Australian digital economy continues to grow

More businesses are becoming reliant on technology to streamline their processes. As such, while the traditional sectors based around natural resources and food production have been crucial to Australia's financial outlook, its digital economy is taking on further importance.

Research from Deloitte outlined that technology-driven business is now worth a huge $79 billion to the country. That accounts for 5.1 per cent of Australia's worth, ahead of agriculture (2.4 per cent) and retail (4.5 per cent).

What is the digital economy?

There is no specific way to define the digital economy - especially as much of it is based around emerging technologies. However, in the simplest of terms, it can be measured by the amount of influence that communications and computing power have in business and on the economy.

The research from Deloitte points out that it's worth keeping in mind that digital and its effects are all-encompassing. While it can be taken into account in its own right - as the statistics show - technology is now ingrained in nearly all sectors across Australia.

Internal communications

One of the main advantages of using technology in business is for customer communication. Social media in particular has changed the way in which enterprises interact with consumers.

However, the biggest advances are in internal communications. The research from Deloitte found that digital is driving change within organisations thanks to the fact that new tools freely enable collaboration.

The Australian government has seen the value in enabling organisations of all sizes to get themselves online. As part of its Digital Business Kits development programme, the government has committed $4.5 million to promote technologically driven business in all industries.

If your enterprise is well-versed in the digital space or are taking your first steps, ensuring that your interests are protected is key. To that end, Elders Insurance can offer business insurance policies that are encompassing and applicable to a whole host of sectors.