Undeniably, the Australian economic and political environment has pivoted greatly over the last twelve months. In the transition from a mining-led economy to one which is increasingly driven by technology, Australia’s voyage to be more innovative has led to significant changes in the country. These alterations are sieving down to small business as entrepreneurs adapt their business models for the technology boom.
In particular, cloud computing has become one of technologies hottest topics and small businesses are using cloud software to speed innovation. Cloud computing can be defined as an Internet-based computing where storing, access to data and programs are achieved through the Internet instead of computer’s hard drive. In comparison to larger corporate companies, the cloud has actually allowed for a faster transition to enterprise-grade technologies for smaller companies. We are now ingrained in the cloud adoption curve and small business owners are utilising cloud-based applications to track everything from accounting and storage to payroll, job management and marketing. Indeed, the cloud is creating a foundation that allows for the linking of services and data in order to create new and innovative applications or business processes.
In just a few short years, cloud computing has taken the corporate world by storm. According to a recent survey conducted by IBM and the Economist Intelligence Unit, 67 percent of companies with revenues less than U.S. $1 billion have adopted cloud at some level. Cloud technology offers increases in computing power accompanied by decreased costs – resulting in companies that are much more agile at delivering new products and service at lightning speed.
Thus, from a technology that was initially adopted for efficiency and cost savings, the cloud has emerged as a powerhouse of innovation throughout organisations. By automating tasks which were previously a time drain on business owners, there’s more space for small businesses to work on growth activities. This is particularly important as small businesses are a key apparatus of the Australian economy; they generate more than 40% of GDP and are vital job creators. Since the government seeks to build a sustainable and viable technology industry in Australia, small companies could certainly aid in the advancement of this. Hence, by enabling them to grow more sustainably and efficiently, the cloud is one technology trend in 2016 that could prove extremely useful in the advancement of innovation.
Are you interested in discussing innovation further?
Our InnovationCAFE 2016 is quickly approaching and will aim to explore the importance of innovation in Australia’s economic future. Discover more at: InnovationCAFE 2016: Your Invite to the Must-Attend Innovation Conference of 2016.