Fiber to the Premises was only introduced to homes in 2009. This was made possible with the help of the government in partnership with internet providers. In 2010, Telstra introduce increases the data allowances on their plans allowing their users to use the internet more. This applies to mobile and internet plans. Australia is only beginning to harness the potential of broadband technology.
With this in mind, IBM conducted a research to determine the progress of digital technology in Australia. On June 14, 2012, a report titled “A Snapshot of Australia’s Digital Future to 2050” was released indicating how information and communications technology would be an important resource. This details the changes that would happened to Australia’s digital technology and how it would affect the economy and different industries.
IBM commissioned Phil Ruthven, who is the Founder and Chairman of IBISWorld. The report is a projection of how numerous industries would be affected by the progress and innovations to information and communications technology. This indicates how this technology can benefit a lot of industries and improve their work. It also hints about how some industries can harness the potential of this digital technology to their advantage. Sadly, part of the report indicates how the technology would cause negative effects on some industries and may lead to some of these industries being obsolete. You can find more details about the report here:
Although there are 15 industries that would not find sustainability in this technology, they would only contribute a minimal about of revenue to the economy. The boom that other industries would experience would cover the losses. The report boasts of $1 trillion revenue for Australia by 2050 with the help of this utility. Currently, the resource is generating $131 billion as revenue. Information and communication technology would also benefit a lot of industries like mining, education, and health care. With how high speed internet is being used today, we can really see how this can produce promising developments in the future. The report provided ways on how industries can profit by incorporating the use of this utility as part of their business. Big and small businesses are setting up shop in the virtual market. Harnessing the potential of this promising technology now would help your business gain stability.
Australia would face a lot of great development with the help of this utility as this would improve the potential of a lot of industry. The quality of education would improve. Australia would be able to enhance Tourism, making it a really profitable industry. Together with this, the possibility of Health Tourism, as Health would also benefit from the use of this technology. Australia would be able to provide quality services that are essential Business Process Outsourcing.
The report created a study on different industries and determined how they can compete with the help from information and communications technology. This indicates how the industry can benefit from the use of this resource and how it can affect growth and profit. This also provides ideas on how an industry can adapt and use this technology to their advantage. About 10% from the total number of industries would not be able to operate without this technology, and the industries included in this percentage generate 25% of the country’s revenues. This is the reason why different industries are urged to use this enhanced technology.
Determining the sustainability of the industry was carefully determine with the help of a criterion and ranking that is created for the study with the help of information that is available in IBISWorld’s Industrial Database. This carefully determined as to whether an industry would experience substantial benefits in the use of the technology and the gravity of its effect. This also determines which industries would be able to evolve with the help of the technology that is introduced. It is the same criterion that determined as to which industry may suffer due to the progress that is brought about by the development of other industries and the economy as caused by this technology.
The benefits would also produce a substantial benefit to consumers. As part of the development of information and communications technology, consumers who use the technology would get more out of the service. This would improve the technology we use at home like the internet or the telephone. With better technology, the possibility of working at home is realized. This would allow people to work full-time at home while doing business with different industries even those overseas. This also opens opportunities for small businesses as the technology provides them a level playing field with big companies. Also, with the development of this technology there would be lesser need for resources or the possibility of improving the prices of resources making it easier to create a profitable business.
The report is definitely an eye-opener to a lot of industries. The year 2050 can be very vague. It is impossible to determine how your business would be after 40 to 35 years. Having this report truly helps allowing business to make well-formed plans that would change their business. The use of enhanced information and communication technology really shows great promise. You can even see how broadband technology affects businesses today. The report claims that the technology would evolve fast and does not take much time to generate profit. The report also helps in showing people which industries would benefit from the technology and would exhibit great development. This would be great information for potential investors. Also, with the reports about possible revenues, it really poses more possibilities for progress to Australia’s economy. This would also help in attracting international investors.
IBM hopes to show the potential in information and communications technology and how this can affect Australia and its 509 industries. The report shows a lot of significant benefits and very minimal consequential effects. The report is favors by a lot of economist calling year 2050 “The Trillion Dollar Digital Age”. There are industries that did not fare well on some of economists’ projection and the report provides a possible solution. Some industries can enjoy a transformative benefit with the help of this technology. The report really helps in showcase the possibilities that lie in the Australia’s Digital Future.
For further information and complete findings download the report:www.ibm.com/ibm/au/digitalfuture