The advent of the global Digital Economy should be seen as nothing less significant than the Industrial Revolution or the introduction of electricity. Australia is comparatively well placed to excel in the Digital Economy as a result of our knowledge capable workforce, natural innovative mindset, and relative economic strengths coming out of the GFC.
The Digital Economy can be seen in terms of economic efficiencies, in terms of trade, or in productivity terms.
It has been said that, rounded for error, 100% of humanity’s productivity increases have come from Innovation, and 0% from regulation. The rate of adoption – embracing or missing – this opportunity for Digital Innovation will set up Australia’s wealth for the next major wave of global economic development.
Anything that can be done should be done to lift the rate of Digital Innovation across the whole economy.
Now is the most cost effective time to embrace innovation!