IT Brief Australia logo
Technology news for Australia's largest enterprises
Story image

MYOB highlights links between digitisation and Australia's economy

By Catherine Knowles
Tue 11 May 2021
FYI, this story is more than a year old

Small businesses in Australia are failing to digitise and the nation's economy is losing out as a result, according to business management platform MYOB.

According to research from MYOB, nearly half a million Australian SMEs have no or very low levels of digitisation in their business, and getting them online would be worth a $10 billion injection to the Australian economy.

MYOB calculates 466,062 SMEs, approximately 20% of the 2.29 million sector, are not engaged with digital tools across critical areas of their business workflow, such as compliance and supplier management.

The research delves further into typical digital use among the small business community, finding 40% of businesses use digital cloud-based software for work in progress (WIP) management, 38% for managing their people and 37% for growth opportunities, such as marketing.

Furthermore, MYOB finds that 26% of SMEs are connecting with their customers on social media.

With SMEs with advanced levels of digitisation 50% more likely to grow revenue, MYOB views support packages that bridge the digital gap for the one in five left behind as an economic imperative.

MYOB forecasts a 1.8% increase in the SME GDP contribution, or a $10.5 billion gain for the Australian economy, if remaining SMEs are brought up to speed.

MYOB chief employee experience officer Helen Lea says, “The most effective tool Government has at its disposal is the tax system and cloud-based software as a service (SaaS) products are the perfect gateway for SME digitisation."

Lea says, “Our new research tells us 24% of SMEs are worried new technology is too expensive and a further 24% don’t have the time to set it up.

"Of the businesses who digitised during the pandemic, 39% found themselves to be more productive and 34% were more profitable. 85% said they were able to keep their business running thanks to digital tools."

According to Lea, for the one in five SMEs at risk of being left behind, a tax incentive that is easy for businesses to engage with, that is pointed out to them by their accounting and bookkeeping advisors with whom they speak regularly, will remove a significant hurdle to digital adaptation.

She says, "Our research supports this: 27% of respondents shared that an incentive, such as a tax deduction, would help them get started.

“SaaS model software is custom built for the SME way of working. Cloud-based SaaS products allow businesses to work however and wherever they like and the subscription model allows a business to grow their software use with their operations."

MYOB also offered a recommendation to Government based on the findings. 

Lea says, “We are recommending to Government that they consider a refundable rebate on new SaaS subscriptions for SMEs with 0-199 employees, with a tiered incentive structure to promote end-to-end digitisation of businesses.

"This change alone we predict is worth $10.5 billion to our economy in the short term.

“If you combine this with the annual saving of $23.5 billion afforded by a mandatory introduction of B2B eInvoicing, adoption of which could also be motivated by this SaaS incentive, it’s a pretty compelling case for putting our trust in small businesses as Australia’s economy recovers and grows.”

