Australian organisations are battening down the hatches as recessionary pressures bite, even though business leaders and economists generally predict Australia will avoid a major downturn. This uncertain environment has brought one priority to the fore in 2023: leaders must do more with less.
According to Dr. Amantha Imber, organisational psychologist and founder of behavioural science consultancy Inventium, tough economic times typically force companies to follow one of two paths.
“Short-term thinking will see many businesses focusing every resource on core operations and killing their innovation budget,” she says. “But all financial cycles come to an end. Companies that thrive after recessions have a different mindset: they recognise that now is the time to think differently. Organisations that invest in innovation as well as protecting their core always come out on top.”
Related
Imber believes the most successful firms will innovate and use AI to “offload shallow work” and boost productivity. For many, the last three years were a period of intense innovation driven by survival. Today, the challenge is showing immediate value. With increased scrutiny on spending, teams need to deliver returns in months not years.
A recent ServiceNow and ThoughtLab survey of 1,000 C-level executives around the world found that modernising IT platforms is the most important first step to promote innovation. Yet this year, digital transformation is the top priority for just 35% of executives from Australia and New Zealand. Other factors holding back innovation include skills shortages and inadequate training.
Facing uncertainty, how can businesses identify innovation and opportunities worth chasing? Imber identifies five approaches successful innovators will pursue in 2023.
Related