The proliferation of technology is driving innovation as businesses navigate disruption caused by harnessing opportunities.
Advancements and innovation in the technology industry now dominate most sectors and we expect to see greater convergence across all industries. Technology businesses are dynamic and have their own set of unique challenges and opportunities.
Underpinning all this is our telecommunications sector. The sector was forced to evolve quickly and make significant improvements to the level and reliability of connectivity. This change of pace isn’t slowing down, with the digital economy only getting stronger.
COVID-19 caused a rise in media consumption via online platforms, such as social media and premium video streaming content. To keep consumers engaged and remain agile, organisations need to pay close attention to disruptors and shifting consumer behaviours.
Technology enablement and a growing digital economy doesn’t come without risks – cyber security and operational resilience strategies need to be implemented to prevent, minimise and rectify customer data loss, should your organisation fall victim of a cyber-attack.
To keep you ahead of risks in this exciting, fast paced, changeable and disruptive industry, we work with you to navigate traditional complexities and take advantage of shifting trends.
Top trends in Technology, Media & Telecommunications
Issues impacting businesses in Technology, Media & Telecommunications
Cutting through the complexity of compliance
Technology moves faster than regulation, but it’s still subject to requirements and obligations at both Federal and State levels. There’s change happening all over the world to create systems that better align with intangible transactions and services. Until then, it’s a balancing act to both remain compliant, and respond to change when it eventually happens. Whether it’s tax, audit or risk, we can help you cut through complexity, ensure you design efficient operational processes, frameworks and controls that enable compliance.
Cyber resilience on the Board agenda
Cyber security is a must for any organisation – especially those heavily leveraging technology. While systems are now created with more of a focus on resilience and less room for error, cyber-attacks, data theft, fraud, and ransomware are on the rise. Heavily regulated industries are no stranger to cyber risk management as a key director responsibility. The spectrum of cyber-attacks and threats has now become so high that addressing cyber security on its own isn’t enough. Beyond the reputational damages of breaches, growing data privacy regulations are increasing the commercial cost of cyber incidents. It’s crucial to put in place a clear, practical cyber incident response plan to minimise risks to intellectual property, customer data, and sensitive internal data.
Tech enabled businesses high in M&A demand
Technology and tech enabled companies have been doing well in the M&A and IPO space – and COVID-19 pandemic market conditions have intensified this. Investors are selective with businesses that have already made the shift towards tech enablement, allowing them to maintain competitiveness, cater to customer behaviour and preferences, and deploy new growth strategies. In addition, telecommunications will continue to consolidate – building scale and market share. Media companies on the other hand, are facing challenges to traditional forms of media, like outdoor advertising or print press, and investing more in streaming services, social media and audio to tap into increasingly transient consumers.
Innovation: disrupt or be disrupted
Opportunities for disruption have grown exponentially, with SaaS, cloud computing and machine learning expanding the business environment. People used to question the security of cloud computing – now it’s embraced by big business. The ones to watch include Fintech, cryptocurrency, blockchain, metaverse and AI – all at work with early adopters in the marketplace.
Innovation is a competitive game. It’s not just about accessing the right incentives; it’s also ensuring you have a genuinely unique premise, protecting your intellectual property, and commercialising successfully. There are new grants and incentives being released to support research & development, collaboration and innovation – are you eligible for support?
Leveraging Australia’s Fintech market potential
Fintech has reshaped access to finance, disrupted the market, and created opportunity to drive change through innovative technology. Displaying huge market potential, Fintechs are the core of the innovation boom and have recently attracted high levels of investment. To scale up, they now have the opportunity to drive change, and expand into new industries and markets. But to do so, a robust growth plan, innovation strategy, and agility is key in a a fast-moving regulatory landscape.
Technology to support ESG and sustainability
Environmental, social and governance (ESG) and sustainability activities are high on the agenda in technology, media and telecommunications. Organisations need to be on the front foot with adopting practices from a regulatory, compliance, and impact measurement perspective. There is significant potential for the technology sector to support ESG and sustainability strategy implementation. This could include tools to measure reduction in waste or carbon emissions, find operational efficiencies through automation, or ensure the safety of our workforce and guarantee compliance.
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