Financial Data
Updated 30 Sep 2020

Innovation is key to business success

Our world is evolving radically, primarily due to advances in technology. A changing world means the rules have also changed. As businesses look to innovate, what do we need to keep an eye on and what has affected this changing world I refer too? 

Andrew MacKenzie, 09 September 2017  Share  0 comments  Print

All the answers to your unique business lifestage questions

There are six fundamental shifts that we should consider to stay relevant in today’s competitive business world.

1. We live in an age of access and experiences

This is demonstrated by the rapid rise of companies like Netflix and of course, the iTunes platform offered by Apple.This instant access to any movie or music track you could ever dream of has revolutionised our buying and viewing behaviour. The extent of this impact is highlighted by the rapid decline and demise of DVD rental stores and CD outlets.

Related: 3 Leadership truths all entrepreneurs should know

2. It's no longer about business as usual, but rather business unusual

We have seen a convergence of technology to simplify our complex lives, and innovative companies have moved from control to collaboration. Great examples of this are Uber and Airbnb. For Uber and Airbnb, there has been a groundbreaking shift in how we access paid-for transport and accommodation. This collaboration of new technology in App development and traditional components has seen both of these companies gain a rapid rise to business success.

3. The rise and advancement in 3D printing and digital fabrication have revolutionised how we approach production and product development

The ability to print individual, bespoke and customisable prototypes has led to a rapid increase in product development without the significant expenses previously experienced. Nike has already adopted digital fabrication in prototype shoe models with great success.

4. We have seen a phenomenal rise in information

Take a look at websites like This great site offers instructions on practically everything. Google has made information available to us through a simple word search, and Youtube has user generated video content like never seen before. Consider the online news platforms you follow, both on your computer and mobile devices. We are instantly in touch with what's going on in the world.

5. Computers are now more than ever an infinite resource

In 1977, Ken Olsen, the founder of Digital Equipment Corporation made the statement "There is no reason anyone would want a computer in their home."

Granted, back then, a 10mb hard drive cost USD3398, putting access to computers out of the reach of the everyday man financially. However, computer prices have dropped radically, and technology advanced 1000 times over since then. Our cell phones are now verified computers, with Apples latest iPhone offerings having more than 128 gigs of capacity.

Related: How to cultivate creativity in your business for the year ahead

There are now 50 billion devices globally, with some people having as many as eight. In a 2015 survey by Neilsen, conducted on behalf of Twitter, it determined that the average person checks their phone up to 150 times a day. We truly are living in an always-on world where we can access anything, anywhere.

6. We have moved from geographies to a global business approach

The world is now a potential customer. Advances in technology mean that geographic location no longer dictates where we engage in business. Online shopping platforms, high-speed fibre internet lines, and innovations in distance logistics have all opened up the world to local businesses.

As a business owner, an innovative approach to your business is more productive, more responsive, and more inclusive, and allows us to turn innovation and inspiration into financial performance.

Rate It12345rating

About the author

Andrew MacKenzie

As the chief cat-herder of a team of creatives, Andrew has to constantly maintain an objective view on creative concepts, always aiming at big ideas that work for clients. He relies on almost two decades of experience, from his junior designer beginnings through to his current speciality – through-the-line advertising. A people person to his core, Andrew’s skill is drawing the best out of the creative teams he oversees. And how well is he doing it? We’ll let the awards speak for themselves, from the pinnacle of local and international awards shows, including wins at the Loeries, Assegais, Clio's, Epicas and Cannes to name a few.

Introducing the cash solutions for a growing business

Are your cash solutions supporting your growing business? Leigh Livanos, Head of Payments, Collections & Cash for Business & Commercial Banking explains how your cash solutions needs will evolve as your business expands.

Login to comment