Building trust, innovating, taking lead for businesses and forming partnerships, were among the key takeaways from the Unlocking shared value in South Australia panel discussion held in Adelaide on 12 September.
Opening the session was Peter Yates AM, Chair, SVP who encouraged businesses to work together to solve society’s problems.
Expanding on the understanding of how shared value can be applied to address the current social issues in South Australia, Richard Fennell, Chief Financial Officer, Bendigo and Adelaide Bank, said that at a time where big business is being challenged on why they are perceived to be bad, the narrative of how stakeholders can get an appropriate return to the value chain is important.
Business means people
One of the areas highlighted in the Deloitte 2017 report: Make it big Adelaide is the human factor. According to the report, the population in South Australia needs to reach 2 million by 2027.
“We need more people in South Australia. We want to create an environment to have more people to stay. Now is the time of change,” said Andrew Culley, Managing Partner, Deloitte, South Australia.
Another key point brought up by the panel is that the change should be brought upon collaboratively and not dependent on the South Australian government. Culley highlighted that the concept of waiting for government to manage the existing social and economic issue is not the way to go.
“For too long the narrative of South Australia has been public sector driven. We need to rebalance that. We need more private investment to help us grow,” said Culley.
Business should innovate
Looking to make sure all our stakeholders get an appropriate return to the value chain is a philosophy that we think is really important. Richard Fennell, CFO, Bendigo & Adelaide Bank
In a shared value context, innovation can be brought about through partnerships that create effective and reliable solutions combining business perspectives and societal issues. Anthony Rologas, Executive Manager, People, Culture and Knowledge, Scope Global, said that the language and conceptual framework of shared value is critical to lay the basis of how partnerships can be formed.
David Pearson, Executive Director, Don Dunstan Foundation, cited Barossa Co-op as an example of an innovative enterprise that uses partnerships with its communities to create solutions.
“We need every part of the community in the ecosystem to work on new opportunities. Let’s set the table,” said Pearson.
Financial institutions like Bendigo and Adelaide Bank have supported organisations like Tic:Toc, a housing loan system, through funding. Fennell encouraged businesses to seek opportunities for partnerships or funding within the private sector and go forth with innovating their business models.
“We’ve supported organisations like Tic:Toc that are at the forefront of innovation. We help them to fund where they want to go. There are opportunities to help you get there.”
Whilst opportunities remain abundant in Adelaide and South Australia, it is useful to note the growth sectors where business can realise and maximise potentials. According to the Deloitte report, South Australia is strong in agribusiness, education and tourism. The industries that show strong potential are defense, health and medical, creative and professional services industry.
Understanding the economic benefits and what appeals is key to unlocking the potential in South Australia.