Deloitte: Responding to digital disruption is new measure of success, and failure

By Rob Starr, Content Manager, Big4.com

Professional services firm and leading online and mobile consultancy, Deloitte, has singled out six industries, representing about one third of the $1.4 trillion Australian economy, predicting they will be subject to significant digital disruption in the near future .    This new digital reality is the subject of a ground breaking report by Deloitte – Digital disruption – Short fuse, big bang?, the second in its series of papers on national issues, Building the Lucky Country – Business imperatives for a prosperous Australia.

The report  highlights that, at a time when the public sector is being asked to do more with less, there is a real opportunity to make better use of digital innovation, to improve service delivery and customer engagement as well as deliver the Federal Government’s efficiency dividend.

Some of the primary responses include Recalibrating cost structures – making changes in terms of people, supply chain and overheads to radically re-think costs and compete with digitally-powered, low-cost newcomers and Replenishing revenue streams – building new sources of revenue across segments, geographies and business models as legacy streams dry up in the wake of digital disruption. As well, Reshaping corporate strategies – reconsidering assets, risk and corporate agility to position the organisation for success in the increasingly digital world is a part of the process.