What will digital disruption mean for the future of the Australian economy?

Technology is developing at an incredible rate; it only feels like yesterday that we were jamming Nelly on our first gen Apple iPod. But the world has changed a lot since then, as evidenced, for example, in the rise of a world economy that no longer values skills such as manufacturing in the same way it used to. 

Now, with the advent of the digital economy, organisations are seeking out employees with specific expertise, for instance, those learnt within information security or IT governance training courses

What is the digital economy?

The digital economy is not just about quicker communication or changing skill sets, it is also about the transformation in consumer needs, their access to information and the way they interact with businesses. The internet has been the primary driver of this new mode of interaction. 

Australian online retail spending topped $17.6 million in 2014-15.

According to a Deloitte report, the internet economy in Australia is projected to grow at twice the rate of GDP until 2016, while figures released by NAB show that Australian online retail spending topped $17.6 million in the 12 months prior to September 2015. 

Most interestingly, the digital economy is changing the power relations between businesses and consumers. The rise of mobile technology has given customers a platform to access up-to-date information on products and companies.

With this in mind, it is essential for companies to take account of digital disruption and find strategies to either overcome the issues it presents or take advantage of the possibilities it can offer. 

What is digital disruption?

When we talk about digital disruption we mean technological innovations that have broken down barriers to markets and are changing the business processes and activities that many organisations are founded on. However, digital disruption is not inherently bad, as it is also a source of new possibilities.

One recent example is the how the global manufacturing sector is trying to adapt to the 3D printer. While some tradition manufacturing businesses will be overtaken by newer 3D printing companies, these enterprises could not be here without this digital disruption. 

What does digital disruption mean for traditional jobs?What does digital disruption mean for traditional jobs?

However, it is important to remember that digital disruptions will affect the various industries that make up the Australian economy differently. This is why there is a range of IT-related courses currently on offer. From cybersecurity to IT project management training, each course will have its own unique skills set and thus areas of employment. 

For instance, an ITIL certification can give workers the expertise to manage various IT-related processes that are essential to IT service management.  

Mastering digital disruption will be the measuring stick for Australian prosperity and economic success in the future. For more information about how you can take advantage of the digital economy, talk to ALC Training today