Australia is one of the most developed counties in the world that enjoys one of the world’s best economies. The consistent economic growth in Australia makes it world’s second richest country which is just behind Switzerland. An important reason for Australia to achieve and maintain its economic growth is by adopting mixed market economy. Though the country is enjoying one of the best economies by adopting a well thought-out plan, but it is quite reluctant to take alternative measures that would boost its economy further.
The most prominent example is the business sector in Australia. As compared to several other developed countries that are constantly taking measures for introducing changes in their business models, Australia hasn’t shown interest in this way. The country is following the old business model since past several years and is reluctant to take revolutionary steps in bringing innovation to its business strategy.
Today, whether you are trying to create a company in highly developed country like USA or are planning to start a firm in a developing economy similar to Dubai business setup, you will find new and interesting business techniques adopted by them. But that’s not the case in Australia.
If you want to find the causes behind the slow adoption of business innovation in Australia, these 4 major reasons will provide an insight of the problem.
Less Importance in Educational Institutes:
Australian schools and higher institutes are known for producing large number of research papers on the subjects related toscience & technology, mathematics and engineering. But it seems business is not their priority at all. Australia is far behind countries like USA, the UK and South Korea that have introduced entrepreneurship in their schools.
But this culture could not be developed in Australia. Such type of education expose young people to business cultures that is instrumental in the adoption of innovation in the field.It is because fresh minds are eager to do something new and bring changes in the society.
The slow approach of Australia to introduce entrepreneurship in schools is due to unawareness of the country to see business as a driving force behind economic growth. The experts say that technology startups can add $100 billion in Australia’s GDP by 2033. But it needs 20 times the number of entrepreneurs that the country currently has.
The only way that Australia can achieve this target is by giving importance to business education in schools and providing a business-friendly environment. The problem is that Australia is critically lacking both these factors.
The problem is not limited to schools, but even Australian universities are not much eager in giving importance to business-related subjects. Most of the universities started offering entrepreneur subjects in recent years and they are also lacking experienced professionals. These universitiesare now trying to provide quality business education to students after increase in thedemand.
But as they started the whole process late, so they will take time to come close to the level of countries that are already providing good business-related education. Currently, they are far behind countries like Korea, Germany and the UK that have collaborating business with higher education. This is a major hindrance in the adoption of business innovation in Australia.
Afraid to Take Risk:
A general attitude of entrepreneurs in Australian is that they avoid taking unnecessary risks and like to remain on safer side. It is especially important as their fiscal growth is going smoothly and they don’t consider it necessary and wise to experiment new techniques and make decisions that may pose a risk to their continuous growth.
Therefore, they avoid experimenting with new techniques as their old and reliable business methods are quite beneficial for them. They want to play safe without taking undue risks associated with innovation in business. It is the reason that less than 20% Australian firms operate in international markets.
Due to this, the Australian entrepreneurs are behind entrepreneurs of USA, the UK and other major business locations. The reason is the difference in attitude in USA as compared to that in Australia. Entrepreneurs in USA think that failure is part of their business journey and the success that comes after failure is the real success. They are not afraid of the initial setbacks that they may face in adopting new business techniques and methods. This positive attitude, where they are ready to take risks,has been proved helpful for them to achieve new heights.
Australia can only expect to achieve business innovation after replacing its current attitude with a new approach of adopting global business ideas. But it will take some time to replace decades’ old tradition with a more aggressive one.
Less Support from Government:
The arrival of any new idea and product in any country demands encouragement and assistance from government. But it seems the Australian government is not ready to give business its due importance. Australian economy primarily depends on sectors like services, construction and mining. These sectors provide less business activities and the focus of government is more on these major sectors of economy.
But there are reports that business sector can contribute billions of dollars in the Australian economy in the coming years and it merely requires adoption of innovation in business strategy. This can be done with the introduction and spread of global business ideas, which is only possible with the support of government. Currently, the Australian government provides far less funds to both SMEs and large businesses as compared to countries like South Korea, Finland and Germany.
The Australian government can change this approach with investment in well-structured programs like business hubs and incubators. Currently, the Australian government is providing some tax incentives to entrepreneurs. But direct government funding to the sector is very low and the benefits of this policy will take some time to deliver.
