Tech spending is on a rising curve, despite the economic forecasts around the risk of inflation or recession.
A recession may be on the horizon, but Australian companies are racing ahead to pivot and rebuild their respective technology platforms to keep up with changing consumer preferences., for example. He’s adamant that innovation and continual iteration is the name of the game for anyone in business.
“Sometimes these tech themes are relevant to your business, and other times they’re completely irrelevant, but you’ve got to explore opportunities,” he says. But many need to ramp up their spend to reap the full benefits of what’s available. This investment gap is holding up many of our nation’s industries, she says.
What’s more, the technical knowledge needed to implement and run these technologies, let alone expand and innovate with them, cannot be sourced. “There’s so much we can achieve with a greater investment in emerging technologies, and the evolution to cloud-native and deployment of sophisticated and complex emerging technologies must continue for companies to remain innovative and competitive,” she says.
One of the most misunderstood benefits of the cloud is the elasticity of demand. “Not many people have a power station in their backyard to power their house. It’s all about demand when you need it,” Deloitte’s APAC cloud transformation partner, Dan Newman says. “As the appetite to bring together different data sets and analyse them to confidently lower premiums grows, we expect Australia’s insurance sector to transform quite significantly over the next one to two years,” he says.This involves the use of information that asset managers have never had in front of them before, such as enhanced modelling, rapid scenario predictions that take the guesswork out of insurance and reclassify risk.
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