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Australian practices less innovative than thought
Australian practices less innovative than thought
The number of businesses adopting truly innovative practices and processes is significantly lower than the number of businesses who believe they are doing so, according to soon-to-be-released research from the Commonwealth Bank.
The research, being released next month in a report titled Business Insights Report - Unlocking Everyday Innovation, used the OECD-recognised Oslo Manual to assess whether Australian businesses were being truly innovative, CBA said.
The preliminary results found that while 82 per cent of businesses believed they were being innovative, only 44 per cent actually met the Oslo Manual standard for innovation.
"The other 38 per cent were merely making improvements, which while still valuable to a business, does not deliver the same commercial benefits in terms of growth and productivity savings when compared to true innovation," the company said.
Australian businesses are "coming to grips" with the idea that innovation requires more than technology and disruption, but in order to become more innovative, business owners need to develop an understanding of innovation fundamentals, said Commonwealth Bank group executive of business and private banking Adam Bennett.
"It is critically important that businesses understand the evolving expectations of their customers and make significant changes to their products, services and business practices in response to a rapidly changing marketplace," Mr Bennett said.
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