By automating mundane and repetitive duties, the precise utility of know-how not solely reduces errors, streamlines processes and will increase effectivity, it frees up expertise to carry out larger worth duties. People have extra job satisfaction once they really feel that their expertise are being valued and utilized by their employers. Accenture’s current workforce analysis in Australia discovered 1 in 5 extremely expert employees really feel overqualified for the roles they’re in. Lifting up a workforce and interesting individuals with objective offers rise to innovation, which in flip drives productiveness.

Technology opens up new markets

Through know-how we are able to take services and products to new markets with out ever needing to arrange a bodily presence on a international shore. One of our current studies has discovered there are roughly one billion customers who will enter the market over the following decade in quickly growing nations akin to Bangladesh, Egypt, Ethiopia, India, Indonesia, Kenya, Nigeria and the Philippines. Yet 40% of the world’s largest shopper manufacturers don’t have any presence in these markets. By selectively increasing into markets which have wealthy potential, and digitally taking Australian services and products to the customers in these markets, we are able to dramatically improve our output on the world stage.

AI will reinvent the way in which each firm operates

Through its means to gather, analyse and interpret huge quantities of information, utilized Artificial Intelligence is already serving to compress the timeframes and sources beforehand wanted to make strategic enterprise selections. Now with the introduction and speedy uptake of GenAI, each position in each enterprise has the potential to be reinvented. We at present estimate that generative AI will affect 40% of individuals’s working hours. This alone might end in a major uptick in nationwide productiveness.

However, many firms are nonetheless digitally immature

One of the challenges we face in Australia is that there’s a big selection of digital maturity throughout organisations. Our analysis signifies that solely 9% of Australian firms are utilizing know-how to maximise the effectivity and output of their enterprise.

At the opposite finish of the spectrum roughly 18% of companies have barely begun the digitisation course of and are nonetheless encumbered by inefficient, paper-based and labour-intensive processes.

Eliminate know-how debt

To reap the benefits of the uplift supplied by developments akin to GenAI, firms first want to cut back their know-how debt. The upkeep of outdated know-how methods is holding again many companies in addition to absorbing enormous quantities of capital. Focusing on constructing a robust Cloud-based digital core, powered by information and AI, is important to faucet into the aggressive benefit supplied by new applied sciences.

Complete your information modernisation course of

It’s a brand new daybreak for dormant information. Building a contemporary information basis for extracting information’s intrinsic worth is one other precursor to having the ability to create worth by way of AI. Many firms have begun this modernisation course of, however few have accomplished it. Our survey of 700 organisations exhibits that, proper now, fewer than one in 5 firms are adept at unlocking the intrinsic worth of their information.

Build a digital workforce

Every funding in know-how requires an equal funding in individuals. The inherent energy of know-how lies in giving individuals superpowers – enhancing their efficiency to new ranges. Technology by itself can’t obtain what it will possibly when paired with human ingenuity. Upskilling our workforce now in order that they know the way to apply know-how to drive output is important to our future competitiveness as a nation.

Author Robin Sharma famously mentioned, “Don’t confuse activity with productivity. Many people are simply busy being busy.” Making a dedication to undertake know-how as a core a part of enterprise technique, and on the similar time upskilling our workforce to make use of it successfully, is the important thing to turning our nation’s “busy-ness” into the productiveness we want.

Matt Coates is know-how lead, AU & NZ for Accenture