Story image

Australian computer software spend reaches record high in Q316

08 Dec 2016

Australian computer software spend has accounted for a record $3.75 billion in the third quarter alone and that amount is expected to grow rapidly next year, says software provider SuiteBox.

The increased spend signifies that the Australian economy is using technology to achieve productivity gains and business growth, says SuiteBox CEO Ian Dunbar.

The spend equates to a 3.2% rise in software sales - a 13.1% jump compared to the same time last year, according to numbers released by the Australian Bureau of Statistics (ABS). SuiteBox says the jump shows that technology is becoming more vital to businesses.

“As time goes on and as technology becomes more important, we can expect to see more businesses adopt digital technologies and software aimed at achieving greater efficiencies and delivering greater transparency to their clients in the advice and investment process.  As a result, we expect to see the national quarterly software spend top $4 billion in 2017," Dunbar says.

“In the financial services industry in particular, technology is having a huge impact. For example, the advent of robo-advisers and online investment platforms is speeding up interactions with clients and enabling transactions to occur in real time, which can only benefit investors,” Dunbar continues.

The ABS statistics also showed that multifactor productivity in the financial and insurance services sector has grown by 1.9%, outpacing national growth.

“In addition, the advancement of cloud-based software and the rising popularity of software-as-a-service (SaaS), and the benefits it offers, such as lower initial costs and easier upgrades, is prompting more businesses to buy software as it becomes more accessible," Dunbar says.

SuiteBox has recently completed a $1.5 million capital raising. It is expanding its sales team as demand for its solution frows.

“Professional service providers such as financial advisers, lawyers, mortgage brokers and accountants can dramatically boost their productivity by enabling immediate and personal interactions with clients rather than by communicating through impersonal exchanges such as email and rushed telephone calls,” Dunbar concludes.

NVIDIA introduces a new breed of high-performance workstations
“Data science is one of the fastest growing fields of computer science and impacts every industry."
Apple says its new iMacs are "pretty freaking powerful"
The company has chosen the tagline “Pretty. Freaking powerful” as the tagline – and it’s not too hard to see why.
NZ ISPs issue open letter to social media giants to discuss censorship
Content sharing platforms have a duty of care to proactively monitor for harmful content, act expeditiously to remove content which is flagged to them as illegal.
Polycom & Plantronics rebrand to Poly, a new UC powerhouse
The name change comes after last year’s Plantronics acquisition of Polycom, a deal that was worth US $2 billion.
Bitdefender invests in A/NZ with new offices and regional director
Bitdefender has opened its Partner Advantage Network (PAN) programme with the aim of recruiting and supporting its over 500 local resellers.
BeyondTrust’s 2019 APAC Partner Award Winners
Identity Solutions Australia took the local prize, being named Australia and New Zealand Partner of the Year.
Two Ministers’ thoughts on blockchain in Oz
Minister Karen Andrews, and Minister Simon Birmingham have released a joint statement on the national blockchain roadmap and extra $100,000 funding.
Apple launches revamped iPad Air & iPad mini
Apple loves tinkering with its existing product lines and coming up with new ways to make things more powerful – and both the iPad Air and iPad mini seem to be no exception.