Innovation can be defined as the creation of new value – making it a core tenet for every chief financial officer. But how can CFOs help foster the sorts of innovative enterprise cultures that successful modern business requires?
Tiziana Bianco, who leads the Commonwealth Bank's Innovation Labs spoke at a recent FEI event in Sydney, to explain what the bank has learned in the four years since it formed the labs as an exemplar of innovative practices.
The labs are not however solely responsible for CBA innovation. Bianco stressed that while the bank's three innovation labs in Sydney, London and Hong Kong with a complement of 35 people were focussed on "horizon two" innovations, the bank's innovation culture required every employee to focus on what she called "horizon one" or incremental innovations.
She said that it was important businesses also scan the market not just for disruption coming from within the sector, but from adjacent ones.
"Innovation or disruptive innovation nine out of ten times will not come from a company that looks like you - generally (it comes) from outside of your industry and from existing tech applied in a new way," she said.