The majority of business leaders have revealed they are not prepared, nor have initiatives in place, to implement innovation in their company, according to a recent survey of Australian business leaders.

The survey, conducted by Squiz, the Australian company powering digital transformation for its clients, surveyed 150 Australian business directors, owners, and senior managers across 10 different sectors.

The results highlighted only 45 per cent of business leaders said their business is ‘very receptive’ to innovation while 10 per cent said they are ‘not very’ or ‘not receptive at all’. Furthermore, just over a third (37 per cent) think their company is currently taking advantage of the way the digital world is moving.

In the same survey, 56 per cent of respondents claimed innovation through digital is the key to keeping up with competitors and driving business forward in the 21^st century, highlighting the disconnect between business leaders’ aspirations and their actions.

“Results like this shed light on the slow pace at which Australian are businesses responding to the changing digital landscape,” said Robin Marchant, global marketing director of Squiz.

“While most businesses aren’t innovating, there’s an obvious understanding that they need to be. We need to start walking the walk when it comes to adopting digital technologies to remain competitive.”

When asked if their business models have changed within the last 10 years, 15 per cent recorded no change at all, suggesting there is still a significant portion of Australian businesses failing to adapt to changes in the technology and business landscape.

“How businesses operate has dramatically changed in the last 10 years. For so many respondents to admit they’ve failed to alter their business model in the last decade is astounding. The rapid pace of change the digital landscape has endured in the past 12 months alone is evidence enough that agility is a key requirement for businesses hoping to survive in the ever-evolving 21^st century,” continued Marchant.

“Businesses that are agile and constantly adapting to customer needs will witness innovation as a natural part of their company model, rather than those that oppose change and try to fit so-called innovation into dated processes and products.”