There are many examples of businesses that work hard, but don’t achieve any significant growth. While it could be a case of poor management, lack of customers or low quality service or product, many business experts believe innovation is the real problem.
Ekaterina Walter, author and columnist recently featured in the premiere of Microsoft’s new business show Modern Workplace. In the episode, she stated that Fortune 500 companies used to dominate the market for 70 or more years. However, with the figure closer to 15 years in recent times, she believes that businesses aren’t doing enough to adapt to changes in their industry.
According to Microsoft, today’s market is dictating that companies replace their traditional processes with more agile solutions to keep up with the innovative organisations. If they don’t adapt to new systems and technology, the business will probably be left behind or fail completely.
In a June 10 news article, Microsoft revealed that for a business to be successful over time, they need to be more connected with different departments and break down non-essential silos. The company used the example of two innovative multinational companies that were implementing the right technology and ensuring their business culture rewarded and inspired innovation every day.
“Empower their employees to make bold decisions. Encourage teams to take risks… and even to fail, but fail fast and adapt. Perhaps hardest of all, be prepared to set legacy systems aside to inspire greater creativity and innovation,” the report read.
Australian innovation statistics
According to the Australian Bureau of Statistics (ABS), 42 per cent of Australian businesses undertook innovative activity in 2012-13.
ABS Spokeswomen Sue-Ellen Luke noted there was a difference in the level of innovation between larger and smaller organisations.
“In line with previous results, large businesses are more than twice as likely to have undertaken some form of innovation – such as introducing new or improved goods or services, or improving operational processes – than small businesses,” she said.
Innovation is something that businesses in various industries will need to work at as it can take many different forms. However, for IT contracting recruiters, Oncore Services is here to help.
Encapsulating administration and payroll matters, timesheets, invoices and more, Oncore’s software solutions can help ensure contractors are paid on time, every time. For more information on the service, feel free to contact our expert team today.