Australian SMEs in the financial services and insurance industries can unlock over $4.7 billion of private sector output over the next ten years from better use of internet and mobile technology.
A PwC report commissioned by Google estimates approximately $148,838 per business can be generated by making better use of digital technology.
PwC economics partner Jeremy Thorpe explains:
“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. We’re advocating small business to take advantage of the tools that are already available, such as mobile friendly websites and cloud based services”.
The analysis outlines key areas in which small businesses can act to achieve these gains, identifying ways in which internet and mobile technologies can significantly increase customer reach, create opportunities to rethink how they produce products and/or deliver services, improve supply chains and deliver better experiences to their customers.
Some of the ways insurers can unlock these opportunities include:
- Having higher levels of digital engagement - companies that engage in digital marketing and technology are shown to have better business outcomes compared to those with lower engagement, with some studies suggesting a 20% increase in annual revenue.
- Using the internet and mobile to boost sales - more than half of Australian small businesses use online channels for sales, which account for more than a third of all sales.
- Improving workflow and collaboration using mobile and cloud based technologies to coordinate work and communicate between employees, or with customers.
You can review report results on demand by state, electoral district or industry.