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The economic benefits are revealed in a report produced by IBRS and Insight Economics and commissioned by enterprise software firm TechnologyOne and quantify for the very first time the $224bn economic opportunity that can be unlocked if the public and private sectors embrace new innovations and replace redundant IT platforms with next-gen Software-as-a-Service (SaaS) technology.
According to the report, every year more than $70bn of the $98bn spent in Australia on software is directed towards legacy on-premise platforms, which costs the economy billions and has a detrimental environmental impact through higher emissions.
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According to a landmark economic analysis from IBRS and Insight Economics, Australia’s Federal and State government sector could unlock an $62 billion ‘digital dividend’ by replacing old technology with Cloud-based Software as a Service systems (SaaS).
In their report, “The Economic Impact of Software-as-a-Service”, IBRS and Insight Economics set out to analyse, for the first time, the savings from modernising IT systems across a range of industries including government, education, health & aged care and financial services.
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