The Australian economy has long had natural resources, finance and food production at its heart. While these three sectors are still some of the most profitable, technology-driven business could be set to take over.
According to research from Deloitte, the digital economy now contributes more than $79 billion towards the total worth of Australia. It is surpassed by some of the old guard – finance and insurance services contribute the most with $130 billion – but there is a lot of evidence to support the fact that its reach is growing.
Ingrained in multiple sectors
While the digital economy can be measured in its own right – as evidenced by the statistics from Deloitte – the reason it has the potential to become the number one driver of Australia's economy is due to the fact it is ingrained across multiple sectors.
Technology – and the internet in particular – is allowing more and more enterprises the opportunity to streamline their processes and appeal to potential customers directly. Social media plays a big role in this, as it is now possible for even the biggest corporations to have one-on-one interactions with consumers in a way never seen before.
Technology and internal business communications
While external communications are crucial, the effects digital is having on internal communications are even more notable, according to Deloitte.
Technologies such as the cloud and data analytics are making it easier for companies to carry out strategic planning within the organisation and ensure that any insights and objectives are understood by the all of the applicable stakeholders.
As the digital economy continues to grow, businesses that look to shift to technology driven internal approaches and become more adaptable to change will likely be the ones that find success.