Technology use is a major determinant of business success.
Dare we compare, or is it a case of "nothing to see here, let's move on" for the legal industry?
According to a survey by one of the world's largest professional accounting bodies, CPA Australia. "High growth businesses spend more time and resources on technology, and their choice of technology puts them even further ahead of their competitors." said Gavan Ord, Senior Manager Business Policy.
CPA Australia surveyed 725 professionals in different industries in Australia, Mainland China, Hong Kong, Macau, Malaysia, and Singapore. Respondents were asked about their businesses' past and expected technology use and past and expected financial performance.
"COVID-19 accelerated technology adoption by businesses, but not all businesses were equally placed when the pandemic hit. High-growth businesses had already embraced technology enthusiastically. This helped them manage the disruption caused by COVID-19."
In 2020, high-growth businesses were significantly more likely to develop a long-term technology strategy, work with technology companies and increase their recruitment of technology staff than businesses whose growth was stagnant or shrank.
Clients key, data, and intelligence cannot be understated
"High growth businesses have been focusing on technologies that deliver greater value to customers, such as data analytics and visualisation software, business intelligence software and artificial intelligence."
The top technologies Australian businesses are most likely to increase investment in over the next 12 months are cloud technology and data analytics and visualisation software. High-growth businesses in Australia are also planning to invest in business intelligence software.
Key drivers of technology adoption
The key drivers of technology adoption by Australian businesses are improving operational efficiency and the customer experience, while the main challenges are financial constraints and complex legacy systems.
"If you want to do well in business, look at what others are doing well. The clear lesson from our survey is that technology adoption, and making the right choices, leads to better business performance."
Large and small focus
Over the next 12 months, large businesses (>1,000 employees) are planning to use or invest in data analytics and visualisation software, cloud technology, robotic process automation, and artificial intelligence.
Small businesses (<50 employees) are more likely to focus on cloud technology, video conferencing and group collaboration tools, and data analytics and visualisation software.
"When it comes to technology adoption, it's not a level playing field, and many small businesses struggle. We support government programs to build small businesses' digital capability. It's a great way for governments to future proof the economy."
This article was based on CPA Australia's media announcement and survey results.
Access to CPA Australia's full report can be found here: Business Technology Report 2021.
CPA Australia media contact: Dr Jane Rennie, General Manager External Affairs, on +61 425 869 017 or firstname.lastname@example.org