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.