Hi there,

The tech industry has finally achieved proper recognition on the ASX bourse, with Standard & Poors launching the All Technology Index, aka the XTX.

Headed up by Xero, it features 46 companies, worth a combined $100 billion. The XTX is being touted as providing a new opportunity for companies to access later stage capital, raise their profile and fuel growth – and bolster Australia’s standing in the digital economy.

It has, however, been a rough start for the index. It was launched on a day which saw markets worldwide fall in the wake of coronavirus fears, and tech stocks were not immune, closing down four percent. It will be one to watch as the impact of the virus on tech-related supply chains becomes clearer.

In other news:

HCL ousts Datacom and DXC for $100m Fonterra contract
IBM's local AI expert opens up on what's real, and what's not.
TikTok’s growing influence in social media circles
Do as I say, not as I do – security professionals fall short

We also take a look at what’s holding some businesses back from digital transformation, and how they can break with the status quo and better deliver on the promise of digital adoption.

Enjoy the read,

Heather Wright
Editor
editor@istart.com.au

STOCK MARKET

Bell rings for Aussie tech sector

All Tech Index opens doors for smaller companies to access later stage capital…

Trading on Australia’s answer to Nasdaq kicked off this week, providing a new vehicle to later-stage investment for tech companies.

“The return from the new All Tech Index over the same period – if it had existed – would have been over 20 percent.”

[Read more]

OUTSOURCING

Fonterra moves ICT infrastructure contract to HCL

Costs will be cut and tech modernised as Fonterra overhauls (and outsources) its IT…

NZ dairy co-operative Fonterra is conducting a radical overhaul of its IT systems, enlisting off-shore IT service and consulting company HCL Technologies in place of long time partner Datacom.

“We are consolidating our external IT suppliers and expect to make significant savings.”

[Read more]

ARTIFICAL INTELLIGENCE

IBM lays bets on AI’s broad future

Local artificial intelligence boss talks (mostly) real-world AI…

We are on the cusp between narrow AI and broad AI – but companies are right to be sceptical about over-hyped suggestions of systems capable of solving all your problems.

“We are not there in any way, shape or form at the moment.”

[Read more]

SOCIAL MEDIA

Is the countdown on for a social shakeup?

TikTok’s time is here…

TikTok is making rapid inroads into online entertainment, with some big name organisations using it to reach consumers and local usage on the up.

“I’ll bet my lunch that TikTok will be upsetting more of the established social platforms this time next year.”

[Read more]

SECURITY

Cybersecurity professionals engaging in risky business

IT security pros aren’t always following their own recommendations…

Cybersecurity professionals recommendations

Knowing and doing are two very different things – something highlighted in a report showing IT security pros don't always follow their own recommendations.

“55 percent would prefer a method of protecting accounts that doesn’t involve passwords.”

[Read more]

DIGITAL TRANSFORMATION

Why businesses are late to digitally transform (and why it’s not a good thing)

Kicking status quo to touch…

DX articles today frequently note that even though the benefits of process automation are obvious, a vast majority of businesses have yet to digitise.

"It can seem like you’re dishing out a lot of capital and disrupting operations to simply make certain jobs faster and easier to do."

[Read more]

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