Non Supportive to Big Business:
Another important reason that Australia is not supporting business innovation is due to their negative imagination of big businesses. You can’t expect innovation from small and medium sized businesses as it is difficult for them to take big risks. By taking innovative steps, the entrepreneur is in fact taking risk and this attitude is only possible for big businesses. It is because these firms have enough additional capital and they can afford a single or two bad experiences with new business techniques.
But due to less support of big businesses from Australian government and corporate sector, it is unlikely that major steps can be taken in this regard.
Brenda Cagara is a part of the business consultant team RIZ & MONA in Dubai. Her work is to assist the formation of companies and help setting up business firms. Other services she takes a part in are visa processing, trade license, trade mark, bank account opening, product registration and local sponsors. Along with this, she vigilantly manages to pursue her writing career. Since the past five years, she has been writing on different niches. The top ones are business, taxation and finance.
How Is AI Being Used In Business?
Artificial Intelligence is bandied around the office, and there’s plenty of information online but is your business using it and if not yet, where could it be using it, sometime soon?
Machine Learning, Biometrics, and Robotic Process Automation are in use right now and growing in popularity, not just with the big businesses but also startups, SMEs and everything in between.
Adext’s report includes 19 AI Technologies to look for in 2019 and it’s well worth a read. In this article, we consider three types that mainstream business can no longer live without.
Listed in no particular order, you may have heard of these AL technologies, but you’re not aware of what they do, or how businesses use them.
Where Business Is Using AI
Digital marketing & advertising, research and administration, are key areas of business that are seeing massive change with AI, and specifically these AI techs: RPA, Biometrics and ML.
A branch of AI, this tech has been around for a while.
Machine Learning (ML) develops techniques so computers can automatically learn and improve from experience. It’s used right now to predict and classify data; hence it’s been a game changer for advertising platforms like Google Ads.
Analysis of vast quantities of data, in quick smart time, all the while delivering accuracy has relieved many of us from jobs that involving mundane, repetitive tasks.
ML gets its data from APIs, algorithms, of course, other machines as well as big data tools; to name a few sources; but not all machine learning algorithms are the same.
Machine learning algorithms:
- Supervised – can apply what’s been learned to new data
- Unsupervised – explores data and describes hidden structures within datasets
- Semi-supervised – somewhere between the two mentioned above
- Reinforcement – allows software and machines to pick the optimum response within specific context to improve performance.
More detail found here: ML algorithms definitions
There are many platforms available now, and you’ll know many of the companies in this space: Google, Amazon, Microsoft, and a few you may not know that well including Adext, and Skytree.
This AL tech is focused on improving communication and understanding between us and machines. It uses measurements and analyses human behaviour. Interactions, such as touch, speech, images and even body language are in its sights.
Just like ML, this is a big field of AI with huge potential, particularly in the area of market research.
Robotic Process Automation
Think AI workers, that’s this technology. Robotic process automation (RPA) is another area of AI that’s a game changer for employment, and many of the jobs we used to do, still do and will no longer do. Already RPA has found its way into many industries, and AI workers (machines) have replaced humans in the workforce.
The prosaic and repetitive tasks, humans used to do, are now done in part or in full by machines. In areas of the business such as accounting, administration, customer support and help desks but also on websites, AI has found its place.
The ‘chatbot’ is now ubiquitous on websites for products and services and online sales support. Here is a good read on how using a chatbot could benefit business and change the customer experience.
Live Chat is a more human form of the chatbot, and when you’ve experienced it, as a customer, your level of appreciation goes up a notch or two.
There is a flip side for businesses using live chat and chatbot tech. Customers now used to it will expect your business to delivery immediacy and efficiency every time.
With RPA, businesses see lots of upsides, with reduced overheads and improve productivity.
There have been some clever marketing for it, mainly to dissuade negative reaction from workers fearful of job displacement. Business and workers are encouraged to see it as a solution that promotes better use of human workers; though new roles that are infinitely more interesting, and fulfilling, while also doing wonders to the company’s bottom line.
AI is everywhere and depending on how you view your business, career and life; the future is either exhilarating or maybe a bit scary.
