Australian businesses investing in disruptive tech

Nearly half of Australian businesses are investing in new technologies to disrupt their market, according to new research from Deloitte.

The research shows that Australian businesses are more prepared for the Fourth Industrial Revolution than the global average. Globally, just 33% of businesses are investing in technology to disrupt their market rather than merely protect existing market share.

More than six in 10 (61%) Australian executives believe they have permission from their leadership to fail and learn in the context of innovation.

In addition, more than half (57%) of business leaders say they know which skills their workforces will need in the Industry 4.0 era, and 60% plan to extensively train their current employees to help them close any skills gaps, compared to just 43% globally.

Meanwhile, 37% of Australian business leaders say they feel highly confident about their organisation’s readiness for technological and societal change, up from just 2% a year earlier. Australian leaders’ confidence now exceeds the global average of 34%, Deloitte said.

The company attributed these rapid gains in part to increased awareness of what Industry 4.0 represents, as well as community discussions around the future of work and skilling.

“As a nation, we are not short on brilliant ideas. From the bionic ear to polymer bank notes, Australian companies have created world-leading innovations. Our challenge, as we compete on the world stage, as a country and individual businesses, is how we consistently commercialise research, to bring the best ideas to life,” Deloitte Chief Strategy & Innovation Officer Robert Hillard said.

“As the revolutionary impact of new technologies like artificial intelligence, robotics and 3D printing becomes apparent, it’s encouraging to see Australian business embracing change by investing in technology and their people.”

Image credit: ©iStockphoto.com/shutter_m

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