Why Australia’s Collaborative Economy Is Worth $46 billion
Unlocking the power of the collaborative crowd is a key solution to Australia’s productivity and innovation challenges according to new Deloitte research commissioned by Google Australia.
In its Collaborative Economy report, Deloitte Access Economics has put a value on the benefit, and it is big:
- $46 billion per year – value of faster-growing, profitable businesses with collaboration at their core
- $9.3 billion per year – value if companies make the most of opportunities to collaborate more.
In addition to the economic modelling and research of collaboration’s* place in Australian businesses, 1000 employees and business managers were surveyed – in established markets and new players and across industries and geographies.
Other key research findings include:
- Companies that prioritise collaboration are five times more likely to experience a considerable increase in employment, twice as likely to be profitable, and twice as likely to outgrow competitors
- Only 20 per cent of businesses without collaboration strategies outgrew the market, compared to 30 per cent with a middling strategy, and 52 per cent with an important strategy
- Only 24 per cent of survey respondents said they had a collaboration strategy that was important for their business
- Half of businesses have no collaboration strategy – or their people don’t know if they do
- Over 35 per cent of respondents said collaboration helps them work faster, while 18 per cent said their work could be impossible without collaboration.
Deloitte Digital national leader Frank Farrall said: “What we have found is a strong correlation between collaboration and the performance of Australian companies. Those that actively encourage collaboration do better. And not by a little, but by a lot.
“Collaboration, driven by a clear strategy, brings revenue growth, more profit, greater employee satisfaction, higher productivity, improved product quality and innovation.”
Deloitte Access Economics’ partner Ric Simes said: “Australia is confronting very real issues around disruption, innovation and productivity, as productivity has fallen at an average 0.6 per cent a year since 2007-08.”
“Yet according to the Australian Bureau of Statistics, only 36.6 per cent of Australian businesses were innovative in 2012-13 and introduced new or significantly improved goods, services or processes. This was down from 41.3 per cent on the year before.
“When we add up all the potential across Australian business, collaboration can play a critical role in driving productivity.”
Deloitte Access Economics director John O’Mahony said: “At $46 billion, collaboration is worth around three per cent of the value of the Australian economy each year; that’s the equivalent of a large sector such as agriculture or utilities.”
Google Enterprise Managing Director Australia and New Zealand, Kevin Ackhurst, said: “There is $9.3 billion worth of value sitting on the table – and that’s just from opportunities specifically identified. Imagine how much more value is sitting out there that we don’t know about.”
“Collaboration is something that many companies talk about, but few have robust collaboration strategies in place. Now that we can finally see the true value of collaboration to the Australian economy, we hope Aussie companies will think about the tools and approaches they need to deliberately increase collaboration in their workplace”
Farrall said: “Progressive leadership and culture, workplace champions and technology as an enabler, including the ongoing increase in high bandwidth connectivity, coupled with the huge and continuing expansion of highly effective social media technologies, are all critical to increasing collaboration capabilities and delivering the very clear benefits.
“Employees who collaborate are ten times more likely to be satisfied with their job, over a third of our survey respondents said collaboration helps them work faster, and three quarters that collaboration improves the quality of work they produce.
“The concern is that more than half of Australian businesses are leaving it to chance. They have no collaboration strategy and are therefore missing out on what are very significant benefits for them, their people, and the national economy.”
* Collaboration is people communicating and working together and building on each other’s ideas to produce something new or do something differently. A collaborative organisation, for instance, unlocks the potential, capacity and knowledge of its people to generate value, innovation and improved productivity.
Latest News
History Has Arrived: It’s The Cairns Crocodiles Inaugural Shortlist
Pen the acceptance speech and ready your best thongs and muumuu, because the Cairns Crocodiles shortlist has arrived.
IAS Launches First-To-Market Integration With Roblox To Provide 3D Immersive Measurement
Integral Ad Science, a global media measurement and optimization platform, today announced a market integration with Roblox, a global immersive platform for connection and communication. Available for advertising campaigns on Roblox later this year, IAS’s Viewability and Invalid Traffic (IVT) Measurement products will provide advertisers increased transparency into the quality of their Immersive Ads within […]
Fast And Furious: Top Gear Australia Launch Thrilled Motorheads, Car Entusiasts And Guests
B&T is still no closer to knowing who the new Stig is, except that she is a woman and a ridiculously fast.
TV Ratings (02/05/2024): Seven’s The 1% Club Wins The Night
The 1% club did not live up to its name when it comes to TV ratings last night.
TRA Welcomes Raft Of New Hires; Bolstering Expertise Across Markets
Insights and research agency TRA announces slew of new hires. Still no news on the return of marble wash denim, however.
CX Lavender Hires Boston Consulting Group’s Kim Verbrugghe as Chief Strategy Officer
CX Lavender announces new strategy hire and channels 'acoustic folk act at local RSL' for the publicity pic.
Opinion: Community standards, will they be the death of us?
This columnist is talking community standards. Sadly not those people who put dogs in trolleys in supermarkets.
Tegel gets heads bobbing with new free-range chicken platform
Sure, there's a lot of moral considerations when buying a chook. Yet, not as baffling as buying eggs or canned tuna.
