Being too late in digital more costly than being too early: Deloitte Telstra joint report
IDG News Service - Good timing is critical when it comes to allocating resources for effective digital transformations, according to a recent report co-authored by Telstra and Deloitte.
Co-author of the Taking Leadership in a Digital Economy report and Deloitte digital partner, Steve Hallam, said organisations set to win in the digital economy share five characteristics: new business models, great customer service, competitive intelligence, agility and speed, as well as talent.
Read more in depth Telstra stories
"And one thing is certain - being too late is more costly than being too early and it's not about what you own, but what you do," he said.
Deloitte forecasted the direct contribution of the Internet to the Australian economy to be $70 billion in 2016, growing about seven per cent each year over the next four years.
Head of Telstra Digital, Gerd Schenkel, who co- authored the report, claimed that digital innovation including advances in computing, networks, devices and the capabilities they unleash like Cloud computing and data analytics, is a profound force in our economy.
He added that for businesses to differentiate those able to anticipate and be ready for digital disruption need to strengthen customer relationships, have the foresight to explore community forums, and adopt engagement tools like gamification, as well as collaborative consumption.
The report also outlined the danger of the 'skills drain'.
"In the digital economy, talent is even more important than in traditional sectors. Employees with experience in digital roles are often tempted by overseas technology hubs, making their retention an important goal," Schenkel said.
Hallam also attributed a recent Deloitte research paper, Digital Disruption: Short fuse, big bang?, which predicted the impact from digital technology to account for 32 per cent of the economy. The most significant digital disruptions were forecast to occur in ICT and media, the financial and professional services industries, retail, real estate, arts and recreation.
"In the digital economy, past competitors may also become future partners, and current customers may become future competitors. Traditional value chains that were held together by physical limitations dissolve and new, networked-based competition begins to form," he added.
- Social Media Education: The New Edge for Success Failure to train for social media will cost your business money. A recent report showed how digitally prepared companies can unlock up to...
- Social Media in Technology: A Unified Strategy for Success Find out how social media is sparking a new era of customer and industry-understanding in technology enterprises and how industry leaders are overcoming...
- Printer Installer: Eliminating Print Servers Printer Installer is an on-premise web application that enables you to centrally manage and deploy Windows shared or direct iP printers.
- How Network Connections Drive Web Application Performance Users around the globe, on all sorts of devices, expect Web applications to function as seamlessly as desktop applications. This paper discusses the...
- On-demand webinar - 7 Keys to Service Catalog Implementation Success Watch this webinar to learn 7 crucial keys to make your service catalog a success!
- Transform Your IT Service Management Watch this webinar, to learn how EasyVista can increase IT productivity & efficiency and deliver streamlined & integrated IT Service & Asset Mgmt. All Internet White Papers | Webcasts
Our new bimonthly Internet of Things newsletter helps you keep pace with the rapidly evolving technologies, trends and developments related to the IoT. Subscribe now and stay up to date!