Australian business is at risk of innovation inertia, according to the GE Innovation Barometer results released today.
The global report based on a survey of 3,209 executives globally shows that local Australians have no shortage of innovative ideas but that it is harder to actually activate their game-changing concepts.
Australian executives are increasingly recognising the value of collaboration with 63% reporting that the revenue generated by collaborative innovation activities has been growing over the last year, increasing by eight points from 2013 (55%).
Regarding collaboration, Australian executives are slightly below the global average in saying that despite the risks associated, collaboration is a risk worth taking if you want to successfully innovate (72% compared to 77% global average).
Suzana Ristevski, Head of Strategy and Growth at GE Australia and New Zealand, says Australia’s business capability would benefit greatly from adopting disruptive behaviour to drive innovation.
“Executives in Australia are very aware of the need to be ahead of the innovation curve and the best ways to attract skilled employees and build their global networks,” she says.
The report, conducted by an independent consulting and research firm, also revealed that almost half of Australian executives surveyed perceive smaller businesses such as SMEs and start-ups as driving innovation in Australia.
Using the Australian Innovation Barometer results, here are the top five priorities for innovation success:
- Understand your customers and anticipate market evolutions, a priority mentioned by 84% of Australian executives surveyed
- Quickly adapting to and implementing emerging technologies comes in a top priority of two-thirds of senior executives
- Attracting and retaining the most talented and skilled individuals leads to successful innovation, a view held by three out of four senior executives surveyed locally and globally
- A rapidly emerging trend of senior Australian executives are allocating a dedicated budget for innovative activities, now representing two-thirds of executives surveyed
- An emerging trend of prioritisation in longer term innovation goals over shorter term financial objectives is top of mind for 60% of Australian executives.
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