Benefits of innovation

Innovation drives the productivity and performance of business, and can help you grow and improve your business.

According to Australian Bureau of Statistics data, businesses that innovate – or ‘innovation-active businesses’ – are more productive and generate more jobs than non-innovation-active businesses.

In fact, the ABS figures, collected in a 2012-13 study, show that twice the proportion of ‘innovation-active businesses’ reported an increase in productivity and total number of jobs, compared to non-innovation-active businesses.

And 50 per cent more innovation-active businesses reported an increase in profitability and income from sales of goods or services than non-innovation-active businesses.

Benefits of business innovation

There are a number of benefits to innovation in your business including:

  • having more efficient and effective work processes
  • saving time and money
  • innovation can be a profit centre- it can help drive sales and results
  • business agility
  • increased customer satisfaction
  • compliance with legislation and possible tax benefits
  • encourages and supports diversity
  • may lead to competitive advantage.

What to do...

Learn how to make your business more innovative.

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