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.