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Looking at the big picture: What can business leaders do?

Published 22nd March 2016

In today’s fast paced commercial world, flexibility is one of the major characteristics all successful businesses embody. Australian companies are no different.

The end of the mining boom has put a new emphasis on technology and especially information and communications technology (ICT). To get the best out of this, companies are using contractor assistance and IT employees to transform themselves into an innovative commercial entity.

However, what can businesses do to get ahead and what new economic areas can be explored?

New regions of economic growth

Australia’s largest city, Sydney, is currently going through a process of diversification that is being driven by a remaking of the city’s economic landscape and a reposition of its commercial focal point.

According to PricewaterhouseCoopers, Sydney will no longer be dominated by a single central business district (CBD). Instead, the country’s economic “Centre of Gravity” is actually located 9 kilometres west, closer to Parramatta – Sydney’s second CBD.

Interestingly, the report found that Sydney’s Centre of Gravity has been slowly moving in a north-westerly direction for the past 13 years. One of the reasons for this drift may be Western Sydney’s population as well as a network of economic enclaves that are pushing Sydney’s Centre of Gravity away from the CBD.

However, this is not to say that Sydney’s original CBD is not important. The report showed that in the 2013 financial year, the region contributed $64 billion to the country’s overall economy. Yet, the conflict between the two CBDs is creating a number of opportunities and obstacles that straddle the boundary between social and economic spheres.

New technology equals new opportunities

Another major trend that is affecting the way businesses operate is the advent of commercialised digital technology. The global and Australian domestic economy hungers for faster connectivity and increased productivity. Luckily, digital technology has offered businesses a strong platform to accomplish this.

For instance, cloud computing can deliver businesses IT solutions that encourage new opportunities and Australian companies have been quick to pick up on this trend. According to figures released by the Australian Bureau of Statistics, 87 per cent of businesses are using paid cloud computing services to host software.

Cloud computing and other associated technological developments could drive business growth over the next several years.

One of the most interesting aspects of cloud computing is its ability to deliver new working arrangements and flexible working conditions for employees and employers. No longer will workers need to return to the office to access an application or resource; instead, they will be able to do their work in transit or on-site.

Quicker access to online applications and resources could allow companies to rely on IT contractor assistance, rather than employing full time and expensive IT staff who need to be permanently located in a sedentary workplace.

Better governance structures

As new businesses enter the economy and older organisations alter their business plans, both may have to seek contractor assistance to get the tech work completed. However, with new contractors comes new tax, superannuation and payment obligations that will impact an organisation’s risk strategy.

To overcome this risk, employers will need to invest in services that can adequately manage contractor services. One way is to implement contractor management software from suppliers such as Oncore Services.

Contractor management software can simplify the contracting process and can also be tailored to each individual business.

Having up-to-date and on-demand access to changing workforce data, such as timesheets and expenses, can facilitate better management of the company’s contractors. Capturing this data can also help businesses identify and review inefficiencies as well as acquire the required knowledge to make precise and targeted changes.

The best way to find out how your business can improve its contractor management process is to talk to the experts. Get in contact with Oncore Services today.