Study: 66% of Aussie men believe masculinity is under attack
Two-thirds of Aussie blokes say masculinity's under attack. That said, sales of Solo lemon drink appear robust.
‘Equal Writes’: Canyon reveals new campaign and refreshed brand for women and non-binary writers
As this brand redesign again proves, nothing beats black on white. Well, white on black in this instance.
Icon Agency bolsters consumer and integrated offer with major hires
Icon Agency unveils new recruits. As press photo confirms office moustache competition now a lay-down misère.
Clemenger launches agricultural graduate program
Has Farmer Wants A Wife triggered an interest in dagging & hay balers? This grads program may resonate.
Levi’s Appoint UM As Global Media Agency For $217m Account
Levi's are the jeans for rockstars, models & the cool kids. Although that's not stopped dads from ruining their image.
QMS Nabs Sean Rigby From oOh!media
Things set to get spicy at the next Outdoor Media Association dinner and dance as a rival gets poached.
Bumble Reveals New Brand Identity To Usher In New Era Of Dating
It's ironic that all the dating apps market themselves as having no weirdos, freaks or mummy's boys like their rivals.
Stay In The House From Up! Airbnb Introduces Icons
Airbnb is now letting people stay in "iconic" places that sadly doesn't include the house from Silence Of The Lambs.
Changing The Conversation: The Role Of Media In Ending Violence Against Women
Governments are finally waking up to the DV crisis. Here, B&T chats with Jasmin Bedir on the role media can play.
“If You Want To Listen To Something Else, Go For It”: Fifi Box On Blocking Out The Noise & Focussing On What Works
No one is at the coal face of Melbourne radio like Fifi Box. Here, she chats with B&T without coughing up a lung.
Spotlight On Sponsors: Ferrari Signs Landmark New Title Sponsor
B&T continuing our series on sports sponsorships. And, yet again, there's little good news for the ten pin bowlers.
Choose A Path Less Trodden This Cannes In Cairns
Not since Wonka opened the factory has there been such a hot ticket in town. Here's how to make the most of Cairns.
Cannes In Cairns MC Keeva Stratton Shares Her Top Session Picks
Quip boss calls out her highlights of the Cannes agenda. We're assuming B&T staff b-boy demonstration was an oversight.
Here Are The Agencies That Made AFR’s Best Places To Work List And What The Industry Can Learn From Them
Did your office not make the list? Make sure your boss shouts at least two schooners at office drinks come Friday.
Get Ready, B&T’s Best Of The Best Is Back With The Top Holding Company Executive Leaders – Creative!
Want to know who the Grandest of the Grand Poobahs in the industry are? Look no further than this exhaustive list.
How A Glittering Campaign Helped The Australian Museum Sell 400,000 Tickets
B&T thoroughly enjoyed the Ramses exhibition at The Australian Museum, despite thinking we were going to the Archibald.
TV Ratings (30/04/2024): A “Shoey” Straight From A Fish’s Mouth Launches The Cheap Seats Into 2024
Last night's TV saw horny farmers beat Lego nerds, who beat fame-obsessed home cooks, who beat a chap with a large fish.
Spotlight Extends Partnership With Starlight Children’s Foundation
B&T always happy to promote the excellent work of the Starlight Foundation. Less so the Starfish Fanciers Foundation.
Amazon’s Advertising Quarterly Revenue Soars To $11.8bn
There are so many Amazon couriers visiting B&T headquarters at the moment our office dog doesn't know who to maul first.
VML Wellington Welcomes Jacob McGregor As Pou Ārahi Māori
McGregor set to lead cultural competency and safety at VML Wellington in important new gig.
“They Grow Up So Fast”: Simon Fowler On Five Years Of ABEL
Abel's CEO talks lessons learned from the agency's first five years. Including staff nicking all the Nespresso capsules.
Kyle & Jackie O Urge Melbourne To Pick A Side
Who can stop Kyle & Jackie O's indelible march into Melbourne radio? Is Peter 'Moony' Moon waiting by the phone?
Future & Taika Waititi Feature In Striking New Global Belvedere Campaign
Not only does drinking vodka make you cool like these dudes, it also has great weight loss properties for the bone idle.
The Fall Of Bonza: A Case Study In How To, And Not To, React In A Crisis
Does the collapse of yet another budget airline hark back to a gentler time of 17 hours spent on a Greyhound bus?
Opinion: Agencies, Be Unique – Stop Using The Word “Unique!”
Trinity P3's Ellie Angell says agencies are overusing the word unique. You could add omnichannel & holisitic to that.
Ex Marketing & Advertising Exec Releases Melanoma Memoir
Ex-adlander Anne Gately has penned a tome to skin cancer. Which is a handy reminder to check your moles, people.
Mamamia Appoint Danni Wright As New Head Of Strategy
Danni Wright takes up Mamamia's strategy reins with a feng shui expert called over positioning of office chaise lounge.
From The Bureau: Championing Competency & Cross-Industry Collaboration
The IAB's Jonas Jaanimagi calls for more specialisation in adtech. Meaning you'll understand it less than you already do.