The Coming Disruption Of Australian Business

There is lots of talk about ‘digital disruption’, but what does it look like in Australia?

Drivers Of Digital Disruption

We have all been made aware in recent years by the emergence of digital culture, new technical solutions, transactional changes, mobile device uptake, disruption of traditional businesses by completely new players. This has been developing for at least the past 20 years, but it is more keenly evident over the past 5 years when all of the ‘talk’ suddenly seems to have materialized into cold reality.

The cloud, and all of the changes Australia is currently experiencing, the transformation of established industry is accelerating; matters are becoming crucial because the vast majority of Australian business has been coasting along and ignoring the signs to a large extent. But now the times have ripened and people are being tangibly impacted.

The big differences with ‘digital’ is that new ideas and concepts can now be very quickly deployed, tested with real customers and then tweaked and improved – the ability to use flexible tools, all of this drives disruption.

EQ Much More Than A Buzz-Word

Emotional Intelligence has now become a favored skill-set. Technology and digital culture have completely changed the approaches to customers, we are all seeking to be treated as unique cases, not just another number, another consuming unit. Digital culture enables a business to finely tune its presentation, to build exclusivity into its marketing so that granular characteristics of social groups can be tailored for.

However, for many of the established businesses, what Deloitte have termed  long & short fuse disruption potentials, boards and senior executives tend to view the solutions as being primarily technology issues, when in fact it is more about the ways in which customers can be interacted with and the nimble responses to changes in the market; certainly technology is an aspect of this, but not the true emphasis.

This is where ‘EQ’ enters the arena. What for many has been just another marketing and HR buzz-word, EQ has emerged as being an extremely valuable business skill set!

Long & Short Fuse Disruption Candidates

The obvious growth of all kinds of social media has created an environment where real-time interaction and two way communication has completely changed how people approach and ‘do’ business. I don’t think many of the Australian business community truly grasped this during the shift, and this has continued to the present day. We see all kinds of awkward attempts, from hiring ‘Millennials’ to try and build customer rapport, to blasting messages 20th Century style.

It is very clear that Australian business will continue to experience disruption, in the short term:

  • Retail
  • Utility & Technical Services
  • Professional & Personal Services
  • Media
  • Real Estate
  • The Arts

will see digital culture impacting, driving and shaping new business solutions and approaches. We have all seen very powerfully how mainstream media has been massively disrupted by social media with the huge outcomes internationally of ‘Brexit’ & Trump’s juggernaut. ‘Uber‘ and AirBnB speak for themselves.

The longer term outcomes affecting the public sector, banking, transport, manufacturing, medical care will take more time to play out, but you can be certain that the digital revolution will see us living in a vastly different world by the end of this decade. Will you be ready to respond, to have the flexibility to adopt new ways of thinking? The writing is on the walls, 2020 is not very far away, digital disruption waits for nobody – digital media is cheaper, powerful and flexible but the digital culture which has arisen enables disruption to occur. The field really is wide open.