Digitalisation has brought about tremendous changes in how we live, work and play.

Australia’s economy is now heavily digitally geared. Key sectors such as manufacturing, retail, hospitality, banking and finance are moving rapidly to an online preference.

Recently, the coronavirus pandemic has amplified this digital shift as Australian workplaces lurched from office-based work to digitally enabled remote working.

In April 2020, the Online Shopping industry index rose to 58.5% compared with April 2019. This shift is due to consumers increasingly shifting shopping activity online as they adapted to the pandemic restrictions.

Technology is the primary driver of all of this change. Without advances in artificial intelligence, machine learning, big data, and the internet, we would not be hopping into Ubers, accessing account information by voice, and enjoying frictionless engagement with our favourite services.

Tips to thrive in a digital economy

• A digital strategy is the first step towards innovation. Without this, any investment in technology will not work. A digital strategy should work as a reference point for all digital investment decisions to ensure new technology delivers value to the business. It needs to tie digital development to organisational objectives.
• Successful digital transformation requires the development of a new digital business model to run alongside the existing core business. It is important to invest sufficient resources in both the established operation and the new digital arm.
• Leadership plays a crucial role in any digital transformation. To take advantage of the opportunities and protect against threats that new digitally enabled business models present, leaders need to commit to being bold and transformational, ahead of those that remain safely within their comfort zones and traditional ways of working.
• Invest in the right technology.  Research shows that the most successful digital reinventors adopt a full range of technologies across their organisations’ critical applications and processes. By investigating emerging artificial intelligence technologies, such as upgrading machine learning algorithms to deep learning ones, or investing in new generation of smart robotics, is a great way to have an edge on your competition.

To find out how to push your business forward, contact Morris Finance’s business specialists today on (03) 5223 3453.