According to recent PwC analysis commissioned by Google, SMEs have the potential to access an additional $49.2bn in output over the next 10 years by making better use of technology.
Commenting on the $49.2bn figure outlined in the Small Business: Digital Growth report, PwC economics partner, Jeremy Thorpe said “that’s how much the Federal Government has committed to current and future infrastructure projects in this year’s budget.”
“Despite Australia’s recognition as a nation of early adopters, our small businesses are not fully embracing the transformational benefits that mobile and internet technology has to offer,” Mr Thorpe said.
Mr Thorpe said that small businesses were not taking full advantage of the transformational benefits that mobile and internet technology offer.
“We’re advocating small business to take advantage of the tools that are already available, such as mobile friendly websites and cloud based services,” he said.
Richard Flanagan, Head of Small Business Marketing, Google Australia said that technology helps small businesses grow and gains are spread all around Australia according to the research.
Mr Flanagan said “the great news is that there is nearly $50 billion of economic value that Aussie small businesses can tap into, simply by making better use of existing technologies.
“For Australia to unlock a new wave of economic growth, government and business leaders need to better understand and capitalise on the vast diversity that exists at the local levels of our economy,” he said.
According to the report 53 per cent of the potential economic benefit of the internet is to be had outside Australia’s inner metropolitan areas with NT businesses standing to gain the most followed by WA.