The most significant technological shifts are consumer-driven. Emerging technologies like AI, the Internet of Things, and 5G are feeding off each other and speeding up the pace of change. However, the Australian economy’s history of being risk-averse requires leaders to take risks and reinvent what they do to remain competitive in a rapidly-changing technological landscape.

The democratisation of information, technology, and data can advance fragmented sectors such as agriculture, supply chain, education, and healthcare. But the emerging consumer battleground will outgrow these advancements.

In the future, consumers will demand technologies that personalise their experiences, using all the data they have created. However, the missing element is data ownership and control. To compete effectively, organisations need to focus on digital transformation. This includes strategic alignment, committed leadership, access to talent, flexible governance, and good technology and data architecture.

Ultimately, digital transformation is an exercise in courageous leadership, and organisations need to prepare for this changing world.

Key Takeaways:

• Digitisation is moving what we have always done into technology to make it faster, cheaper and more accurate.
• Digital transformation, by contrast, is how we change the culture and structure of our organisation to be better prepared to compete in a world that is constantly being impacted by technology.
• The majority of technology initiatives fail. Focus on these core areas: Strategic alignment, committed leadership, access to talent and developing the talent you have, flexible and responsive governance, good technology and data architecture