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Current Business Trends in Brisbane Flipbook PDF
Brisbane, the capital of the Indicator, one of the safest cities for investment not only in Australia but also across th
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Current Business Trends in Brisbane
Current Business Trend in Brisbane Charlotte Snow Griffith University, Brisbane Key Terms: Business Trend in Brisbane, Economic Trend, Business Performance in 2018 Introduction: Brisbane, the capital of the Australian state of Queensland is according to Dun & Bradstreet Global Risk Indicator, one of the safest cities for investment not only in Australia but also across the world. Brisbane is by far amongst the strongest and the major business hubs in Australia. With the reputation of a top performer, Brisbane is outshining the others with untraceable speed. Not only the top notch Australian companies, but also the many eminent International companies have their offices located within the territory of Brisbane making it a common Economic zone for the countries around the world. Along with far reaching businesses, DHL Global's Oceanic distribution warehouse as well as the Asia Pacific Aerospace's headquarters is also located in Brisbane, making it the centre of focus not only for Australia, but other countries as well. The internationalisation of the economy along with the abundantly available pool of regional talent, competitive nature of the economy and collaborative business culture provides Brisbane a strong hold on the economic environment and conditions which are favourable for its growth and development, allowing it to outperform other economies of the world. With its progressive approach and far-sighted business vision, Brisbane has gained the confidence of the investors, making them believe that investing here will help them in their quest to increase return on investment. T he roots of this confidence uprise from the political stability, its controlled population growth rate and committed private and public sector directed towards building a stronger and impactful capital base. Apart from all the above adding to the successful economic results, many of its home grown companies are not unknown on the international platform. Some of these are Virgin Australia, Boeing Australia, Suncorp-Metway Limited, Krome Studios, Thiess Pvt Ltd. According to Canstar, as of May this year, there were more than 2.1 million businesses trading in Australia. Add to this reports that new businesses (particularly start -ups) have the capacity to contribute a further $100 Billion to the economy and generate more than half a million jobs by 2033. In other words, those in the know have opportunities galore for you to own. So, what about those business trends? Economic trends
Australia remained steadfast during one of the most turbulent periods of global modern economics, demonstrating remarkable resilience. During the worst of the global financial crisis, Australia maintained strong growth, outpacing all other advanced economies and securing a 22nd consecutive year of recession-free growth in 2013. The Queensland economy has consistently demonstrated above-average growth, growing at an average annual rate of 4 per cent real gross state product in 2016-17, 2.5 per cent above the Australian average Dun & Bradstreet Global Risk Indicator rates Australia as one of the safest countries in the world for investment. The continued internationalisation of the Brisbane economy, combined with a local pool of talent and a collaborative business culture, provides a strong, competitive environment for Brisbane’s economy to continue to outperform its neighbours. Brisbane’s progressive and far-sighted business and economic environment gives investors more confidence in their quest to optimise investment return. This confidence is built around Brisbane’s stable political environment, its proven and forecast population and economic growth, and ongoing public and private sector commitment to building a stronger economy and intellectual capital base. Australia’s economic growth remains solid, with the resources sector benefiting from China’s economic stimulus, a related jump in commodity prices and state governments spending up on infrastructure Local Economy Brisbane is a major hub for large resource and energy companies, a global hub for the mining, equipment, technology and services (METS) sector, a significant centre for research and innovation, and the engine room of much of Queensland’s continued economic growth. The city’s $146 billion economy (Source: Brisbane City Council - Key Economics Fact 2016) is predicted to grow to more than $217 billion by 2031, having been a key driver of the Australian economy as it enters its 26th year of continuous growth Businesses trend of 2018 Thanks to advances in technology consumers are expecting more than ever from businesses. Nowhere is this more prevalent than in the area of customer experience. If your business fails to keep up with the latest trends you could wind up losing out to a competitor. Over the last few months, there has been a lot of talk about what we can expect to be trending next year in the experience design and management industry. Now that there are so many options to give a little more to their customers, businesses refusing to utilise any of the available technology are really putting themselves behind the competition.
