Digital disruption fuels Aussie entrepreneurial spirit
The top five technological trends driving the emerging start-up culture.
Australian small and medium-sized businesses (SMBs) are leveraging emerging tech in new and exciting ways to increase efficiency, enhance customer experiences, and find new customers on a global stage.
The extraordinary rise of new small and micro businesses is being driven by a number of factors, according to KPMG Demographer Bernard Salt’s most recent report, commissioned by nbn, Small Business, Big Thinking: The entrepreneurialism of the Aussie workforce.
Innovative technology is supporting a new wave of entrepreneurs and small business entities in Australia.
According to Mr Salt, there are clear emerging trends where new technology is impacting and driving the success of small business and entrepreneurialism, disrupting the status-quo.
“The new technologies, the new industries, even the newly imposed redundancies, are, in fact, motivating forces creating the businesses of the future,” said Mr Salt.
The report reveals that there are various tech tools, like cloud computing and video conferencing, which are helping to drive efficiencies and facilitate growth in more traditional SMB sectors such as retail, construction, agriculture, health and professional services.
Supporting this growth and access to new technology is fast and efficient broadband being rolled-out across the country via the nbn™ network.
So what are the top five technologies transforming the entrepreneurial shift?
1. VR and Augmented reality
Business owners are embracing the digital shift, with new niche technology, such as Virtual and Augmented Reality, able to deliver elevated customer experiences.
Shoppers will soon be able to immerse themselves in Virtual Reality retail department stores without having to leave the comfort of their home, as is already the case with Myer and E-Bay’s new virtual store.
Home-buyers will be able to virtually enter their future fully-furnished home and take a tour, thanks to the emergence of new digital real-estate companies, such as Property Digital in Perth.
2. Advanced video collaboration
Distance is no longer an issue as fast broadband enables advanced video collaboration and applications such as live video streaming are empowering business owners with access to the global marketplace.
The education sector is now incorporating advanced video solutions, which help rural students to access online education videos so they can visually interact with teachers, fellow students and other experts from all over the world.
3. Data analytics
It is now possible for business owners to identify consumer behaviors and discover who their audiences are through data analytics, enabling them to easily identify new market opportunities.
Data analytics helps businesses to tap into who their audience is and how they interact with their brand online.
With this knowledge they are able to discover and tap into new audiences, supporting further expansion and reach for the business.
4. Cloud computing
The development of cloud computing has enabled businesses to be more flexible, mobile and efficient.
The cloud concept has given rise to new tech start-ups, such as Xero, an accounting and office management system developed in New Zealand which specifically helps small and medium businesses.
The new wave of SMBs is having a significant impact on the Fintech industry.
Fintech drives business efficiencies, helping new and existing businesses to transact and manage cash flow without needing to engage an intermediary, disrupting the banking system and empowering small business.
Read Bernard Salt’s report, commissioned by nbn, Small Business, Big Thinking: The entrepreneurialism of the Aussie workforce.
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Last updated on 22 December 2016