Australian businesses should adopt new technology and new forms of software being developed overseas, rather than see such progress as a potential risk, according to an expert in the space.
Speaking at PEXA's PropertyX conference, Andrew McLeod, director, head of technology, media and telecommunications (TMT) research at Morgan Stanley, said the development of new forms of technology and data in international jurisdictions is driving further growth opportunities for businesses operating in the Australian market.
"Technology is changing at a super fast rate," Mr McLeod said.
"In the 20 years I’ve been in this industry I’ve been offshore to San Francisco and Silicon Valley a couple of times of year.
"They’re investing more in technology and in new forms of software than they ever have before, and it’s not just specialist technology. The Facebook's, Google's and Amazon's of this world are all looking for opportunities around the world."
In order to keep up, businesses should be looking at ways to adopt new technology and implement it throughout their business, according to Mr McLeod.
"When you look at how tech is influencing industries it means disruption and there’s two things that come from technology disrupting industries," he explained.
"It t can bring pain in terms of business models becoming extremely turned on their head and become not profitable anymore.
"When technology comes through it causes disruption and that can be painful as it affects profits but can also present fantastic opportunities.
"Technology brings opportunities for new players to come into industries, to do things in a different way and ultimately create new profitable businesses as well.
"So there are good and bad things that come with technology, so don’t just look for the negatives, look for the positives as well."