Australia has an ambitious goal of becoming a leading digital economy. Specifically, to join the ranks of the top 10 data and digital economies in the world by 2030.
But what does it take to become a digital economy? Most importantly, how do we achieve this?
Before we go into Australia’s strategy to realize this vision, let’s first define what a digital economy is.
What is a Digital Economy?
According to the official website of Australia’s Digital Economy digital initiative, “A digital economy and society includes all activity that is reliant on, or significantly enhanced by the use of digital inputs…”
A digital economy thrives because of technologies, infrastructure, services, data, regulatory frameworks, and digital skills that are at par with global standards.
What is the Digital Economy Strategy?
So, how does the Australian government aim to achieve this vision of a digital economy? Firstly, they came up with a three-point strategy:
Setting a solid digital foundation
What makes a good foundation for a digital economy?
Policies to promote digitalisation, for instance, lay the groundwork for success.
In addition, infrastructures that support the technologies we use, security measures to safeguard digital experiences, and much more are important bases to cover.
Before grander plans for innovation, the government is focused on building on these bases:
- Digital Infrastructure
- Cybersecurity, safety and trust
- Skills and inclusion
- Systems and regulation
- Trade and international engagement
Staying ahead with emerging technologies
Because technology is ever-evolving, economies must be able to keep up to ensure future prosperity.
In other words, Australia must build capabilities across new technologies and invest in their development to stay ahead of the curb.
To sum up, here are the recent technological advancements that the government aims to invest in:
- Artificial intelligence
- Internet of things
- Data Analytics
- Block Chain
- Quantum Computing
Identifying and investing in digital growth opportunities
The digital economy strategy uplifts the ambitions of the entire country, however, there are priority sectors that will propel all others to follow suit.
These key industries have the biggest digital growth opportunities:
- Digital SMEs
- Modern Industry Sectors (Mining, Manufacturing, Construction)
- Dynamic and Emerging Tech Sector
- Digital Government Services
What digital investments can we expect this 2022 to 2023?
- $1 billion for the Technology Investment Boost
- $70 million to establish a Quantum Commercialisation Hub
- $22.6 million to further support 5G innovation
- $3.9 million for helping women transition mid-career to a digital workforce
- Reforming Australia’s payment system for the digital age
- Keeping Australians safe and secure online
To sum up all the 2021-2022 investments, the Australian government collated their efforts here.
How does this affect your business?
Our previous blog discussed that the incentives from the Federal Budget provide much-needed support for business digitalisation.
Similarly, the long-term initiatives for the digital economy strategy serve the same purpose – boost investment in digital solutions and skills training for the workforce.
Tips on taking advantage of the technology investment boost
Choose a powerful, all-in-one solution
It can be overwhelming to decide what technologies to invest in because there are so many out in the market. When choosing an investment, it’s best to go for a solution that serves multiple purposes.
For example, an ERP system can be an accounting tool, payroll software, a warehouse management solution, and much more.
Moreover, ERP systems are scalable. Therefore, you can pace your implementation.
You can start off with a couple of modules and then add more as you become more confident in your capabilities with the solution.
Similarly, connecting third-party software for other specific purposes can also be done with an ERP solution.
Train your team
Adopting a new technology becomes much easier with the whole team on board. By providing them with digital know-how, they’ll be able to use technologies to their full potential.
Seek help from the experts
Choosing technologies, learning about their capabilities, and then training teams to use this technology is no easy feat.
Because of the challenges that come with technology implementation, consultants and experts are crucial to businesses undergoing digital transformation.
In the world of business management solutions, ERP providers offer product consultations, oversee implementation and training, and provide ongoing support.
Want to work with our experts? Contact the AlphaBiz Solutions team to assist you.