Digital innovation can deliver A$315 billion in gross economic value to Australia over the next decade, according to a new report from AlphaBeta Advisors, commissioned by CSIRO's Data61.
The Digital Innovation report outlines the nation's next billion dollar industries and strategic areas where Australia can succeed in creating data-driven industries that will drive jobs and growth.
While Australia has had economic growth for some time, the report shows the need to increase productivity and find new sources of export competitiveness to secure the economy's future prosperity.
"Every sector of the global economy has been redefined as a result of digital science and technology and the extensive use of data," Adrian Turner, CEO at CSIRO's Data61, said.
"This next digital wave to revolutionise existing industries and create entirely new ones is ours to capture. But the opportunity is perishable if we don't collectively take action now.
"Progressive data-driven organisations are investing in four core areas to realise value from data; data capture, management, analysis and taking action with it. Combining this data with domain expertise, in areas like healthcare, agriculture and mining, is where we can create an unfair advantage."
AlphaBeta Director Dr Andrew Charlton said digital innovation has created enormous value globally and accounts for around 11% of GDP in advanced economies, amounting to an annual value of A$6 trillion.
"Digital innovation is critical to improving our nation's productivity and sustaining economic growth. It's not just about creating the next Google or replicating Silicon Valley," Dr Charlton said.
"Rather, almost half of economic benefit from digital innovation comes from the adoption of new technology across existing industries."
Australia's strongest opportunities are in focusing research and development (R&D) investment and applying digital innovation to existing industry strengths where key drivers of competitiveness are already in place, such as strong domestic markets and in high-quality basic research.
The report identified eight high-potential opportunities for Australia in digital innovation, set to be worth A$155 billion annually in the Asia-Pacific region over next decade: precision healthcare, digital agriculture, data-driven urban management, cyber-physical security, supply chain integrity, proactive government, legal informatics, and smart exploration and production.
Data61 has already begun tackling some of these high-potential opportunities, through the launch of a national digital challenges programme, which is designed to facilitate stronger collaboration between research, government and industry on strategic and national data-driven challenges to accelerate large scale outcomes.
The initial challenge is focused on food provenance and supply chain traceability with the NSW Department of Primary Industries in Australia as the first partner. The aim is to ensure product integrity and minimise food fraud specifically for cherries, rock lobsters, abalone and citrus.
Data61 is also partnering with a range of organisations across industry and government tackling broader food provenance and supply chain traceability issues as part of the national digital challenges programme.
The issue was identified in the Digital Innovation report as a critical problem and threat to Australia's economic growth and development with food fraud alone, costing Australia A$65 billion per year due to counterfeiting produce.
"Data61 is helping Australian organisations capture the opportunity of digital innovation by bringing the ecosystem of government, industry and academia together to create new value," Turner said.
"As part of Australia's national science agency, we have access to proven domain expertise and combine it with Data61's deep data science and engineering excellence to deliver digital innovations that are large scale and globally relevant."
Explore:
Read the Digital Innovation report
Browse the digital challenges
The Digital Innovation report outlines the nation's next billion dollar industries and strategic areas where Australia can succeed in creating data-driven industries that will drive jobs and growth.
While Australia has had economic growth for some time, the report shows the need to increase productivity and find new sources of export competitiveness to secure the economy's future prosperity.
"Every sector of the global economy has been redefined as a result of digital science and technology and the extensive use of data," Adrian Turner, CEO at CSIRO's Data61, said.
"This next digital wave to revolutionise existing industries and create entirely new ones is ours to capture. But the opportunity is perishable if we don't collectively take action now.
"Progressive data-driven organisations are investing in four core areas to realise value from data; data capture, management, analysis and taking action with it. Combining this data with domain expertise, in areas like healthcare, agriculture and mining, is where we can create an unfair advantage."
AlphaBeta Director Dr Andrew Charlton said digital innovation has created enormous value globally and accounts for around 11% of GDP in advanced economies, amounting to an annual value of A$6 trillion.
"Digital innovation is critical to improving our nation's productivity and sustaining economic growth. It's not just about creating the next Google or replicating Silicon Valley," Dr Charlton said.
"Rather, almost half of economic benefit from digital innovation comes from the adoption of new technology across existing industries."
Australia's strongest opportunities are in focusing research and development (R&D) investment and applying digital innovation to existing industry strengths where key drivers of competitiveness are already in place, such as strong domestic markets and in high-quality basic research.
The report identified eight high-potential opportunities for Australia in digital innovation, set to be worth A$155 billion annually in the Asia-Pacific region over next decade: precision healthcare, digital agriculture, data-driven urban management, cyber-physical security, supply chain integrity, proactive government, legal informatics, and smart exploration and production.
Data61 has already begun tackling some of these high-potential opportunities, through the launch of a national digital challenges programme, which is designed to facilitate stronger collaboration between research, government and industry on strategic and national data-driven challenges to accelerate large scale outcomes.
The initial challenge is focused on food provenance and supply chain traceability with the NSW Department of Primary Industries in Australia as the first partner. The aim is to ensure product integrity and minimise food fraud specifically for cherries, rock lobsters, abalone and citrus.
Data61 is also partnering with a range of organisations across industry and government tackling broader food provenance and supply chain traceability issues as part of the national digital challenges programme.
The issue was identified in the Digital Innovation report as a critical problem and threat to Australia's economic growth and development with food fraud alone, costing Australia A$65 billion per year due to counterfeiting produce.
"Data61 is helping Australian organisations capture the opportunity of digital innovation by bringing the ecosystem of government, industry and academia together to create new value," Turner said.
"As part of Australia's national science agency, we have access to proven domain expertise and combine it with Data61's deep data science and engineering excellence to deliver digital innovations that are large scale and globally relevant."
Explore:
Read the Digital Innovation report
Browse the digital challenges
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