What were the main drivers of sustainable business growth in 2014?
It’s an important question. These drivers aren’t trends; they are fundamentals to business survival.
Market and industry analysis identify innovation as a key driver of business success and growth in 2014. Innovation in digital capacities has allowed Australian businesses to understand and adapt to volatile and competitive markets.
These improvements in understanding were produced through more intelligent metrics. The metrics were able to better inform business leaders and guide strategic and operational changes needed to leverage opportunities.
Improvements in business adaptability were largely driven by workplace efficiencies. Business uptake of cloud computing programs, like Promapp, reduced process duplication and errors, and has been responsible for supercharging business performance.
Business understanding of markets (through improved metrics) and adaptability (through workplace efficiencies) has been crucial to meeting the rapidly changing tastes and needs of customers. Being able to meet the changing needs of customers has been at the core of sustainable business growth in Australia in 2014.
In a fascinating caveat, recent studies warned of the misuse of innovation. Businesses using technologies simply to displace existing products had NOT secured sustainable growth for themselves. They were simply cannibalising other products and services without any true understanding of the market and the competitive landscape in which they did business.
2014 has given Australian businesses some very important lessons: Sustainable business growth was driven by innovation. This innovation took two forms: The ability to provide accurate and actionable data through well considered and applied metrics; and the careful integration of workplace efficiencies leading to business adaptability and alacrity.