave of technological change.

EY clients operate in a complex, inter-connected business environment, with rapidly advancing technology, globalization and demographic shifts creating unprecedented opportunity for business.

In this environment clients need us to provide them with a broader range of services than ever before, and we are meeting that demand. We bring together service line competencies, sector knowledge, data, technology and strategic alliance relationships to provide services, solutions, products, and platforms that are helping clients transform and comply; to grow; to handle a range of non-core functions; and to weave digital into everything they do.

Today more than 284,000 EY people in more than 150 countries create long-term value for clients by helping them not only address today’s challenges but also move forward into the next wave of innovation and technological and social change. By making even greater use of EY’s biggest strengths – use of technology, great people, client-centric approach and global footprint – we are helping clients address challenges and opportunities, build trust and ultimately thrive in a fast-changing world. 

EY People

284,018

in more than 150 countries are proud to serve EY clients

Group programmers coding new software laptops

Chapter 1: Transforming clients – and EY – through data and technology

Helping clients address digital disruption.

Today new and technology-based EY services help clients address the digital disruption they’re facing. For example, by using artificial intelligence (AI) and natural language processing, the EY Document Intelligence solution is helping teams analyze business documents and contracts more efficiently and effectively. This year the solution was moved to the cloud and, after successful pilots with Assurance teams globally on lease accounting change and audit engagements, processing time was reduced by up to 90% and accuracy increased by up to 25%.

There are also several EY clients in the wine industry, using EY blockchain solutions to help assure the quality, provenance and authenticity of new and vintage wines and to help reduce the significant issue of wine fraud. So far more than 11 million bottles of wine are being tracked using the EY OpsChain platform.

The EY and Microsoft blockchain solution for content rights and royalties management, launched in FY19, now processes 25,000 transactions every day, supporting a wide range of complex agreements, streaming rights and royalties management.

And a multi-million-dollar investment in EY Blockchain Analyzer is delivering new upgrades for blockchain and cryptocurrency audit and tax services. It’s being rolled out to more than 100 EY Assurance clients that hold or trade cryptocurrencies, or operate in the blockchain ecosystem. Overall this year we achieved a three-fold increase in the number of blockchain projects.

Moreover, today nearly 80% of revenue-generating technology in EY is on the cloud, meaning we can connect and work more efficiently than ever before, and more easily provide the best of what EY has to offer to every single client.

We will continue to extract maximum value from our US$1 billion technology investment plan – on top of the annual technology investment – to ultimately deliver on our purpose of building a better working world in this digital economy.

Bottles of wine

11 million

being tracked by the EY OpsChain platform

Chapter 2: Innovating today, for tomorrow

Innovation as an imperative.

In EY innovation goes beyond technology solutions to redefine who we are, how we charge, how we deliver and what services are offered. As part of our focus on innovation we are on an ongoing journey to disrupt ourselves and adapt for the future. We also think about what innovation means for clients and use it as an opportunity to focus not just on today’s challenges but tomorrow’s too.

Our annual Innovation Realized™ events, for example, have been held for the past four years. Uniquely immersive and interactive, Innovation Realized™ is designed not to predict the future but to instead encourage conversation and collaboration, so that attendees can thrive today, tomorrow and beyond.

At this year’s event academics, futurologists, musicians, authors, social scientists, entrepreneurs, corporate leaders and clients from 35 different countries came together to focus on a range of different topics, from bias and AI to China’s millennials.

Businesswoman showing note male colleague

Chapter 3: Collaborating to innovate: acquisitions and alliances

Bringing clients the full range of services and capabilities.

No one organization today has all the answers. That is why in EY we are expanding our knowledge and EY services through acquisitions and an ecosystem of alliances. In FY19 there were 20 acquisitions and eight new alliances which expanded EY’s skills and capabilities in areas like digital, strategy, operations and technology. Over the past five years 140 acquisitions in EY have resulted in US$1.8b of revenue and 8,000 new colleagues.

There are now more than 20 strategic alliances, which allow EY to combine emerging and widely used technologies with our own capabilities to develop new offerings. We are also nurturing strong relationships with organizations outside of technology so that we can fill skills gaps and bring diverse teams of different subject-matter professionals to help create client value.

Over 140 acquisitions in EY have resulted in US$1.8b of combined revenue and 8,000 new colleagues in the past five years.

Chapter 4: A global network of wavespace™ centers

Co-innovating alongside clients.

The speed of technological disruption means that we need to co-innovate alongside clients to develop new solutions that directly respond to their needs. One of the ways we do that is through the expanding network of EY wavespace™ centers based in 35 locations worldwide, where we help clients drive action in the ‘now’, prioritize ‘what’s next’ and imagine the future.

