Deloitte report shows industries at risk of “digital bang”

Extract from article by Andrew Grill 

Australia’s economy faces a “short fuse, big bang” scenario where the effects of digital disruption have been and will continue to be far reaching and greatly transform a number of industries.

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.

Finance, retail, media, information and communications technology have a short fuse and can expect a big bang. People who don't adopt digital will be history!

Miners, construction groups and many manufacturers face less incremental disruption to their business.

Education and health, while set to experience profound changes, have the opportunity to plan their response over the next few years

CEOs, CMOs and CIOs need to not only understand the changes affecting their industry by the onslaught of digital, but also ensure they have the right skills internally that “get” digital and the effects, and take advantage of the opportunities that present.

This is what Deloitte have to say

The digital economy isn’t just about speeding up communication across borders or changing the skills workers need; it’s about changing the very nature of consumption, competition and how markets work.

I have been fortunate to have been a part of three major "big bangs" in digital during my career...all have been really exciting!

The first was 30 years ago (the 80's where the PC and Microsoft  gave the ability for every person to have more computer power than the largest mainframe on their desk!

The 90's  delivered the Big Bang of the internet, providing instant connectivity between consumers and companies, email, online banking and online shopping.

The third digital bang has been social media, where together with mobile and android phones and tablets, has allowed consumers to talk back to brands in a way they were never able to until recently with Facebook, twitter, linkedin , Instagram, and a plethora of other apps. 

The explosion in connectivity and the availability of information is driving a significant shift in the balance of power between organisations and individuals. 

This has massively disrupted how brands advertise to and service customers. Now you can complain to thousands of people who follow you on twitter via your mobile while still be in the shop where you experience poor service.

Twenty years ago If you had a complaint, you would be sent to the complaints department fill out a form in triplicate, and maybe you would get an apology or a token compensation.

Now you would get a very public apology direct from the brand, and the issue is solved in minutes. This is just one small example of how this new social version of the digital bang is completely disrupting business as we know it.

The fact that your tweet can be amplified in minutes, means that traditional processes around customer service have to be immediately reworked for the social wave sweeping through the retail and service sectors.

Digital disruption has started. Those companies and Digital CEOs that can pivot and embrace digital as many did in the late 90′s and early 00′s will be successful.

Those that don't adapt will fall by the wayside!

To get digital, you need to be digital.