Stephen Hawking: Triumph of the Dreams
Stephen Hawking was a notable towering figure in the field of science. He was also a great visionary, who didn’t let his physical debility get in the way of achieving his dreams. Stephen was a genius, a celebrated scientist; and his influence will keep on guiding mankind in varied ways. Stephen’s life has become a beacon of hope and celebration for many people – from science enthusiasts to people challenged by physical and mental barriers. Here are some of the impressive aspects of his exemplary life:
Disease VS. Dreams
After earning a degree in Natural Science from Oxford, Stephen wanted to go for a Ph.D. with Cambridge University. However, at that time his body started experiencing occasional clumsiness. Upon insistence by his family, Stephen went to see a doctor and was diagnosed with Lou Gehrig Disease, a neurological disorder. Doctors gave him only 2 more years to live. However, this daunting prognosis did not stop Stephen from pursuing his Ph.D. which he achieved at the young age of 23. Stephen went on with his career at Cambridge University in the field of research and teaching.
Zigzag course of life
Stephen was adamant he’d just get on with pursuing his dreams, whilst he met more challenges due to his deteriorating physical condition. Eventually confined to a wheelchair in the same decade, Stephen became a father and he was in fact blessed with two children during his lifetime.
Amidst the zigzag of life, Stephen kept up his research and his efforts bore the fruits we revere today. Stephen surprised the world at large and the science fraternity in particular, when he discovered black holes emitted radiation. It was a jolt to the earlier belief that Black holes were empty, i.e. a vacuum. Respecting his discovery the radiation was named as “Hawking radiation”. It was the beginning of his genius. That decade he got many awards and went on to present a number of works on science.
Lost speech but retained ambitions
In 1985 Stephen lost the ability to speak. However, it did not stop him from expressing his thoughts and he decided to go for a machine that would speak for him. He first used it with his working fingers and later decided to operate it using the muscles of his cheek.
The ambitions of this young scientist combined with his genius helped him to achieve many milestones.
- Origins of the Universe
- Time Travel
- Space-time Singularities
- A Universe sans Space-time Boundaries
- Black Hole Radiation
- The Big Bang Theory
- The existence of Extraterrestrial Life
Max Polyakov Came Out With the Idea of the Next Level of World Economics
The 19th century technological boom aka second industrial revolution stimulated the development of manufacturing. That fact has changed the dynamics and structure of world economic relations. Managing these relations has become simplified and caused the world economic system in the middle of the 20th century. Interdependence and correlation between national economics have become prioritized.
The development of IT and the invention of the internet were the next step in influencing the economics of the 1980’s. In his work, Max Polyakov, PhD, says that a number of information systems, web services and tools united and formed a new information environment. Later it caused the innovative economic development model and its intellectualization. Meanwhile, the essence of economics intellectualization had not been clearly defined.
Maximilian Weber considered the intellectualization as an aspiration to the most rational behaviour, and Karl Marx thought of it as of knowledge accumulation. Dr. Max Polyakov quotes the psychological definition, where intellectualization is an application of intellectual resources and combining cognitive skills. Economists use intellectualization to emphasize the importance of information and intellectual work.
Nowadays, people consider IT technologies and systems within the context of business or country, but not when they talk about the world economy.
That is why, the author offers to connect economy system intellectualization and the intense use of knowledge, regardless of whether it is learned or created. Dr. Max Polyakov also pays attention to the difference between intellectualization and informatization: the first is using knowledge for better manufacturing, managing and decision-making, and the second is focused on information.
The essence of intellectualization lays in using non-material, intellectual assets and capital. Creative tasks are gaining priority: innovations development, updating technologies and generating new activities. Dr. Max Polyakov names 4 signs of intellectualization in economics:
– information services evolution
– the development of business models and organisational forms for intellectual work
– forming of the legal field of intellectual property
– creating database-like information systems
Intellectualization causes competition and extends the requirements to the quality and truthfulness of the information. Dr. Max Polyakov names the next things as the reasons for the world economy’s intellectualization progress:
– creating better international relations mechanisms
– stimulating the development of social interactions
– creating more effective manufacturing on the micro-level
Moving to a post-industrial society along with globalization caused the intellectualization in the world economy. Post-industrial society is constantly spreading, especially in countries with developing economies. The industrial economy takes second place. Dr. Max Polyakov is sure that internationalism and creating new activities are the main arguments for implementing intellectualization all over the world.
This article’s origin is found here
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