Investing in innovation as a precursor to new products and markets was apparent in late 2015 when a survey by consulting firm Deloitte identified new products or markets, along with organic growth, as the most popular growth strategies for the year ahead. Nearly 60 per cent of the surveyed CFOs said this was their most likely option. Indeed it seems that enterprises in the Australian middle-market are increasingly investing in innovation to boost their profits.
Matt Michalewicz, an entrepreneur and author with experience in the fields of technology, commercialisation and supply chain management, has established and sold several businesses in his career. His latest venture is Complexica, a provider of artificial intelligence software. Fronted by the quaintly-named Larry, The Digital Analyst®, the software automatically captures new revenue and margin opportunities through real-time customer analytics, insights and recommendations. And by automating complex analytical tasks and workflows, it claims to reduce labour costs.
“You’ve got to innovate around your customers,” says Michalewicz. “Their world is changing rapidly, which means that your customers and their needs, drivers, and priorities are also changing rapidly.” He added that innovative solutions will not always be discovered by a business focussing internally on its existing product or service range.
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