Summary: CPA Australia Business Technology Report 2024

The CPA Australia Business Technology Report 2024 provides a comprehensive overview of the current state of technology adoption, its impact on business performance, and the challenges faced by companies in the Asia-Pacific region. Here are the key insights from the report:

Technology's Role in Business Success:

• Technology is crucial for business success, with companies that use a broad range of technologies more likely to be profitable and efficient.
• Investments in technology particularly enhance operational efficiency, cybersecurity, customer experience, and employee satisfaction.

Barriers to Technology Adoption:

• The primary barriers to technology adoption are high costs and low return on investment. These concerns have intensified recently due to rising business costs.
• Smaller businesses struggle more with data privacy and cybersecurity due to limited resources, while larger businesses face challenges with complex legacy systems and talent shortages.

Artificial Intelligence (AI) Adoption:

• AI usage has increased significantly, with 69% of businesses adopting AI tools. However, AI is not yet a day-to-day tool for most companies, with only a small percentage reporting significant adoption.
• AI is primarily improving efficiency, productivity, and decision-making, with larger companies leading in AI integration.

Cybersecurity:

• Cybersecurity remains a top priority, with nearly 90% of businesses reporting that their investment in technology has improved their cybersecurity measures.
• Larger businesses generally have better cybersecurity proficiency due to higher investment and resources.

Technology and ESG (Environmental, Social, and Governance):

• Around 70% of businesses report that technology investments are helping them meet sustainability goals.
• Larger businesses are more likely to use technology for ESG-related activities, such as identifying sustainability risks and opportunities and sustainability reporting.

Digital Strategy:

• There has been a slight decline in the number of businesses with a dedicated digital strategy, possibly due to the integration of digital initiatives into broader organizational strategies.
• Profitable businesses are more likely to have a digital strategy, with larger businesses leading in this area.

Technology Skills Shortage:

• The shortage of technology talent remains a significant issue. Companies are addressing this by upskilling and reskilling current employees and increasing investment in automation.
• Larger companies are more proactive in addressing the talent shortage compared to smaller businesses.

Future Technology Trends:

• Businesses expect to increase their use of data analytics, AI, and cybersecurity tools over the next 12 months.
• The use of technologies like robotic process automation and business intelligence software is also expected to grow, especially in larger companies.