Technology Holds the Key to Australia's Global Competitiveness
The secret to Australia's competitiveness on the world stage lies in how well it harnesses the growth of digital technology, according to an industry expert.
Peter Williams, chief officer at Deloitte's Centre for the Edge, recently launched the Australian Shift Index - an in-depth analysis of how the global economy is changing and what executives can do in response. The Index formed the basis for Deloitte's new 'Setting aside the burdens of the past: The possibilities of technology-driven change in Australia' report, which looked at the increasingly important role of technology in Australia's place in global business.
"While Australia is well prepared, the nation's continued prosperity hinges on our ability to use technological prowess to find new solutions to old problems," Mr Williams said in a February 20 statement.
"Many industries are shifting their investment to the creation of new workflows, services and partner communities. We have yet to realise the full economic potential of leveraging these technological advances in order to maximise our competitiveness."
According to the report, one of Australia's biggest economical challenges today has been a national priority for centuries - what Deloitte refers to as "the tyranny of distance from major markets". In light of geographical constraints and the resulting high level of market concentration, it is essential that this country taps into digital technology to break down the physical barriers to business.
The effective management and deployment of the "rising seas of information" is another area of focus, according to Mr Williams, as companies that can utilise big data to its full potential can enjoy gains in productivity, cost efficiency, agility and adaptability.
With an increasing shift to the digital sphere as Australian businesses look to maintain and build on their global competitiveness, it is highly likely the demand for skilled workers in IT jobs will grow as well.