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Innovation: Breaking down the buzzword

31 March 2016

Governments and the private sector have both seized upon the idea of innovation, labelling it vital to building a strong and stable organisation. But the word is often thrown around without much explanation. So what does innovation really mean?

Put simply, it’s all about change. Innovators are constantly reflecting upon industry productivity, and looking for methods to improve. Everything we use in our daily lives, from dental floss to air travel, has been the product of innovation.

Why should I care?

As an individual, it’s easy to think that innovation is just for giant corporations. But the smallest changes can sometimes have the greatest impact. We all have something to contribute to our own industries. Transforming the way we do things can be intimidating, and many are understandably resistant to changing their ways, but innovation has the power to sustain progress.

Australia is lagging behind other nations in this area, with only 9% of Australian businesses bringing new ideas to market. This is in contrast to the 19% in the top five OECD nations. Elizabeth Webster, director of the Centre for Transformative Innovation at Swinburne University of Technology, has suggested that our nation’s current reliance “on a narrow range of volatile commodities is a risky growth strategy”.

Australia’s innovation focus

In an effort to combat this, the federal government has launched a Global Innovation Strategy, which will begin on 1 July 2016. This initiative has committed $36 million over five years to increase the number of Australians contributing to global innovations and scientific partnerships.

Get involved

Information technology has been one of the most significant innovations in modern times, and new progress is being made everyday. Those with the analytical and technical skills necessary to innovate in the digital age are increasingly sought after by a variety of employers. Governments, corporations and small businesses are all embracing the benefits of technology, and a background in information technology is an advantage for employees in any given industry.

The Master of IT Management with Southern Cross University Online will extend your technological capabilities and equip you with the skills to work with global innovators and create necessary change.

Speak to our advisors today on 1300 589 882 to find out what this course can do for you. We’re available 8am - 6pm, Monday to Thursday, and from 8am - 5pm on Friday.