For businesses, innovation is a concept; an abstract theory that can be integrated into the work process. Business owners with creative minds are willing to disrupt the flow of how work is done and delivered. All thanks to strong leadership, it has become the number one driver for creative license in the workplace; hence, being responsible for the current bounce Australia is experiencing with its level of innovation.
Based on the findings of the latest NAB Labs Business Innovation Index, there is a jump from 59.8 in 2017 to 64.3 this year, showing an almost 5-point increase. The report said this was made possible through the Australia’s micro (1-19 employees) and medium (100-199) businesses.
According to their website, the index is based on “what a business does “differently”, “more quickly”, and “more cost efficiently” – behaviours that are at the very heart of innovation.”
NAB Chief Economist Alan Oster said in a media release: “It’s heartening to report not only do Australian businesses believe the “culture of innovation” in Australia improved significantly, when measured against actual behaviours, innovation is significantly higher than it was 12 months ago.”
“The rise in innovation aligns with robust levels of business conditions that we’re seeing in our Monthly Business Survey. However, there remains a strong emphasis on incremental innovation, like small improvements, rather than more radical innovations,” Oster added.
The index said there are over one in two businesses that hold on to the idea that strong leadership is the secret in order to create a strong company culture of innovation.
“Innovation can seem like a pretty abstract concept and many business owners we speak with don’t always perceive themselves as innovators,” Jonathan Davey, NAB’s Executive General Manager Digital & Innovation, said in a media release.
“But when we talk about changes or improvements they’ve made, new products they’ve launched or things to simplify their business, we get lots of insights, so we know innovation is common practice and that is being reinforced in our research,” Davey added.
For a majority of business owners, whether big or small, innovation is regarded as something as a concept or theory. Instead, they focus on the word “improvement” — this includes new products, offers, and the like. However, with the said index, it is revealed that there are a lot of creative thinkers in the industry, making looking for business listings with business brokers victoria.