Each wavespace™ is designed to facilitate collaboration and accelerate creativity. They include spaces for design, tech demos, data labs, incubation and workshops, and bring together EY teams and emerging technologies, to help clients explore possibilities and find answers faster. 

Father little daughter grocery shopping

Chapter 5: Trust matters

Building trust and confidence – the cornerstone of EY.

Across business and broader society today, trust has never been more valuable and in some quarters has never been in shorter supply. We believe that trust is a lead indicator of future corporate performance – the way in which stakeholders, including investors and customers, trust a company or brand now will affect how they behave towards it in the future – and in turn impact the company performance.

Building trust and confidence has always been the cornerstone of EY. EY’s Assurance services help to foster confidence in the capital markets by delivering high-quality audits, and all EY services help to build trust, whether directly through the work we do or indirectly through what our work allows others to achieve. Our work around blockchain, for example, supports authenticity and accountability, and ultimately greater trust, in the products and services that people are buying.

EY services around risk management are also focused on strengthening trust. This year we launched Trust by Design (TxD), the latest methodology to help clients embrace disruption and innovate for long-term growth, while building and maintaining trust with their stakeholders. We continue to focus on building trust through new approaches to corporate reporting and creating long-term value for all stakeholders via our work with the Coalition for Inclusive Capitalism and the Embankment Project for Inclusive Capitalism (EPIC).Closely connected is the work that we do supporting clients on their journey to becoming more purpose-led organizations – one where they can connect with their full range of stakeholders in new ways and define and establish a sense of purpose beyond the balance sheet.

Chapter 6: MS@EY

Developing end-to-end services for EY clients.

Companies face an ongoing balancing act – the need to invest in new technologies for their core functions, while still managing costs. The growing EY Managed Services offering – MS@EY – helps clients reimagine how to operate their core functions, like finance, tax, risk, accounting and compliance. There are already many EY services offered on a managed basis and we are scaling this part of EY service offerings in order to meet demand, building a differentiated managed services offering to help clients even more comprehensively.

Different from traditional outsourcing, Managed Services is part of the EY commitment to the provision of end-to-end services and solutions for clients. The approach is built on a deep sector and domain experience and uses our knowledge, processes and technology ecosystem to add value – and not merely reduce cost.

Agri tech specialists examining stacks of indoor

Chapter 7: Charting new territories

Helping clients better anticipate market trends with a sector focus.

Today agriculture generates 14.5% of greenhouse gases, consumes 70% of fresh water and occupies nearly 40% of the global landmass. And more people now suffer from obesity than from malnutrition. The EY report why your next big bet should be in food innovation outlines why there is a huge opportunity in resolving paradoxes like these.

It’s just one of the many pieces of sector-led thought leadership designed to help clients better anticipate market trends. Across EY we use industry knowledge, integrated with our cross-service line delivery model, to address clients’ most pressing issues. From helping smart cities become even smarter, advising governments on how to better connect with citizens, or how to prepare for tomorrow’s climate, today we identify the sector-specific implications, today and tomorrow, for clients’ businesses.

Chapter 8: Supporting ground-breaking entrepreneurs

Recognizing the importance of entrepreneurs as engines of growth.

We believe entrepreneurs make a difference. They not only have great ideas, but also the drive to make them a reality. They use their fresh thinking and hard work to create positive social change – bringing new concepts and products to market and creating jobs and wealth.

We have long recognized the potential of entrepreneurs. For over 30 years we have been working with entrepreneurs and EY Entrepreneur Of The YearTM winners, drawing on EY experience, industry capabilities and the EY 7 Drivers of Growth framework to support entrepreneurial, high-growth companies. 

Businesswoman looking over shoulder female colleagues

Chapter 9: Asking better questions to get to better answers

Thriving in a fast-changing world.

The pace of change has never been faster. New paths are opening, new ways to unlock value are emerging, and new opportunities for human engagement are being created. Clients expect technology-enabled solutions to be designed and built quickly. To do that, we bring together teams from across geographies, service lines and sectors to help clients build trust and thrive in a fast-changing world.

  • How could blockchain help to track every drop of blood and to measure every outcome? Find out how EY is putting ‘blood on a blockchain’ to seek a better blood donor experience for Canadian Blood Services.
  • How can technology transform the business of adventure? Find out how Royal Caribbean looked to EY to help it cruise into the digital age.
  • How can you turn spectators into fans? Find out how EY and Velon used IoT solutions to build an app that brought cycling straight to the fans.
  • How do you teach an algorithm to think like an auditor? Find out how Naoto Ichihara, an Assurance partner in EY Japan, and his team developed an AI program that would help revolutionize the auditing landscape.
  • How does a small nation realize big plans in AI? Find out how we helped Estonia realize its AI ambitions.

