Small businesses are up against all sorts of challenges, but one of the most prominent in the modern era is digital disruption.
Deloitte has warned that some sectors are more prone to threats than others, so it's important for small business owners to take whatever steps necessary to protect themselves.
"Government services, including health, education, utilities, transport, post, and agriculture are now firmly in the sights of the digital disruption juggernaut," explained Deloitte Access Economics Director John O'Mahony.
He expressed the need for companies to think more closely about their digital infrastructure and to invest in whatever technology is necessary.
"This requires putting the customer at the centre of the experience and then balancing competing interests and elements - whether people, platforms or planning," Mr O'Mahony confirmed.
Analysis of the top 2,000 Australian companies revealed some interesting findings. The spread of revenue has increased 10 per cent over the past two years across 18 industries.
The research looked at the change in revenue, how it is spread between businesses and what role digital factors have had in the trend.
The largest increases were seen in high-growth industries such as media and IT, rather than the likes of food services, accommodation or manufacturing.
Deloitte also recently said the role of chief information officers (CIOs) is being transformed across the nation, as they are under increasing pressure to show better management of technology portfolios.
Companies are increasingly in search of people who can invest in reliable and cost-efficient technology in order to expand their operations and maintain small business cash flow.
It's therefore important for CIOs to keep an eye on the latest technology trends and determine which ones need to be followed to generate the strongest returns.
IT managers therefore need to be more strategic if they are going to stay ahead of the curve.
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