Impact of Technological Advancements on 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technologies has shifted corporations facilitating communication to take place instantly as contradictory to previous, outdated procedures.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.

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).

R&D Activities of Australian Businesses impacted by Advanced Technologies

Research and Development is also an imperative medium through which Australian businesses attain new technologies, even though less general as compared to purchases of current technologies. Similar to technology investment, research and development investment in Australia rose massively during 2002 till 2008 (Unhelkar, 2010), however reduced during the global financial recession. This was normal of other regions, with almost one quarter of European Union companies reduced investment on research and development in the immediate post period of global financial recession, whereas half handled merely to sustain their investment (Pounder, 2013).  The global financial crisis showed a robust negative influence on business creativity throughout the world, decreasing accessibility to an array of various financing ways, causing slow development in business expense on research and development, decreasing demand for creative innovations and generating higher ambiguity regarding potential demand. Recently, research and development adaptation of advance technology has augmented, though at a more uncertain ratio (Unhelkar, 2010).

 

Recommendations & Conclusion

Encouraging Technology Investment and Digital Readiness

To acquire complete advantage of the high-speed digital and broadband potentials, Australia requires a more sophisticate, strategic, and competent conduct to enhance the digital willingness of its businesses. Following recommendations can be considered in order to improve the overall technological adaptations in several business regions of the country. These recommendations are meant to all industries, in associations with all state tiers (Pounder, 2013):

  • Businesses should conduct a review of digital program of capability offered by Federal and State Governments and private service providers to coordinate and rationalize service delivery.
  • Elect a single online aspect of information where Australian businesses can acquire data regarding these measures.
  • Establish more comprehensive metrics to evaluate development against the strategy of National Digital Economy’s objective that till 2020, the country will position in the leading five countries of OECD in the area of business as well as non-profit firms utilizing online prospects to drive performance.
  • Develop sector based training case evaluations and materials, like Digital Business Kit programs by Federal Governments for particular industry segment, identifying the various technology adaptation frameworks and options accessible to various industry areas.
  • Master creative new approaches for knowledge and skills development that make improved utilization of the assets and knowledge of industry and generate prospects for businesses to study from other businesses.
  • Better aim measures to businesses most at threat of getting outdated, like small firms operated by families who mostly have less accessibility to talents, financing, support, information and financing.
  • To direct the execution of these measures, the generation of a standing digital performance workforce expanding all industry managers and tiers of state.

Australian businesses showed immense potential to adapt to technological trends during the past twenty years, which has had an optimistic influence on performance (Pash, 2014). Accomplishing more benefits from technology investment will be important if the country is to gain fostering and efficient development and be prepared for the confrontations and prospects that are present in future. Accomplishing this perspective needs strenuous initiatives from businesses and industry leaders to overcome hindrances to technological adaptation and assure Australian business area upgrade their innovation and performance skills (Manyika et al., 2013). This paper evaluated several impacts and outcomes witnessed by Australian businesses after the advent of advance technology and it has been recommended that important and innovative policy measures, like the establishment of national skills plan for workforce in order to ensure digital economy, an innovative planning to augment integration between research and business institutions, and a well prepared work force of business and state representatives to assist the country’s success in the modern technological era is highly crucial.

Keeping in mind the prospects, business predicts new options for integration, creativity and performance gains from adaptation in new and advanced technologies. Although, in spite of a bipartisan political dedication to rollout universal high speed digital broadband, the paper has analyzed the gaps in the skills of small and medium sized enterprises, and few business segments, to grab full benefit of first-rate infrastructure of broadband. Australian organizations confront massive prospects over the future years: strong investments and implementations in mobile and fixed broadband infrastructure; heightening technological creativity, specifically in the communication and information technologies; and Australia’s vicinity to the development and modernization of Asia (Lee, 2008). Availing advantage of such prospects will be the basis for enhancements in performance and Australia’s overall living standards. However, Australia is not prepared as it requires to be. Australian businesses need to overcome severe challenges during the upcoming years. The speed of international business is merely pacing up, whereas the population increases, and the mining sector booms. Enhancing performance with technology will be critical if the country is to remain fostering and efficient.

 

References

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Barta, B. (2013). The Place of Information Technology in Management and Business Education. Australia: Springer, p.36.

Hoang, C. (2015). Digital technology continues to transform the Australian economy. [Blog] Ai Group Blog. Available at: http://blog.aigroup.com.au/digital-technology-continues-to-transform-the-australian-economy/ [Accessed 21 Aug. 2015].

Innovations Through Information Technology. (2004). Idea Group Inc, pp.500-527.

Lee, (2008). Selected Readings on Information Technology and Business Systems Management. USA: IGI Global, pp.18-25.

Manyika, J., Chui, M., Bughin, J., Dobbs, R., Bisson, P. and Marrs, A. (2013). Disruptive technologies: Advances that will transform life, business, and the global economy. McKinsey & Company. [online] Available at: http://www.mckinsey.com/insights/business_technology/disruptive_technologies [Accessed 21 Aug. 2015].

Pash, C. (2014). These 5 Huge Trends Will Determine Australia’s Future. Business Insider Australia. [online] Available at: http://www.businessinsider.com.au/5-huge-trends-that-will-determine-australias-future-2014-6 [Accessed 21 Aug. 2015].

Pounder, K. (2013). Technology Investment and Productivity in Australian businesses. 1st ed. [ebook] Sydney: The Australian Industry Group. Available at: http://www.max360.com.au/documents/national-ceo-survey-technology-investment-and-productivty-in-australian-business.pdf [Accessed 21 Aug. 2015].

Unhelkar, B. (2010). Handbook of Research on Green ICT. India: IGI Global, p.404.

Wells, G. (2010). Sustainability in Australian Business: Fundamental Principles and Practice. Australia: John Wiley & Sons Australia, pp.10-20.