When it comes to determining the true value of digital transformation in Australia, for a long time it was hard to look beyond the initial capital outlay of getting a business ‘digital-ready’, which mainly took in to account the equipment and training required to start the transformation. However, a study has been conducted that places a dollar figure on the benefits of digital transformation delivers.
Joint research from Microsoft and IDC has shown that digital transformation solutions could add as much as $45 billion to Australia's GDP by 2021, equating to an increase of 0.5 per cent each year. This growth is derived from digital products and services delivered directly through the use of digital technologies, such as mobility, cloud, Internet of Things (IoT), and Artificial Intelligence (AI).
The study has also revealed that benefits from digital transformation can be varied, whether it be an improvement in margin and productivity, cost reduction and increased revenue from new products and services.
Given the projected revenue of digital transformation over the next few years, we also need to look at the other benefits associated with the shift towards transformation. While there will be younger workers who will transition seamlessly in to these roles, there will still be businesses with a work force that may not yet have the skills to accommodate a swift transformation.
The benefit of training your staff is to increase productivity as well as morale. If you have an older workforce, you will be able to provide them with new skills they will be able to use to help continue their employment with the same company, or find a new career direction.
Digital transformation brings to Australia far more than just an increased GDP, it brings with it faster and more efficient services, reskilling and upskilling of existing and new workers, and therefore a more stable work environment and business economy for the country.
To find out how DTS can help you with starting your business along the digital transformation path contact us on 1300 559 778, or complete our online enquiry form.