Number crunch: Business innovation

Innovation is a key driver of business success. It’s typically defined by a firm’s knowledge of the market and customers, constant process reviews, learning from failures and passion and drive.

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Innovation is a key driver of business success.  It’s typically defined by a firm’s knowledge of the market and customers, constant process reviews, learning from failures and passion and drive.

In NAB’s Survey of Business Innovation in Australia, we asked how business views innovation, both in Australia and within their own business. Some of the key findings are below:

  • Australian business does not believe that we are a highly innovative nation. Just 13% of all firms rate Australia as “highly innovative” (and only 6% of very large firms).
  • But, there is no shortage of firms (more than 1 in 4) across all sizes of business that identify themselves as “highly innovative”.
  • Highly innovative firms can be found across all sectors of the economy – including some more “mature” industries such as Manufacturing and Retail (and in both very big and small firms).
  • This raises the possibility that business may be underestimating the true level of innovation in Australia.

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This article was first published in Business View magazine (Summer 2015). For more articles and interactivity, download the iPad edition of Business View for free via our app, NAB Think.

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