Chapter 10: EY service lines

Our service line capabilities.

We bring industry experience and service line capabilities – Assurance, Advisory, Strategy and Transactions (Strategy and Transactions) and Tax – to corporations, middle-market companies, family-owned firms, entrepreneurs, governments and public sector agencies, to help them solve their most complex problems.

  • Assurance

    In Assurance, trust and confidence, which has always been vital to financial information, continues to take on new meaning as stakeholder requirements evolve. With the agile and intelligent use of technology and digital solutions, EY Assurance teams are delivering new, and strengthening continuing, services to provide a new level of trust to promote investor confidence and help organizations meet regulatory responsibilities, manage risk and support long-term, sustainable economic growth.

    In Audit, serving the public interest through the delivery of high-quality audits consistently around the world is a top priority. EY professionals have an important role in instilling trust and confidence in the capital markets – and beyond. Significant investments continue to be made to deliver state-of-the-art tools and develop our organization’s people. EY audit teams embrace a digital-first approach and are supported by a more than US$600m investment in new and emerging technologies.

    The EY Digital Audit is the first connected, data-driven audit, digitally transformed and technology enabled from end-to-end. EY audit professionals, and the companies we audit, are connected through EY Canvas, a global audit platform. Audit procedures and processes have been automated reducing client burden and enhancing the focus on areas requiring auditor judgment. And, through the use of global data analyzers and analytics, EY audit professionals use an advanced data-driven approach to building audit evidence to support conclusions.

    The EY Digital Audit promotes quality, curiosity and professional skepticism. Investors can be more confident in the financial reporting of EY audit clients, and audit committees and companies’ management teams benefit from greater, data-driven risk insight and new perspectives.

    To meet the unique requirements of private companies, EY has also developed the EY Private Client Audit Experience. A customized experience, it utilizes enhanced tools, technologies and guidance specifically formulated for private companies, embraces the benefits of leading-edge technology and facilitates a deeper dive into each business.

    EY Financial Accounting Advisory Services teams continue to help finance leaders interpret, communicate and shape the strategy around the numbers they report. From advising on complex issues arising from new accounting guidance to improving existing reporting processes, the goal is to help organizations improve insights, raise trust and strengthen decision-making in ongoing reporting and transactional situations.

    And with an ever-increasing focus on the environment, health and safety, and sustainability – as well as investor interest in non-financial information – there have been enhancements to EY Climate Change and Sustainability Services to measure value beyond what is captured on the financial statements.

    EY Forensic & Integrity Services professionals help organizations protect and restore enterprise and financial reputation. They assist companies and their legal counsel to investigate facts, resolve disputes and manage regulatory challenges, and put integrity at the heart of compliance programs to better manage ethical and reputational risks.

    Assurance combined global revenue

    US$12.6b

    up 4.4%

  • Advisory

    In Advisory EY professionals are working with clients to deliver enterprise transformation – helping them to innovate, grow, optimize and protect their businesses, ready for the now, next and beyond. The Business and Risk, Technology and People Advisory Services continue to invest in strategic growth drivers – transformation design, customer, cybersecurity, data and technology, Financial Audit IT (FAIT) and workforce advisory – to help reimagine organizations’ futures, without compromising the present.

    In this disrupted, connected and fast-paced world we’re helping clients accelerate ahead of the speed of change and using transformation to unlock both value and human potential. To help clients thrive in disruption, we’ve developed a new approach to managing risk called Trust by Design. It elevates risk management from a responsive function to a proactive tool for strategic decision-making. This helps organizations to create products and services with trust in mind at every step, helping them secure sustainable, long-term growth.

    EY technology professionals are bringing their knowledge together to help transform and integrate businesses, using their systems implementation capabilities as well as disruptive technologies such as Intelligent Automation, Artificial Intelligence, Cloud and Blockchain.

    Across Advisory the approach to transformation draws on our depth of experience and global scale – and on EY’s multidisciplinary teams and alliances – to produce results at speed, while building trust and managing risks. 

    Advisory combined global revenue

    US$10.2b

    up 9.2%

    Analyst relations

    The EY Global Analyst Relations team works to give an insight into how EY teams provide value for EY clients, ensuring that they are ready for the now, next and beyond. 

