The next big wave of disruption says Deloitte
Harnessing the ‘bang’: Stories from the digital frontline
19 June 2014: As both large and small organisations across the world respond to the big bang of digital disruption, how they grapple with the reality of disruption within short timeframes is increasingly the new measure of success, or failure, for investors, customers and employees.
In a follow up to its Digital disruption – Short fuse, big bang? Building the Lucky Country series, where Deloitte mapped how exposed Australia’s key 18 industries were to disruption, a new Deloitte report singles out six industries, representing one third of the $1.4 trillion Australian economy that will be subject to the next big wave of disruption.
“Government services, including health, education, utilities, transport, post, and agriculture are now firmly in the sights of the digital disruption juggernaut,” said Deloitte Digital leader Frank Farrall, who launched the new report Harnessing the ‘bang’ Stories from the digital frontline along with Deloitte Access Economics Director John O’Mahony.
O’Mahony said: “Our Deloitte Access Economics team analysed the Australian economy, considering both the growth and decline in the revenues of the top 2000 Australian companies in 18 industries from 2011 to 2013. We assessed the change in revenue spread between businesses and the role of digital factors.”
He explained: “We found that revenue spread has increased by 10% over the past two years, on average across 18 industries, and that bigger increases were recorded in what we term Short-fuse, big bang industries such as retail trade and ICT and media compared with less impacted industries such as accommodation and food services or manufacturing.”
Farrall said that in Harnessing the ‘bang’, Stories from the digital frontline, how firms grapple with disruption is key, especially for big complex businesses. The report carries case studies of how four of Australia’s big businesses in the Short Fuse Big Bang quadrant have responded.
Telstra, Westfield, NAB and AustralianSuper candidly share their key learnings and successes with each organisation focussing on four key themes which are led by the customer experience. They also know that the ‘people piece is big’ and put significant effort into developing a culture that ensures their organisation’s people are informed and engaged in the digital transformation journey.
“The third successful theme these organisations share is the need to invest in digital technology infrastructure. This requires putting the customer at the centre of the experience and then balancing competing interests and elements - whether people, platforms or planning,” said Farrall.
Finally all four organisations agreed that digital transformation is a journey of continuous improvement.
In addition the report carries a disruptor case study, a start-up, The Search Party. This digital disruptor demonstrates how it is leveraging big data to link millions of recruitment candidates with the industry and potential employers via a clever digital platform that is cutting both the cost to serve and the time it takes to secure an employee.
To better help businesses harness the ‘bang’ Deloitte has also developed a Digital Transformation Framework that incorporates content from thousands of client projects and analysis from hundreds of Deloitte experts from multiple industry groups across the world.
Damien Tampling, Head of Deloitte’s Digital Transformation, Strategy and Investments said: “This interactive tool is an amalgamation of our global experience and takes our work to another level with more than 300 pages of content and analysis aimed at identifying the major building blocks of digital maturity.”
NB: See our report here http://www.deloitte.com/au/digitaldisruption Register at http://goo.gl/NFFjzO for your copy of Harnessing the bang Stories from the digital frontline.
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Last Updated: Thursday, 19 June 2014
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