Meta, Hatch, and ThoughtLab release report on the future of Australia’s digital economy

Brisbane, Australia – Meta, Hatch, and ThoughtLab have released a new report that examines how Small- and Medium-sized Enterprises (SMEs) in Australia are impacting the adoption of digital technology and their role in establishing Australia as a leading digital economy.

To fully understand how the adoption of digital technologies affects the financial and business performance of SMEs, Meta commissioned Hatch and ThoughtLab to conduct a comprehensive study of how SMEs drive business and economic performance through digital transformation. The study included a survey of 1,250 SME owners and managers across regions and industries in Australia.

The 64-page report was released today.

SMEs are the heart and soul of the Australian economy and community. They generate more than half of Australia’s economic growth and employ two-thirds of the local workforce, and as a catalyst for innovation, they’re responsible for creating most of the country’s new products, services, processes, and business approaches.

SMEs play a pivotal role in Australian government’s plan to develop a leading digital economy by 2030. Due to social distancing throughout the COVID pandemic, SMEs have already accelerated their use of digital technologies, from email, websites, and messaging apps to collaboration tools, the cloud, and e-commerce solutions. SMEs use these tools for external and internal purposes: to connect and communicate with customers, employees, and suppliers; create new products and services; access new, cost-effective ways to market and sell their products; and drive operational efficiencies.

Key findings:

• Successful digital transformation does not come from simply using digital technology. It requires rethinking business approaches, building digital talent and skills, interacting online with customers, growing sales through digital channels, and creating a culture of ongoing innovation.
• Small- and medium-sized businesses not only drive their own performance through digital technology, but also boost growth within local economies. While the benefits of digital transformation are clear, SMEs face speed bumps on the road to digital leadership.
• SMEs often lack the skills, infrastructure, and budgets needed to succeed. They also may struggle to keep up with rapid technological change while coping with escalating data privacy and security risks.

Hatch and ThoughtLab will be releasing a sister report on the future of the UK’s digital economy within the next few weeks.

Download the report today!

 

Executive Summary

Full Report

For more information, please contact:
Lindsay Janca
Global Director, Public Relations
Tel: +1 905 403 4199
Email: media@hatch.com

About Hatch

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Find out more on www.hatch.com