Customers expect a great experience at all touch points, including awareness on social media, the transaction itself, and afterward. Successful businesses understand that it’s more time consuming and costly to attract new clients, than it is to maintain existing ones. Unfortunately, some businesses are simply too large to remember all of their clients by name, and it can be difficult to maintain contact with their client base. However there are many digital platforms to make your own, for the purpose of maintaining awareness with your clients, and the options grow frequently.
With this in mind, a number of new methods and technology platforms have emerged and will be shaking up the industry in 2018. Here is a list of what they are:
1. Speech self service This year, we have seen a lot of ads about the latest Google device that responds to your voice commands. Google Home is really making inroads into our domestic situations. It still feels odd to ask the device out loud to turn on the lights and music, but I have heard that children are already using it for their homework assignments. Clearly they are not shy and in time, neither will we be, as the technology continues to get smarter.
2. Digital Privacy and Safety Just because they share their entire life on social media, this doesn’t mean that Gen Y is not concerned about safety measures online. In fact, quite the opposite is true. The digital rights and governance group at the University of Sydney conducted a survey of 1,600 people and found that the majority of people in their 20s and 30s were most concerned. Online platforms like FortKnoxster are taking advantage of blockchain technology, decentralized storage, and advanced encryption, and creating potential solutions to help protect user safety as it becomes more important.
3. Hollywood Technologies I call these Hollywood Technologies because the very abilities we have seen in the movies are finally making their appearance. Passwords will become a thing of the past as we start to see voice print as identification and with biometrics embedded into hand held devices, like iris scanning and face recognition. One company (Prellis Biologics) can now print organs on demand with a 3D printer. What was once the realm of sci-fi is now real.
4. Blockchain A major mainstream credit card company is already using blockchain, a more secure and transparent method to pay, as it is said to be a more efficient method of paying. It also removes the need to swipe a credit card. MasterCard’s blockchain operates independently of a cryptocurrency, and instead accepts payments in local currency.
5. Artificial Intelligence
Artificial Intelligence is becoming more mainstream and businesses are staring to utilise it. We built a basic chat bot utilising an AI platform in just a week and a half. The great thing is that no longer are large enterprises leading the way – anyone can be involved. Companies are now making their AI tools accessible and easy to use, so we will see more experimentation and innovation from smaller businesses.. Brisbane’s Performance It is not an unknown fact that Australia has maintained commendable stability and has remained steadfast in every challenging as well as turbulent situation composing itself with remarkable resilience. During the global financial crisis, Brisbane’s economy remained unaffected unlike other advanced economies of the world, helping Australia to maintain a strong growth and achieving the 22nd consecutive year of recession free performance and growth. For long, its economic growth has been fuelled by migration of people coming into Brisbane from mostly Southern states attracted by the employment opportunities available. With consistent economic structure and manufacturing services as a primary income generator along with specialisations in industries such as Agriculture, Mining and other business services has to a great extend helped Brisbane achieve its present growth. Along with this, there has been an evolution in the field of intensive knowledge oriented services, government policies and investment along with boom of resources has helped Brisbane’s economic growth. Brisbane is also the centre of concentration of white collar industries which includes the Information Technology Sector, Financial services, public sector administration which is concentrated around the central business district of Brisbane along with many recently developed and established office areas. Blue-collar services such as petroleum refining, stevedoring, paper mining, QR railway workshops which are located along the Brisbane River running along the new industrial zone have provided the required boost to the economy along with tourism which is an equally important part of Brisbane’s economy in its own individual capacity and as an access passage to the other areas of Queensland. Further, it is of importance to add that irrespective of the on-going strength of the Australian dollar, Brisbane individually has managed to increase its export volumes in 2010-2013, where more than 70 percent of the exports were shipped to the Asian region. It further aims to single-handedly embrace the global online market with the release of its digital strategy framed to capitalise 20 trillion dollars by which it will be able to double the number of the local business engaged in the selling of goods and services. New Trends in Business
The Rise of Subject Matter Experts The long held practice of relying on subject matter experts in the B2B (business to business) space is picking up steam in the broader business world. Now more than ever businesses of all sizes are
