Advancements in Australian Business
Introduction
The emergence of advanced technologies with contemporary expertise has reformed the manner businesses function. The 21st century employs several technological devices and gadgets that have generated competent mechanisms facilitating several advantages. From an organizational structure of a business, to marketing, communication and advertising modes, contemporary businesses, organizations, corporations and business persons have uncovered the advantages of utilizing advanced technologies in their businesses. The technologies has shifted corporations facilitating communication to take place instantly as contradictory to previous, outdated procedures. There is no doubt that technology has thrived businesses to new altitudes and has been an enhancement to efficiency rather than a waste. Australian businesses have always been interested in adopting technology over the past twenty years. At an organizational level, this has generated a constructive influence on productivity with creative research conducted for the evaluation validating that businesses which capitalize in emergent technologiess are essentially more likely to confront enhanced labor efficiency than those businesses that do not (Barta, 2013).
However, since the international financial crisis, business investment in advanced technology has been widely straight, and more feeble appears in the short term. During the past ten years or so, Australia’s position has decreased in global rankings of technology implementation and efficiency. The probable advantages of the technologies debated in this paper are massive-however so are the threats of planning for their impact (Barta, 2013). Furthermore, if businesses and managers wait till these technologies are putting their complete impact on the business arena, it might get too late to grab the advantages or respond to the results. Whilst the required reactions will diverse by technology and stakeholder, specific guiding rules can assist organizations and businesses as they prepare for the impacts of advanced technologies.
Technological Advancements Continues to Transform Australian Business Scenario
Whereas business investment in emergent technologies increased hugely during 2000 till 2008, since the global financial crisis investments has been hugely stagnant and seems to be uncertain again during 2013 because of persistent financial agitation and reduction in mining sector investments (Abs.gov.au, 2015). The exemption to this fad is investment made in ICT (Information in Communication Technology) sector, has universally increased massively during the past ten years (Hoang, 2015). Data evaluated from the Australian Bureau of Statistics expresses that business investment in advanced technologies increased vividly throughout several areas of the Australian business and economy during 2002 till 2008, however reduced and then trampled during the global financial recession and its repercussion.
Disturbingly, ongoing cost compulsions, decreased productivity and worry over financial conditions refers lesser businesses likely to adopt advance technologies during 2013 contrasted with 2012 (Innovations Through Information Technology, 2004). The alteration is most plain in Australia’s mining sector, having 57 percent of mining firms showing that they augmented investment in advance technologies during 2012 however merely 29 percent deciding to do during 2013 (Hoang, 2015). Also, a third trying to reduce investment on advance technologies contrasted with merely 5 percent in 2012 (Hoang, 2015).
Endorsing reports that technology impacts and development in the mining sector is evolving to ease with other areas still to pick up the reduction, the services and manufacturing sectors also predicted technological adaptations to reduce, with merely construction firms likely to show steady implementation.
Inclination towards Digital and Broadband Technologies
Australia remains in the early phases of one of the most important public spending in high-speed broadband facilitation around the globe. Although, businesses researches depicts that most of the firms lack conviction that they can avail opportunity of the prospects that high-speed broadband will might offer (Innovations Through Information Technology, 2004). However, mobile technologies lead business operations in current era. Businesses from several industry arenas expressed positively in debates regarding their adaptations in mobile technologies with several expressing about business deals that were presently under consideration. Enhancements to marketing and sales activity along with improved connectivity for business, had been the important drivers to adapt. The major threats to implementing cloud and wireless technologies include intellectual privacy and property threats, security along with business procedures that have not maintained speed with technological advancements.
Table 1: Relation between labor productivity and technology
Figure 1: Technological Adaptations in Australian business sectors
Impact of employing mobile technologies in businesses
There has been substantial development in the utilization of mobile technologies as well as social media in current times among small and medium enterprises. During 2011 till 2012, the use of smartphones by such businesses increased from 46 percent to 63 percent while the use of tablet devices increased from 16 to 29 percent (Manyika et al., 2013). The amount of businesses employing social networking mediums for business increased from 18 to 27 percent (Pash, 2014). The augmenting utilization of such technologies was vivid when several entrepreneurs were inquired in a research regarding the impact of digital and mobile technologies on their business productivity (Manyika et al., 2013). Mobile technologies are creating a huge impact on several businesses today. Currently, nearly 95 percent of employees have laptops and it has been regarded that those devices will be swapped in the near future. It enables any individual working outside more flexible and adaptable and they can communicate more effectively (Pash, 2014).
Several business firms elaborated the impact of digital or mobile technologies on their marketing and sales performance. They are leading a substantial ratio of its marketing and sales resource
And investment into enabling technology, ensuring the website facilities are there to appeal the consumers, ensuring that when they visit the website they find it highly user friendly supporting latest android and iPhone platforms. Businesses are also facing lot of consumers who access their information on their mobile gadgets like iPhones and iPads to search for documents, brochures. It has become a huge competency as compared to the approach utilized for communication and marketing a decade ago (Wells, 2010). Now, with the use of social media, businesses are now capable to manage their consumer base, and eventually have particular messages for them. It also refers to the need for the businesses to develop a whole new set of potentials and skills to facilitate that to occur. The main challenges to implementing cloud and wireless technologies includes security issues, and privacy concerns (Wells, 2010).
