Digital Transformation In Australia
According to Infosys' Digital Radar Report 2019, Australia ranks second in terms of Digital Maturity Index right before China. It scored a score of 53.1 while the rest of the world's average score is 57.4. This is an alarming situation for the country, specifically when the whole world is going digital, and approximately two quintillions of data are produced every single day.
Darwin's theory of "survival of the
fittest" is something that should be the Bible for today's businesses.
Since the introduction of the internet, technology has been growing
exponentially. And Australian companies are failing to realize this or at least
implement this majorly because of the following reasons:
Lack of Digital Skills
Gone is the time when it was easier to survive by avoiding risks. If Henry Goldman hadn't taken risks and started investing in smaller businesses that had huge potential, then the Goldman's Sach that we see today wouldn't be existent. 42% of Australian companies are still risk-averse, which is taking them nowhere. It is essential to understand and improve by taking risks to grow.
Inadequate Collaboration between IT & Business Line
With 43% of the businesses that do not have proper collaboration or communication setup with the IT line despite having a good tech team, the future seems quite shaky.
Lack of Change Management Capabilities
Around 45% of the businesses lack change
management capabilities, especially among the large ones. That is the reason
smaller companies are doing better at it because they understand as well are
ready to make the required changes quickly.
Australian Businesses need to realize and
pick up quick before it's too late, and the world takes over.