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Digital Transformation in Australia: Are We Ready?
Its happening now. Digital transformation in Australia is happening in many different arenas – we’ll uncover some of the major trends happening at present.
We are forging ahead with digital transformation in Australia. However there has been very little public discussion about the issues. We seem to be content to leave it to the government to drive the agenda. Are we ready for the changes this will bring? In this article we look at some of the areas of transformation.
Govpass digital identity scheme
Recently implemented by the government, this scheme aims to ensure that all government service becomes available through digital channels by 2025. Over AUD $200 million has been spent on this National Digital ID platform over the past five years, and the use of biometrics within this system is aimed at ensuring security and privacy.
While the project aims at improving national security and streamlining commerce for digital transformation in Australia, there are also some concerns raised with this digital transformation. For one, the digital ID scheme seems to be shrouded in mystery. Also, two government organizations that currently offer Identity Service Providers have information consolidated in one place. What this means, is that it exposes individuals to the possibility of stolen or compromised personal information.
Payments revenue in Australia is expected to grow at a rate of 3.7% to more than $23 billion by 2025. A sizeable portion of this revenue, however, is expected to be displaced by the growth of digital payments.
To stay ahead of the competition, banks need to adopt these technologies and change their business models to survive. The rise of digital payments also means the introduction of new competitors such as payments being completed through a virtual wallet, instant payments, and more. Businesses that capture this opportunity will continue to thrive in the digital landscape. If not, there’s a risk that they’ll end up being replaced as we move to digital transformation in Australia.
Blockchain and the ASX
The Australian Securities Exchange (ASX) is currently building the world’s first industrial-scale blockchain use case. Either than enhancing their products and services, it’s also improving the management of enterprise risk and positions the ASX as a leader of the technology sector.
At the same time, the ASX is also upgrading its trade equity trading platform which comes at a time of digital transformation. In this era, individuals are looking for a more comprehensive digital experience that’s fuelled by efficiency. Hence, new functionalities will be introduced and web presences have been upgraded along with richer functionality.
Enterprise and the cloud
As a foundation for digital transformation, businesses have started to gravitate towards cloud applications. 75% of enterprises are either deploying cloud applications or are currently in the process of moving into the cloud.
While shifting towards the cloud is the right move for businesses, they’re expected to face a multitude of challenges along the way. Moving into the cloud may be the first step, but businesses also have to choose the right cloud approach and make consistent technological investments in IT services to ensure that they’re keeping up with change.
Executives within the company also need to be on board and involved in stages of cloud application adoption to allow businesses to have a higher level of clarity on their digital transformation journey.
Digital transformation in Australia, the big question remains – is Australia ready? There are many multiple facets of digital transformation and while Australia may be taking steps in certain areas, there are also other areas that have room for improvement. As illustrated above, there are many different aspects of digital transformation, and many steps that need to be undertaken for successful implementation.
Even so, Australia needs to craft a digital transformation strategy and move forward with the digital transformation process. Australian firms also need to be less conservative when it comes to technology deployment and adoption and take the plunge. Only by doing so – particularly with solid investment in research & development, can Australia stay ahead of the pack.
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Stuart Reynolds is the founder of Fullstack Advisory, an award-winning accounting firm for businesses leading the future. He is a 3rd generation accountant who specialises in tech companies, crypto and entrepreneurs.