    We are proud of our many positive independent evaluations. This year for example, Forrester positioned EY as a Leader in The Forrester Wave™: Global Digital Business Transformation Accelerators, Q1 2019 (March 19, 2019).

    We were also recognized by IDC MarketScape as a Leader for Worldwide Business and Digital Strategy Consulting Services (IDC MarketScape: Worldwide Business Consulting Services 2019 Vendor Assessment, Doc # US44339119, April 2019 and IDC MarketScape: Worldwide Digital Strategy Consulting Services 2019 Vendor Assessment, Doc # US43700818, June 2019.)

    Find out more about how we work with analysts, as well as our full list of independent evaluations.

  • Strategy and Transactions (Strategy and Transactions)

    Strategy and Transactions is focused on helping companies reshape their performance, reimagine their ecosystem and reinvent themselves for a better future. In a rapidly changing world, Strategy and Transactions uses the EY Capital Agenda framework to help businesses reshape their portfolios and seize the upside of disruption. Buying, selling and reshaping are all fundamental elements of strategies to better optimize strategic, commercial, operational and financial performance.

    During the last year Strategy and Transactions shifted its focus from individual services offerings to five integrated Connected Capital Solutions (CCS). These solutions – strategy realized, buy and integrate, sell and separate, reshaping results, and corporate finance – combine service capabilities across Strategy and Transactions, and all of EY, to enable clients’ most complex transaction and capital events. The Connected Capital Solutions focus played a big role in propelling EY teams to advise on six of the top 10 deals globally in FY19.

    Looking ahead Strategy and Transactions will launch major platform additions to its Connected Capital Technologies – an integrated suite that brings deeper insights and faster decision making around capital and transaction events. Planned additions include the launch of a global AI-based platform for the buy and integrate solution, and the Digital Direct reporting platform for all five solutions.

    The launch of Embryonic 2.0 – an ecosystem predictive analytics tool – will help clients reimagine growth strategies by providing powerful, visual insight into more innovative collaborations across new markets. Additionally, Strategy and Transactions will continue to add market-leading talent, with plans to add record numbers of partners, balanced between internal promotions and direct external partner additions.

    With continued investments in technology and talent, Strategy and Transactions will continue to build its stature as the most trusted globally integrated advisor for transformational transactions and capital events.

    Strategy and Transactions combined global revenue

    US$4.1b

    up 15.5%

  • Tax

    In this increasingly complex era, EY is fostering a new standard of service – helping clients revolutionize their tax functions, legal departments and Human Resources to become agile, cross-border, digitally-enhanced operators as the next waves of innovation continue to break.

    An EY survey (pdf) of over 1,700 global tax and finance executives highlighted that 87% did not have adequate resources to respond to the changing legislative landscape. This is likely the reason we are experiencing an increase in the demand for global compliance and reporting services, which are designed to help clients on their transformation journeys.

    The EY Tax and Finance Operate (TFO) service delivers a full range of co-sourced services across the entire tax lifecycle of planning, provision, compliance and controversy. The EY Legal Managed Services (LMS) offerings have also been significantly expanded by acquisitions of Riverview Law and Pangea3 from Thomson Reuters, bringing the total number of EY Law professionals across the globe to 3,500.

    Leveraging the strength of the strategic alliance with Microsoft, we have invested in the EY Global Tax Platform (GTP), which serves as a shared work environment for clients and EY professionals. With tax-relevant data in a single technology platform, we can better manage risk and enable future digital reporting requirements.

    We have also launched an Advanced Technology Tax Lab, dedicated to solving complex tax issues through the application of advanced technologies. Through the Lab we’re augmenting GTP and our other platforms with the wide deployment of analytics and automation design tools to power advanced technologies like blockchain and AI-based services.

    Through the EY People Advisory Services (PAS) offerings, EY teams also continue to help clients gain a competitive people advantage by addressing complex workforce issues ranging from organization transformation, effective talent deployment and mobility to reimagining human resources within global organizations. In addition, we continue to grow our integrated mobility offerings.

    We continue to emphasize the importance of learning and development – ensuring all EY Tax, Law and PAS people become more digitally fluent and use technology to provide their services in the most efficient way possible.

    We are helping EY clients do the same. There are many converging activities that will test Tax departments. The diversity of EY talent, global connectivity and collaborative philosophy means we’re inspired to ask better questions to help organizations design better outcomes, deliver long-lasting results and achieve a competitive advantage.

    Tax combined global revenue

    US$9.5b

    up 8.6%

Summary

At EY we ask better questions to help clients, grow and protect value – so that they can address today’s challenges and move to the next wave of innovation.

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