Mar 2016

Digital Australia: Impacts on Accountants

By: Odyssey Publication
Tags: Digital, Disruption, Social Media

The EY Digital Australia: State of the Nation report provides a view of digital engagement amongst Australians.

The report noticed a step change in 2015 in smartphone usage. Smartphone usage pushed through the 80% mark in this survey with 96% of 18-34 year olds using a smartphone.

Consumers reveal many Australian companies fail to get the basics right, and the speed in which a disruptor can change a market means a digital tipping point can quickly be reached. Those without digital strategies run the risk of being left behind.

They key item for accountants in this report is digital is all pervasive and deeply embedded in consumer’s lives. Many firms are failing to optimise offerings in line with the rapid shift to smartphone use. Digital devices are now seen as a necessity, both in business and in personal tasks, with a blurring of the work/life lines.

Smartphone use is influencing a decline in notebooks/laptops i.e. Smartphones are the computer of choice for Australians. 66% of Australians use the internet for Banking and finance functions, with 49% using laptops versus 41% using smartphones.

Tablets lack the portability and convenience of smartphones while also lacking the familiarity of the laptop/desktop. The digital battle now is between the smartphone and the laptop/desktop.

Digital will continue with the change in population demographics. Australians aged 55-69 prefer free to air TV, while those aged 18-34 account for 51% of streaming subscribers.  It would be interesting to see what percentage of those aged 0 -18 watch TV, if at all?

Most importantly for accountants, Facebook dominates the social media (60-80% depending on age), with Google+, Instagram, Twitter then Linkedin (6%) following.

Publication available from Digital Australia (EY) Website.