Digital readiness will drive economic stability

As Australia and New Zealand recover from pandemic impacts and seek new ways to compete in challenging and often crowded landscapes, automation has become synonymous with business resilience and growth. However, while many businesses and agencies have been quick to automate and become digitally ready, some continue to lag.

While some may be sceptical about whether they can reap the true benefits of a digital overhaul, including the return on investment, the truth is that automation and digital readiness can help every organisation across every industry, according to SAP Concur.

Fabian Calle, Managing Director Small and Medium Business, SAP Concur Australia and New Zealand, said, “Businesses that are slow to embrace the benefits of automation will soon begin to see the profit divide widen. As digitally ready businesses continue to forge ahead at a breakneck pace, it will become increasingly difficult to compete effectively.”

The benefits of automation and a digital readiness include:

• Business continuity. With the unexpected changes that the workforce has experienced over the past two years, having a digitally literate workforce lets businesses not only stay connected regardless of location, but also prepare for future technological advancements as time goes on. Automated solutions can free up workers to focus on innovation and mission-critical activities, letting administrative tasks occur in the background.
• Increased efficiency. Legacy systems can be time-consuming, inaccurate or difficult to navigate for the modern worker. These systems often require heavy manual input from employees whose time would be better spent working on other tasks. Having the right digital tools in place can streamline an organisation’s day-to-day operations and increase efficiency for individuals, which contributes to better productivity and operational efficiencies.
• Secure networks. Although cybersecurity risks will never go away, ensuring company data is encrypted is the first step towards a safer data management solution. Many businesses that are less digitally ready face insecure networks and vulnerabilities, putting the entire business at risk.
• Increased return on investment (ROI). While there is an upfront cost involved in transitioning to digital automated solutions, this investment is often recouped faster than its initial deployment, freeing up funds for the organisation to reinvest in new projects. Investing in systems that deliver true digital transformation can deliver ongoing cost savings and efficiencies, as well as more deeply engaged workers who can turn their focus to business growth activities.
• Enhanced customer experience. Becoming more digitally savvy as a business can improve customer relationships through better communication and faster project delivery. Businesses that adopt digital solutions require less time on administrative processes and have a reduced risk of costly and time-consuming errors, which leaves more time for employees to engage with customers.
   

As the Australian business landscape continues to embrace the benefits of automation and digital transformation, this will more quickly drive economic recovery and market stability. Australian and New Zealand governments have realised the importance of digital transformation to economic stability and are investing more in digital solutions. For example, the Australian Government is investing $1.2 billion in its Digital Economy Strategy¹, and the New Zealand Government’s Digital Government Partnership supports a goal of a coherent, all-of-government digital system².

“When governments and businesses become more digitally ready, they are better placed to withstand major events such as pandemics, bushfires and floods. In the first instance, it’s crucial to automate centralised processes such as finance to ensure business continuity and to build greater levels of resilience,” Calle said.

“The foundations that an automated business lays now can futureproof the business, letting leaders focus on moving forward with the help of the right management technologies.”

References

1. https://www.globalaustralia.gov.au/about-us/news-and-resources/australias-digital-economy-strategy-launched
2. https://www.digital.govt.nz/digital-government/about-digital-government/introduction-to-nzs-digital-transformation/

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