In the report, they looked at how a range of Australian industries will be impacted by digital disruption, and it was fascinating reading. I blogged about it in detail in this post , and even received a RT from the Deloitte Australia team — thanks! My work running the social business practice at IBM is just one part of the whole digital disruption piece. The notion of a social business, and collaboration within the enterprise together with other digital forces will totally disrupt some industries in What was fascinating about the report is that it was also applicable for the UK market minus the reference to mining.
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Digital innovations — including social media, mobile, analytics big data and cloud technologies — have already transformed the global economic landscape.
Business and government leaders in the Caribbean do not need to look far into the future to see the new wave of digital disruption headed towards them. It is already here, transforming the way companies and agencies operate and how they engage with their customers. Digital, however, also opens up unprecedented possibilities. These innovations are changing economies and markets, and reinventing relationships between organisations, suppliers and customers.
They are changing society. Yet it is a mistake to see the digital revolution as a function of technology, rather than one of business evolution. Moreover, even as extensions of existing technologies, these innovations are powerful, pervasive and have multiple indirect impacts. Digital reduces barriers to entry, blurs category boundaries, and opens doors for a new generation of entrepreneurs and innovators. In turn, incumbent market leaders will face substantial pressures.
For some, digital disruption will be explosive and immediate — a force that rocks the foundations of their business. For others less vulnerable to digital trends, the changes will be slower and more subtle.
For others again, digital innovation will be the cornerstone for future value creation. The key questions for leaders are: how is digital disruption affecting their organisation?
And how well are they responding to minimise the threats and maximise the opportunities presented by this change? It was found that sectors such as finance, retail, media, and information and communications technology have a short fuse and can expect a big bang. At the other end of the spectrum, construction groups and many manufacturers have longer fuses and face less incremental disruption to their business.
Sectors like education and health, while set to experience profound changes, were found to have a longer fuse and potentially a greater opportunity to plan their response.
Most important, Deloitte believes it is critical to take a granular view. We consider industries, sub-sectors, companies of varying sizes and even differences between business units within companies. Once an organisation arrives at a better understanding of the extent to which digital disruption will change its operations and outlook — and when — the next step is to decide how to respond. Deloitte has been at the vanguard of digital disruption and advising local and international clients in this area for more than 15 years now.
From being the first professional services firm to acquire its own in house online and mobile consulting capability some 14 years ago www. Now, leveraging this history, thousands of relevant client projects around the world and drawing on the input of a number of multi-disciplinary Deloitte experts, Deloitte has developed a Digital Transformation Framework designed to assist organisations to more methodically consider the impacts and opportunities presented by digital disruption.
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Digital disruption - Harnessing the ‘bang’
The report also speculates what time frame each industry has to adapt and how they should pull together the right strategic response to cope with these changes. In a video summary of the report, Deloitte says that every single industry faces digital disruption, just not in the same way, and while some businesses will emerge stronger, others will encounter much heavy weather. Disruptions are a regular part of the business world and we only need to look at how large supermarkets have displaced local, family-owned grocery stores or how big, specialist retailers have challenged smaller independents, to see examples of this in action. But digital technology is currently presenting another major upheaval.
Follow us on Twitter Digital disruption: Short fuse, big bang? It is already here, transforming the way companies and agencies operate and how they engage with their customers. We also stress the importance of each organisation looking at the issues it raises in fine detail, before developing specific, pragmatic and proportionate responses. They share their successes and key learnings. Deloitte sees the themes and suggests questions to ask and a framework to discover the current digital building blocks.
Six industries set to be hit by “big bang” digital disruption