Articles | Melbourne Institute of Technology

Thu, 12/15/2022 - 16:11

Be Digital Disruption Ready

The world of business is changing fast. Across all sectors from superannuation and banking to retail and recruitment. Companies are reshaping the way they communicate to the customer and the way the customer relates to the company. The digital revolution is here. Companies like Telstra, Australian Super, The Search Party and Westfield have already adapted.

This is based on Deloitte’s 2017 White Paper ‘Digital Disruption, Short fuse, big bang,’ which is based on data and expert opinion, which is based on in-depth experience, judgement and market knowledge.

One third of the Australian economy is on the brink of major digital disruption. But this is more than iPhones and internet. This is about the evolution of business. Australia is ready – we are in the top 5 in terms of ‘smartphone penetration’. Australia is ready for its new cohort of entrepreneurs and innovators.

Deloitte has analysed the situation. No matter what industry you are looking to find a job in down the track, you can be assured that it will be looking for new ways to enhance the customer experience through digital innovation; it is just a matter of time.

According to Deloitte’s research:

32% of the Australian economy have a ‘short fuse, big bang’ including Retail Trade, ICT media, Finance, Professional Services, Arts and Recreation, Real Estate
17% of the Australian economy have a ‘short fuse, small bang’ including Accommodation and Food Services, Wholesale Trade and Construction, which is borderline
33% of the Australian economy have a ‘long fuse, big bang’ including Education, Transport and Post, Health, Recruitment and Cleaning, Agriculture, Government Services, Utilities
18% of the Australian economy have a ‘long fuse, small bang’ including Manufacturing and Mining

[Source: Figure 1, Deloitte’s Digital Disruption Map – White Paper]

With a degree in Business, Networking or Engineering Technology, you will be prepared for an exciting career in a time of great change. On top of foundational subjects in Business and IT, you can study electives like Cyber Security, Cloud Networking, Digital Marketing, and Startup Entrepreneurship.

While you study, your future bosses will be working out how to respond to minimise threats and maximise their business’s digital potential.

Why don’t you think about it too? Deloitte are suggesting three main ways to consider the digital disruption and how to respond. These include:

Recalibrating cost structures (looking at human resources, supply chains and overheads to compete with digitally powered low-cost newcomers)
Replenishing revenue streams (establishing new sources of revenue models as old ways are superseded)
Reshaping corporate strategies (reviewing assets, risk and corporate agility for business in a digital world).

If you get your degree in Business, Networking or Engineering Technology now, you’ll have the chance to start thinking about these problems and come up with solutions ahead of time. There has never been a more exciting time to get into the world of digital commerce and trade, cloud networking and cyber security.

Did you enjoy reading this? We would encourage you read the full report, and explore the issue further with Deloitte.

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