Your business is changing, and so are we.
Read our quarterly commentary.
Are you in digital denial? Or have you become immune to the words ‘digital disruption’? Despite all this, there’s no denying that digital is making its mark.
In PwC’s Digital IQ Survey, businesses were asked what they expected from their digital investments. While 45% of respondents said their primary aim was to increase revenue, I was concerned to see that a mere 1% focused on disruption as a priority. We are going to see this number grow quickly over the next few years.
So which industries are playing a more bold disruption game than others? The financial services industry has already seen widespread disruption over the last few years, driven by new technologies. FinTech start-ups are now making an impact, while established companies are looking to their IT departments to find new growth opportunities.
Media is also going digital, according to our latest Global entertainment and media outlook. Digital media recorded 10 per cent growth, while physical media was almost static at 0.12 per cent.
My point here is that every boardroom, regardless of industry focus, has digital and data on the mind.
This is reflected by PwC’s Global Data and Analytics Survey 2016 which shows business decisionmaking is evolving. Data is replacing traditional instinct-based decisions, and is helping to close the gap between making faster decisions, and more thorough decisions.
Discussions at the latest PwC Herald Talks also focused on how big data and its application is becoming the basis of competition and growth for individual businesses.
Can big data create opportunities for you? What about the other digital opportunities?
My advice is to look for where you can be more relevant to your market, take advantage of how your customers are changing, and make the most of digital technologies, analytics and new ways of working. Also consider how you can integrate digital into the heart of your business, better than you did before.
How are we ensuring our business will not be disrupted by digital? Part of our approach is ensuring we have the right people to help with our clients evolving needs. Our new partners announced on 1 July 2016 reflect this.
You’ll see our business is really changing shape, and I’ve enjoyed providing leadership to our firm through this exciting period of change. As I come to the end of my term, I’m thrilled to announce Mark Averill has been elected our next CEO and Senior Partner, from 1 October 2016.
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Chief Executive Officer and Senior Partner
Tel: +64 9 355 8000