Innovation continues to remain essential for business development.

New survey results encourage SME innovation

July 22nd, 2015 Business Solutions News and Advice

SMEs are constantly reminded of the value of innovation in encouraging business development, especially as it is continuing to be a force to be reckoned with throughout the Asia-Pacific region.

New research from Microsoft found that a number of emerging economies in the region are creating businesses that are developing faster than some Australian companies. The key to this growth? Innovation.

According to the New World of Work Study produced by Microsoft Asia Pacific, the rapid uptake of cloud computing and mobile platforms – among other new technologies – is allowing these businesses to grow at a stunning rate. These capacities are even allowing them to outpace Australian businesses in terms of innovation.

The average index score for the region was 40, which both Australia and New Zealand ranked well below, recording scores of 36 and 23 respectively.

Microsoft Asia Pacific found that Southeast Asian countries had the edge in the study, with Indonesia leading the way at a score of 62, closely followed by the Philippines and Vietnam.

Applications and Services Group Lead Steven Miller says that to catch up, Australian SMEs need to take advantage of their size – something the leaders in this study are already doing.

"They are embracing mobile and using the resources that they have, the creativity and tenacity of their people. Rather than being chained to a desk, they are able to leverage that inherent agility," he said.

"That is something that Australian small businesses can really learn from – they can learn that [SMEs] have inherent advantages in the nimble and fast ways for operating enabled with mobile technology to help them to compete for business and compete against bigger businesses."

According to research from Telsyte, Australian businesses are beginning to realise the potential these technologies hold, with more than half of companies that have over 20 staff now using cloud services. This uptake is expected to drive the value of this technology to $775 million by 2019.