The Federal Government recently announced that $1.2 billion has been allocated to building Australia’s digital future through the Digital Economy Strategy. According to Treasurer Josh Frydenberg, this strategy will allow Australian businesses to capitalise on the opportunities that digital technologies are creating.  

As a digital agency that’s been helping businesses with their digital transformations for over 20 years, we think it’s about time the government put a focus on the digital economy within Australia. We welcome the announcement as it reinforces what we already know - that digital skills and adoption of digital infrastructure is critical to remaining competitive and appealing to your digitally savvy customer-base. 
 
Off the back of this announcement, there are a few things we recommend our clients take note of: 
 

Digital transformation 

The budget allocation to digital transformation has been a long time coming. Josh Frydenberg believes a vibrant digital economy is key to Australia’s economic future, and we couldn’t agree more. We see transforming your businesses digital presence and capabilities as the key to remaining competitive. We suggest considering:  
 
  • Artificial Intelligence (AI) - Over the next four years, $53.8 million has been allocated to AI and Digital Capability Centres, aimed at propelling small and medium enterprises (SMEs) into adopting AI technologies. AI allows businesses like yours to automate complex tasks and operate more intelligently by making your teams more productive. 
     
  • Systems Integration – Correctly integrating your systems gives you better intelligence to make decisions backed by data.  
     
  • Digital Audit or Consultation – We’ve found that developing a strategic roadmap between your current market position and business objectives is essential to a successful transformation. 
     

     

Cybersecurity 

The Federal Government recognises the importance of safe digital practices and data privacy, with over $77 million dedicated to digital skills and cyber security training to meet the growing need for protection of digital assets.  
 
With cyberattacks against Australian organisations up 150%, companies cannot afford to take a band-aid approach to cyber security - especially when the consequences of getting it wrong in our current climate could be catastrophic. Our experience tells us: 
 
  • Preparation is key to mitigating your risk of a cyber security incident. 
     
  • Auditing your preparedness is crucial to identify gaps in security.  
     
  • Invest in educating your team. 
     
  

Capitalise on data driven insight  

As the digital economy experiences mass growth, data is power. The Federal Government dedicated $111.3 million to the Consumer Data Right (CDR), meaning consumers will have greater control over their data in a bid to improve their ability to compare service providers and increase market competition.  
How you can use data to keep ahead of the game: 
 
  • Provide your business with custom dashboards and clear visualisations. 
     
  • Understand your data handling responsibilities and privacy laws. 
     
  • Invest in accurate data analysis and reporting to uncover valuable insight about your business. 
 
If you’re looking to enhance your digital capabilities and refine your digital strategy off the back of the Federal Budget 2021-2022 update, get in touch with one of Revium’s experts today via hello@revium.com.au.   

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