Five questions every innovative business should ask

The Commonwealth Bank, one of the Australian Export Awards’ longest-standing supporters reflects on innovation in a changing export landscape. The Bank shares five important questions that drive innovation for Aussie business.

With more than 15 million customers, 870,000 shareholders and 50,000 staff, the Commonwealth Bank knows a thing or two about business. The finance industry leader has also supported the Australian Export Awards program for a whopping 31 years. 

‘We have an obligation to build a future for all Australians. And that’s why we partner with great programs like the Australian Export Awards,’ says Andrew Speers, CommBank’s General Manager, Working Capital. ‘We see so many good exporters and business in Australia. We want to help them be recognised around the world.’ 

Three decades on: an expanding export landscape

So, what’s changed for the Australian Export Awards in 31 years of partnership? Most notably, the breadth of support for our export community, says Speers.

‘As the Australian economy has grown and developed, so too has the Australian Export Awards’ he says. ‘They’ve moved with Australia’s new, intelligent society. In the 1960s we were working with manufacturing, material exporters and miners. Today, we’ve expanded to include higher IP areas, like advanced materials and professional services.’ 

Speers has also noticed a change in the awards’ recognition of value-added services. These are features added to a core product to improve user experience. He says that ‘more businesses are exporting a value-added service, rather than the good itself.’ 

It’s a changing export landscape driven by Aussie passion, innovation and good old-fashioned hard work. As Speers notes, ‘We’re seen around the world as creative and critical thinkers who solve problems. And our products and services carry a premium value against that brand.’ 

How Aussie businesses can stay innovative

It’s no secret that innovation is critical to success. But how can Aussie businesses live up to their innovation reputation? Speers says businesses shouldn’t dwell too much on asking if they are innovative. 

Instead, businesses should ask different sorts of questions, such as:

1. How can I be a more efficient business?
2. Am I thinking about what’s next for my business and its broader stakeholders?
3. What am I doing about offsetting carbon?
4. What am I doing about sustainable social goals?
5. How am I going to remain relevant to my customer base for the next 20 years? 

‘It’s this kind of critical thinking that will drive innovation and future success,’ says Speers.