Australian business are not responding quickly enough to remain competitive in the changing digital landscape, a recent survey finds.

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 by transformation consultancy Squiz.

Amongst the acceleration of technological advancements and digital disruption across various industries, a concerning 15% claimed they had not changed their business model at all within the last 10 years.

45% of Australian business leaders say their business is ‘very receptive’ to innovation while 10% said they are ‘not very’ or ‘not receptive at all’. These stats highlight the lack of proactivity and readiness among Australian businesses to drive and implement genuinely innovative business strategies.

“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 21st century,” says Robin Marchant, global marketing director of Squiz.

In the same survey, 56% of respondents claimed innovation through digital is the key to keeping up with competitors and driving business forward in the 21st 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”, continues Merchant. “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.”