The digital economy began to take hold a decade or so ago, and some organisations were fast to react to it, while others were slow. The naysayers saw the impact of the internet on their business as a fad that would soon fade away; others, such as Google, Amazon, Facebook and Yahoo, saw it as the new business model.
A decade later it is clear who was right and who was wrong. The digital economy is here to stay and those who fail to participate will become the road-kill on this superhighway. One of the real threats to traditional business is that those who are embracing the digital economy have a real chance to grow their business faster and thus widen the gap between the winners and the losers.
The government sector is also at a crossroads here. Because of their large share in the economy and in national ICT spending governments can drive transformation and innovation in the national economy. Furthermore, like the business market, governments have to face the reality of transformation. For example, the healthcare sector is rapidly approaching a fiscal cliff. Costs attached to healthcare have grown to a completely unsustainable level.
Only through digital transformation can we afford to maintain our hard-earned lifestyle.
All of these issues are discussed and analysed in detail in this report.
Table Of Contents
Australia - Digital Economy - Sector and Industry Transformations 1. Synopsis 2. Introduction 3. How to better balance the Federal Budget? 3.1 May Budget 2015 4. The digital economy what is at stake? 4.1 The size of the digital economy 4.2 The effects of the digital economy are all around us. 4.3 Commercial Sectors 4.4 Global competition 4.5 Healthcare 4.6 Education 4.7 ICT Investments needed 5. Lack of vision politicians absorbed by costs of ageing economic models 6. Government misses out on developing a smart economy 7. Australia's two-tiered economy 8. Australia's digital transformation is underway 8.1 National Broadband Infrastructure 8.2 Cloud computing, Big Data, M2M 8.3 The need for digital productivity 9. Developed economies not ready for an ICT-driven recovery 10. ICT tools can provide $8 billion of annual savings 11. Transformation based on smart infrastructure 12. Selected Industry and sector transformations 12.1 Government Transformation 12.2 Digital Technology transforming the mining sector 12.3 Transformation of the energy market 12.4 Digital economy transforming the banking industry 12.5 Omni-channel changing Retailing 12.6 Book Industry 12.7 The transformation of the disability sector 13. Statistical information and economic benefits 13.1 The impact on the economy 13.2 The thousands of unreported benefits of high-speed infrastructure 13.3 Digital Australia statistical findings 14. Secrecy and incompetence undermining the digital economy 14.1 Dysfunctional policies 14.2 TPP secrecy in politics continue 14.3 Data retention policy more risks than gains? 14.3.1 The aim of the proposed legislation 14.3.2 The internet tax 14.3.3 Security risk could be higher than its gain 14.3.4 New laws more harm than good 14.3.5 Analysis early 2015 15. Other Reports Exhibit 1 - How does broadband relate to economic development? Exhibit 2 - Key ICT business tools