Although sometimes we hate to admit it, technology is one of the core ingredients of business success. While many people still believe that old-fashioned manual data entry is the way to go, these processes are dated and likely to result in errors.
In fact, thanks to technology, simple tasks such as contractor payroll services and salary packaging has never been easier. However, according to a recently released report from PricewaterhouseCoopers (PwC), Australian businesses still have much to learn about technology adoption.
Collaborating with Google, PwC developed the Small Business: Digital Growth report which not only highlighted the value of technology, but the significant revenue Australian businesses are missing out on.
PwC economics partner Jeremy Thorpe stated that there is an output potential of around $49.2 billion over the next decade for small Australian businesses ready to launch into technology.
“Despite Australia’s recognition as a nation of early adopters, our small businesses are not fully embracing the transformational benefits that mobile and internet technology has to offer,” he said in an August 17 media statement.
“We’re advocating small business to take advantage of the tools that are already available, such as mobile friendly websites and cloud based services.”
Part of a wider picture
Small business growth within the IT contracting industry might be important, but the local success of your enterprise can have an influence on other sectors and regions. With small business such a vital part of the economic framework, Google Australia’s Richard Flanagan urged firms to adopt whatever technology is available.
“From finding new customers to saving money, technology helps virtually any small business grow,” he said.
“This new research shows that the gains are spread all around Australia, with billions of dollars of potential value to be had in rural and regional areas.”
Innovative activity
Instead of thinking about technology as just an investment, businesses must believe that innovative action will put them head and shoulders above the competition. According to figures from the Australian Bureau of Statistics, just 42 per cent of local enterprises completed innovative activity across the 2012-13 financial year.
ABS Spokeswomen Sue-Ellen Luke explained in a 2014 media statement that small businesses are being left behind.
“In line with previous results, large businesses are more than twice as likely to have undertaken some form of innovation – such as introducing new or improved goods or services, or improving operational processes – than small businesses,” she said.
If your contracting business is looking for a technological point of difference, contact the expert team at Oncore Services today.