Strategic technologies make up some of the most advanced and exciting aspects of digital business, but not everyone is as up-to-date; many industries and sectors are just catching up with the latest technology.
Public sector limitations
Technology advancements within the business world usually come with an aim for greater processes and better outcomes, but the initial investment cost can mean that there are slower adoption rates for those organisations in the public sector.
Recently, Gartner, Inc. released a report with recommendations for Australian Government CIOs in order to facilitate and aid government transformation initiatives. Rick Howard, research vice president at Gartner, has stated that outdated processes often limit government participation.
“In the digital service economy, the government must make strategic investments in IT or risk perpetuating suboptimal business and service models that are financially unsustainable in the long term,” said Mr. Howard. “Government CIOs who are too slow to adopt the technology innovations that are transforming private sector service industries will increase business risk and cost, while compromising the mission of their organisations.”
The top trends listed by Gartner were the digital workplace, multichannel citizen engagement, open any data, citizen e-ID, analytics everywhere, smart machines, Internet of Things (IoT), digital government platforms, software-defined architecture and risk-based security.
According to Gartner, the total of what national, federal and local Australian government are spending on technology products and services is expected to grow by 0.3 per cent. The prediction suggests that the industry may be bouncing back after an over 5 per cent decrease in 2015 – and is now expected to be worth $476.1 billion by 2020.
Big business is investing
The Wall Street Journal recently reported that Tsinghua Holdings, a state-owned organisation with a wide range of subsidiaries in the technology industry in China, has recently invested $7.6 billion into strategic technologies.
“In the future, China’s economy will need to rely on innovation,” said Xu Jinghong, Tsinghua Holdings’ chairman, in an interview Sunday.
The reason there is such focus on strategic technologies is because it is an industry that is seen by many to be the driving force behind business innovation.
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