Related stories
Top stories
Story image
AGVs
Bridgestone Australia uses Dematic's AGVs to optimise warehouse operations
Bridgestone Australia has deployed Dematic's Automated Guided Vehicle solution across its new Melbourne warehouse in Truganina.
Story image
Adobe
Marketplacer and Adobe accelerate partnership for enhanced commerce solutions
Marketplacer has accelerated its partnership with Adobe in order to further enhance the global commerce marketplace.
Story image
Capital
Rubber Monkey gears up for Aussie market with latest capital raise
Rubber Monkey is seeking to raise up to NZ$2.5 million of new capital through online investment platform, Snowball Effect.
Story image
ABI Research
NaaS market expected to reach $150B by 2030 - research
"The market is immature and fragmented, but telco market revenue will exceed US$75 billion by 2030 if they act now and transform to align with requirements."
Story image
Tech job moves
Tech job moves - Bitdefender, Cohesity, Fortinet & MODIFI
We round up all job appointments from June 27-30, 2022, in one place to keep you updated with the latest from across the tech industries.
Story image
Compliance
SentinelOne integrates with Torq to empower security teams
"With Torq, security teams can extend the power of SentinelOne to systems across the organisation to benefit from a proactive security posture.”
Story image
Artificial Intelligence
Dynatrace extends automatic release validation capabilities
Dynatrace has extended its platform release validation capabilities to improve user experience at every stage of the software development lifecycle.
Story image
Ransomware
Businesses unprepared to defend against ransomware attacks
Ransomware attacks continue to impact organisations worldwide with high costs, but businesses are still largely unprepared.
Story image
Airwallex
How Airwallex helps businesses achieve globalisation success
As markets continue to shift, businesses need to be able to provide the same quality of service for customers regardless of where they are located around the world.
Story image
Metaverse
How the metaverse will change the future of the supply chain
The metaverse is set to significantly change the way we live and work, so what problems can it solve in supply chain management?
Story image
Artificial Intelligence
Vectra AI named as AWS security competency partner
Threat detection and response company Vectra AI has announced that it has become an Amazon Web Services Security Competency Partner.
Supply chain
Discover the 4 critical priorities for wholesale distribution businesses in FY23. Are you worried about how supply chain issues may affect your business in 2023?
Link image
Story image
CSG
To win at 5G, telcos must tame their quoting chaos
The catalogs of CSP (communication service providers) market offerings are set to explode as new digital services emerge, powered by B2B2X business models.
Story image
Wiise
Four things wholesale distributors need to consider for FY2023
In a post-pandemic world, there are many things for a distribution business to juggle. ERP solutions company Wiise narrows down what companies should focus on.
Story image
Cloud
BT builds on Equinix partnership with new cloud offering
BT has launched a next-generation cloud connectivity offering extending its global network into strategic carrier-neutral facilities (CNFs) and building on its existing partnership with Equinix.
Story image
Security Information and Event Management (SIEM)
LogRhythm updates SIEM Platform with latest innovations
LogRhythm has announced the launch of version 7.9 of the LogRhythm SIEM Platform and updates to LogRhythm NDR and LogRhythm UEBA.
Story image
Amazon
What brands can expect from Amazon Prime Day in Australia
Amazon Prime Day is the annual two-day shopping event, kicking off this year from July 12-13 and is the global online shopping platform's biggest sales event. 
Story image
Infrastructure
Video: 10 Minute IT Jams - An update from Paessler
Sebastian Krüger joins us today to discuss how unified infrastructure monitoring enables MSPs to seamlessly deliver services to their clients.
PwC
WSLHD and PwC’s Consulting Business came together to solve through the challenges of COVID-19. A model of care was developed to the NSW Health Agency for Clinical Innovation guidelines with new technology platforms and an entirely new workforce.
Link image
Story image
API
Industry-first comprehensive risk-based API security enhances protection
Application Programming Interfaces (APIs) have become a crucial part of operating web and mobile application businesses and are causing significant economic growth in the digital sector.
Story image
Apple
Your tools, your choice: why allow employees to choose their own devices?
Jamf Australia says giving your team the freedom to work with their digital device of choice could help to attract and retain top talent in a tight labour market.
Story image
Cybersecurity
How organisations can mitigate IoT and IIoT security risks
IoT and IIoT come with inherent risks because they are often deployed faster than they can be secured, putting organisations in danger of cyber threats. Here are tips on how to mitigate those risks.
Story image
Artificial Intelligence
Accenture shares the benefits of supply chain visibility
It's clear that gaining better visibility into the supply chain will help organisations avoid excess costs, inefficiencies, and complexity to ultimately improve their bottom line.
Story image
Payroll
How New South Wales state departments achieved cloud migration success
State departments in New South Wales are heading to the cloud to achieve better workflow solutions, and one company is paving the way for their success.
Story image
Artificial Intelligence
Eight top DevSecOps trends to support IT innovation in 2022
The use of DevSecOps practices is growing, as it is increasingly seen as the best way to produce high-quality and secure code. So what are the current trends?
PwC
PwC's Consulting Business and PwC's Indigenous Consulting are proud to play an important role in helping Australian Indigenous Mentoring Experience build IMAGI-NATION, a free online university for marginalised communities around the world.
Link image
Story image
Data Protection
Five signs your business is ready to move to the cloud
Many organisations are thinking about moving to the cloud. But what are the signs you are ready, and what are the reasons to move?
Story image
Samsung
Monitors are an excellent incentive for getting employees back
The pandemic has taught us that hybrid working is a lot easier than we would’ve thought, so how can the office be made to feel as comfortable as home? The answer could be staring you in the face right now.
Story image
Cybersecurity
Tech and data’s role in the changing face of compliance
Accenture's study found that 93% of respondents agree or strongly agree new technologies such as AI and cloud make compliance easier.
Project management
Discover the 4 crucial factors for choosing the right job-costing solution. Is your team struggling to cost jobs and keep projects running on budget?
Link image
Story image
Storage
EXCLUSIVE: Finding the best data center for your business needs with datacenterHawk
Companies using cloud are consistently looking for the best storage solutions to suit their enterprise needs and often have to go through rather complex processes in order to find the right fit.
Story image
Cybersecurity
Without trust, your security team is dead in the water
The rise of cyberattacks has increased the need for sound security that works across any type of business, but with any change, buy-in is essential. Airwallex explains why.
Story image
Remote Working
RDP attacks on the rise, Kaspersky experts offer advice
"Given that remote work is here to stay, we urge companies to seriously look into securing their remote and hybrid workforce to protect their data."
Digital Transformation
Discover the 5 signs your business is ready for a cloud-based ERP. Is your business being left behind as more of your competitors switch to the cloud?
Link image
Story image
Ransomware
Examining the future of ransomware threats with Vectra’s CTO
As customers' valuable data move to the cloud, so will ransomware. What is the current landscape and what do we need to know?
Productivity
Discover the 5 ways your ERP may be letting you down. Is your current system outdated, difficult to manage, and costing you a fortune?
Link image
Story image
Artificial Intelligence
Decision Inc. partners with provenio.ai to expand offering
Decision Inc. Australia has partnered with provenio.ai to expand its offering to clients in the retail, FMCG, manufacturing, supply chain and logistics sectors.
Story image
Supply chain
Supply chains continue to be disrupted, enterprises embrace circular economy
“Businesses urgently need to find a solution that can help them to manage this disruption, and transition to a circular economy."
Story image
Recruitment
Thales on recruitment hunt for next disruptive innovations
"Recruiting new talent is part of Thales's belief in the power of innovation and technological progress to build a safer, greener and more inclusive world."
Story image
Accounting
Four factors to consider when choosing the right job accounting solution
Progressive job-based businesses can achieve success by strengthening their ability to quantify every cost attributable to the delivery of an outcome for a customer.
Story image
SaaS
Ping Identity appoints Deloitte Australia as a partner
Ping Identity has appointed Deloitte Australia as a Consulting Technology Partner, uniting its offerings with the company's consulting services.
Story image
Enterprise Resource Planning / ERP
Five ways your ERP is letting you down and why it's time for a change
Wiise explains while moving to a new system may seem daunting, the truth is that legacy systems could be holding your business back.
Story image
IDTechEx
The next stage for 5G in thermal materials - IDTechEx
IDTechEx says higher frequency deployments, such as mmWave devices and very different station types such as small cells, present their own technological evolution and, with it, thermal challenges. 
Story image
SOTI
Australian consumers loyal to retailers who deliver speed and visibility
SOTI finds extensive order visibility and speed are the most important factors for turning one-off customers into loyal, long-term buyers.