The Government of Victoria’s Minister for Small Business, Innovation and Trade, Philip Dalidakis, has welcomed the creation of an innovation hub in Melbourne, which aims to help businesses win in the digital economy.
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Digital businesses have redefined the economic playing field. The effects of Brexit may be our first big test of the capacity of digital business models to weather significant external forces of change.
Internet Australia has called on prime minister Malcolm Turnbull to fast-track the construction of the national broadband network.
Cisco has earmarked South East Queensland as Australia’s first ‘smart region’, a digital hotbed with 30,000 new jobs and a potential $10 billion economic boost predicted over the coming years.
The move to digital services and the rapid pace of technological change means IT infrastructure decisions have become business decisions, and a new term has entered the lexicon – ‘business agility.’
A recent Boston Consulting Group (BCG) study estimated that, by 2016, the digital economy will contribute 5.5 per cent or $US4.2 trillion dollars to the economies of the G20 countries (from $US2.3 trillion in 2010). The digital economy contributed $US44bn (3.3 per cent of GDP) to the overall Australian economy in 2010 and is expected to grow to $US67bn by 2016.
The Federal Government has called on industry to grow its online presence and e–commerce facilities to help boost Australia’s digital economy.
Whitepapers about digital economy
Thriving in the Digital Economy: How Small and Midsize Enterprises are Adapting to Digital Transformation
Digital transformation is directly related to the changing digital economy with individuals, businesses, and society becoming interconnected in real-time, supported by technology. Almost all small businesses (firms with 10-99 employees) and midsize firms (with 100-999 employees) have some digital transformation resources in place: collaboration software, powerful computing and communications resources, cloud computing. But effective deployment and integration are needed to bring your firm to the next level of business performance.
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