ensuringthat there are definitive experts involved in their strategy and sales planning. Such experts help the business consider the actual facts of the product and industry – this in turn minimises confusion and reduces gaps in communication. Video is Essential This trend has been growing, and growing, for the past few years. YouTube has reached a point where it has a subscription service and Facebook prizes video over all else; this is the platform all businesses need to use in one way or another to communicate with customers and even staff in today’s business environment. The Millennial Status Quo It turns out that tech isn’t the only force redefining the workforce – Millennials are making their own waves, and as of 2017 they will be the new normal. Inc tells us that the needs of this growing cohort of young professionals will change the what and how of businesses of all sizes. Retail Business Trends The Exciting World of Retailment Retailment is the next era of real world shopping – stores are going out of their way to create unique shopping experiences that play off their brand’s strengths and into the waiting hands of eager consumers. Small Is In A fun size take on classic retail outlets that offers an easy-access variant of the standard store-front with a focus strictly on the items we buy most. Everyone from IKEA through to Lincraft and Target are eying this concept as a way forward. This, alongside retailment, creates opportunities for those with a solid understanding of consumer trends and visual merchandising. Australia’s International Business Survey 2018 Australia’s International Business Survey 2017 (AIBS 2017) is the fourth in a series of studies of Australia's international business activity. Commissioned by the Export Council of Australia (ECA) with the support of Austrade, Efic (Export Finance and Insurance Corporation) and UTS Business School, AIBS 2017 was conducted by amr Australia between April 2017 and May 2017. AIBS 2017 reflects the opinions of 941 firms from 19 sectors undertaking international activities in more than 90 overseas markets. Analysis of key survey findings is available from the Economics at Austrade blog.
AIBS 2017 provides detailed information on:
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the demographics of participating businesses including size, experience and the role of international earnings the nature of businesses’ engagement with the global economy, including trade, inward and outward investment, R&D and other activities as well as the markets in which they earn their highest revenues the profiles of goods and services exporters to FTA markets, including the mode of delivery of services exports and the nature of the barriers faced the reasons why companies are not engaged in international activity and the most valued forms of support for companies to start exploring international activity the outlook for their international operations and views on the impact of key international events comprising the US presidential elections and the UK vote for Brexit
Austrade invites Australian organisations that are undertaking international business activities to share their insights and experiences in Australia’s International Business Survey (AIBS). Now in its fifth year, the AIBS collects information about the challenges, opportunities and issues faced by companies of all sizes and across all industries as they engage in global trade. The survey is one of the largest studies of its kind into Australia’s international business behaviour. The results will provide a deeper understanding of the business, regulatory and market issues that your company must navigate, the support you need to succeed, and the outlook for your operations. The survey takes 20 minutes to complete and individual results are confidential. Austrade’s survey partners are the Export Council of Australia (ECA) and the Export Finance and Insurance Corporation (Efic).
By participating in the AIBS, you are eligible to receive a discount on ECA membership and a copy of the 2018 survey report. In addition, you can attend an exclusive webinar where Austrade’s Chief Economist Mark Thirlwell along with the chief economists of Austrade’s survey partners will analyse the results of the AIBS and provide you with economic insights on trends in global trade.
Conclusions Brisbane has some of the strongest economic prospects in the world of the developed countries. The demand for the city’s natural resources has brought Brisbane to an enviable position. Due to its positioning it is able to capitalise on its present position of strength and consequently an estimated growth of 6 percent in 2015-16 is not an impossible target. Further, it should not be left unnoticed that the Queensland State Government has been determined towards developing science and technology industries not only in Queensland but also in the cities that compose it, in particular Brisbane as a part of its ‘Smart State’ development initiative. Along with this, the government has made a big investment in the establishment of various biotechnology, research and analysis facilities in many of the prestigious
universities in Brisbane with a motive to help maintain the swift development and progress of its economy. Some of these Institutes are The Institute for Molecular Bioscience, Saint Lucia Campus and in respect of its initiative for research and innovation the same is currently being emulated at the Queensland University of Technology (QUT)
References i. ii. iii. iv. v. vi. vii. viii. ix. x. xi. xii. xiii. xiv. xv. xvi. xvii. xviii. xix. xx. xxi. xxii. xxiii. xxiv. xxv. xxvi. xxvii. xxviii.
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