The substandard management and tech skills of Australian executives may be contributing to the nation’s waning innovation, the Productivity Commission has warned.
The substandard management and technology skills of Australian executives may be contributing to the nation’s waning innovation and productivity, the Productivity Commission has warned.
“Consultations undertaken for this inquiry provided insights into some of the consequences for innovation of poor management capability.” “Despite a huge appetite for digital transformation in many industries, skills and management capability gaps has seen some firms lose out from adopting new digital technologies, reducing their willingness to pursue future productivity-enhancing innovation,” the commission said.
A recent survey of 1500 Australian small and medium enterprises by accounting software provider MYOB found 59 per cent of surveyed firms reported that adopted digital solutions were hindering them in some way, suggesting that the firm had not successfully integrated the innovation into its existing processes.Moreover, 42 per cent of surveyed businesses had given up on using some digital business solutions.
Management capability in Australian manufacturing lags behind global peers in the United States, Japan, Germany, Sweden, the United Kingdom and France, according to international research cited by the commission.
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