2018 will see the ‘digital age’ have an even greater impact on our lives and our businesses. Digital Disruption will affect all aspects of our businesses and whilst it’s impossible to accurately predict the specific impacts on each individual firm, there are five actions we can do to ensure we are ready for the future.

The Five of the Future are:

1. Get Market Focused: Consumers, communities and our customers are changing, as innovation and disruptions provide greater choices to all. Business need to stop thinking about what they do, and start thinking about what the end-consumer, and their clients, now want. Design your business around the changing needs of the consumer.
2. Get Branded: The Digital Age will bring a visibility to our businesses like never before. The soon-to-arrive next phase of intelligent barcoding, the impact of computers connecting through ‘The Industrial Internet of Things’ and the ability of consumers to see what and who were involved in the creation of their purchases will result in consumers buying from businesses they trust and respect. Business needs to build values-based brands that clearly show the beliefs and principles of the business, its owners and its staff.  Establish a brand that tells the consumer of your values and business principles.
3. Get Flexible: The business that will prosper and grow in the age of disruption are the ones that are adaptive and flexible. The constant changes of the market place and of consumer expectations mean firms need business models that can change and adapt, and that have a flexible balance sheet that can provide the means to adapt. Redesign your business model and your balance sheet to be flexible and adaptive.
4. Get Connected: The new era of business will be even more technology based. Consumers and technology will be the backbone of successful businesses. Business owners need to learn about, and implement, constant technology improvements AND they will need to connect with organisations and networks that can provide information on the changes and the disruptions. Develop effective technological and people-based networks.
5. Get it right: The new visibility of business brought about by end-to-end connectivity, along with the rapid changes required of businesses in the time ahead, means firms will be under scrutiny like never before and there will be pressure on them to change and adapt. Both of these issues means businesses will have to be even better at basic business processes. Ensure your business is operating within full compliance of all regulations and laws, and that your business is as effective and efficient as possible.

Implementing The Five of the Future will help your business start the journey of the Digital Age. For more details and information, contact your membership business organisation, the local office of The Australian Government Department of Industry, Innovation and Science and the local office of the Queensland Department of State Development.

Download a PDF the presentation here.

– James Scotland