Adam Bennett, CBA’s Group Executive for Business and Private Banking, said findings from the bank’s Business and Innovation Study show that one in ten Australian businesses find innovation “not important” to the success of their business.
New findings from the Commonwealth Bank (CBA) Business and Innovation Study show that one in ten Australian businesses find innovation “not important” to the success of their business, with calls for mid-size enterprises to think more like startups.
Released earlier this week, the report showed that 80 per cent of businesses expect partnering institutions like banks and financial service providers to offer them “innovative thinking” and “tools” instead.
In addition, by 2018 more than half (55 per cent) of Australian businesses with a turnover of more than $1 million predicted they will rely on their bank to help their business innovate, the report revealed.
Adam Bennett, CBA’s Group Executive for Business and Private Banking, said the findings demonstrate a fundamental shift in priorities among small to medium enterprises.
“Innovation usually involves a form of partnership and advice. [It] starts with asking questions about how to do things simpler and more efficiently,” Bennett said.
“Our view on innovation extends beyond the use of technology to asking informed questions to better understand customer needs and using data and insights to help businesses deliver truly innovative solutions for long-term success.”
The study shows that key roadblocks that many Australian businesses face when it comes to innovation include a lack of time and resources, business partners who fail to take action when it comes to driving innovation, as well as a lack of data for making more intelligent business decisions.
Access to data was also seen as a key priority, with one in five survey respondents characterising “ideal innovation” as data-driven insights that help their business innovate.
However, 15 per cent of all firms surveyed said they cannot afford to access the data and insights they need to better run their business.
“Australian businesses know they need to be innovative but are unsure of where to turn,” Bennett said.
“It is vital that as businesses grow, they continue to think like a startup … this means constantly questioning the norm, and reflecting on how they can better meet the needs of their customers and even be a disruptive force in their industry.”