learning, which are upending many of the assumptions underpinning business models. At the moment there is something akin to a new arms race between China and the USA underway, as they seek technological superiority in this rapidly evolving field. Whatever happens at that level, it is clear that if Australia wants to remain at the forefront of economic development we need to develop our own capability in what Adrian Turner of Data 61 likes to call the “cyber-physical economy” (where digital and physical co-exist). ISA hasn’t yet seen compelling quantitative data on this, but our conversations with directors in the development of our 2030 Report suggest to us that this is an area where Australian boards are at risk of falling behind. AI and Machine Learning will be key enabling technologies of the next wave of industry transformation – my view is that directors would not be fulfilling their duties if they didn’t have a clear-eyed view of how their companies can benefit from these technologies, not being victims. In a nutshell, we need to be as focused on the cyber opportunity as we are on cyber security. CONCLUSION Our Report is a report to Government; but its recommendations address all sectors of the economy and all of our citizenry. Ultimately it is a plan for the sort of society and economy all Australians can aspire to by 2030. It is a plan to create
learning, which are upending many of the assumptions underpinning business models. At the moment there is something akin to a new arms race between China and the USA underway, as they seek technological superiority in this rapidly evolving field. Whatever happens at that level, it is clear that if Australia wants to remain at the forefront of economic development we need to develop our own capability in what Adrian Turner of Data 61 likes to call the “cyber-physical economy” (where digital and physical co-exist). ISA hasn’t yet seen compelling quantitative data on this, but our conversations with directors in the development of our 2030 Report suggest to us that this is an area where Australian boards are at risk of falling behind. AI and Machine Learning will be key enabling technologies of the next wave of industry transformation – my view is that directors would not be fulfilling their duties if they didn’t have a clear-eyed view of how their companies can benefit from these technologies, not being victims. In a nutshell, we need to be as focused on the cyber opportunity as we are on cyber security. CONCLUSION Our Report is a report to Government; but its recommendations address all sectors of the economy and all of our citizenry. Ultimately it is a plan for the sort of society and economy all Australians can aspire to by 2030. It is a plan to create
how-company-directors-can-accelerate-prosperity-through-innovation-12-april-2018.docx