Businesses operating in Australia are embracing big data and backing the growth in the Internet of Things (IoT) to maintain global competitiveness, according to the findings by Teradata.
The findings involved more than 900 senior business decision makers interviewed in nine major economies around the world – including USA, Japan, Australia, Germany, France, Spain, India, Russia and the UK – examines how large organisations manage and use data.
In Australia, eight out of 10 organisations, second only to Germany (83 per cent).
However, the Teradata report Australia ranks number one in the world when it comes to IoT, with results showing that 70 per cent have adopted changes.
All of Australian business leaders surveyed in the report agree that an effective data analytics strategy is key to future organisational growth
while the skills shortage remains an issue with 48 per cent of Australian businesses looking to increase training around data and analytics.
Despite leading in IoT adoption overall, Australia fared less on digital transformation as a component of IoT, with just over half (54 per cent) of business leaders believing that their organisation are embracing this.
On this point, the report Australia ranked just marginally ahead of the USA, which ranked the lowest of all countries on digital transformation (53 per cent).
“The amount of data being generated across Australian organisations is growing exponentially and this trend is set to continue,” said Martin Willcox, senior director at Teradata.
“The way in which businesses in Australia are embracing emerging technologies like IoT is only going benefit the country in the long-term.
“Despite this, and given the proliferation of data and devices, ever-changing consumer demands, shrinking budgets and increasing organisational pressures, shows there is still work to be done for Australian businesses when it comes to competing on the global stage.”