According to a report released by Deloitte, one third of the Australian economy faces immanent and major "digital disruption" - a "short fuse, big bang" situation.
The report stresses the importance of each organisation looking at the issues raised, in fine detail, before developing specific, pragmatic and proportionate responses. The report also indicates that digital opens up unprecedented possibilities, "These innovations are changing economies and markets and reinventing relationships between organisations, suppliers and customers. They are changing society".
The report identified those sectors such as "finance, retail, media; and information and communications technology have a short fuse and can expect a big bang". At the other end of the spectrum, miners, construction groups and many manufacturers have longer fuses and face less incremental disruption to their businesses.
"Sectors like education and health, while set to experience profound changes, have a longer fuse and potentially a greater opportunity to plan their response".
The report identifies that the "short fuse - big bang" will affect 32% of the Australian economy with the effects forecast to be felt over the next three years, as follows:
- 1 year and under - retail trades, arts and recreation
- 1 to 2 years - information and communications technology and media
- 2 to 3 years - finance, professional services, real estate and businesses Read more…