Aussie industries ‘need to mine data more’
The CSIRO body says Australia’s economy will miss out on a potential $315 billion boost over the next decade if they don’t.
The Commonwealth Scientific and Industrial Research Organisation’s Data61 says local industries focus too heavily on domestic business and aren’t thinking globally – spurning the chance to collect enough information to improve targeted strategies.
Data61 and AlphaBeta Advisors has found Australian industries need to be more digitally innovative to create new revenue streams.
The report pointed to eight high-potential opportunities in digital innovation, which could combine for up to $155 billion in revenue for Australia by 2028.
Precision healthcare, digital agriculture, cyber-physical security, supply chain integrity, and smart exploration and production represent the majority of that.
“It comes down to our companies and our industries not thinking globally,” Data61 chief executive Adrian Turner told AAP.
He said Australia is lagging when it comes to digital innovation.
“Only about two per cent of our companies in the country generate new innovations based on science and technology and then export them to the world,” Mr Turner said.
Companies such as Amazon have five times the customer conversion rate of domestic online retailers because it has a global footprint, he said.
Research and development should work with businesses and industries to become global franchises through digital exports.
“The research community is fragmented around emerging areas and you see industry not engaging and collaborating deeply with the research sector,” Mr Turner said.
“Companies are focused on what’s right in front of them, but they’re not thinking strategically about research and development investments, creating new lines of business that can be globally relevant.”