Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Chasing hard to keep pace with Kiwis’ digital needs

Chasing hard to keep pace with Kiwis’ digital needs

Digitisation is the biggest transforming trend impacting New Zealand business, yet PwC’s 6th Annual Digital IQ Survey suggests New Zealand companies’ technology investments may not be paying off.

The survey shows just one in five global business and IT executives truly understand what digital means for their business and how to use technology to advance their business goals, in an environment where the digital spend is increasing.

PwC Partner and Digital Market Leader Paul Brabin says, “With the worldwide IT spend predicted to grow by more than 3% this year, reaching NZ$4.4 trillion, it’s crucial businesses unlock the potential of their technology investments. Our study shows organisations that get it right will be twice as likely to be top performers in revenue growth, profitability and innovation.

“Technology is a great enabler, and our ability to use it well is the greatest predictor of performance. Simply put, you can’t afford to underestimate digital if you want to stay in business today.”

This finding is consistent with PwC’s 17th Annual Global CEO Survey that shows how 91% of New Zealand CEOs believe technology will be the biggest transforming trend for their business over the next five years.

“Customer expectations and behaviour change are driving innovation, with successful businesses following fast and keeping pace with global trends. Customers today are just as likely to be influenced by what is being offered on the other side of the world as they are by competitors and technology innovations locally,” says Mr Brabin. “It is obvious the world has changed: customers are dictating their terms of engagement with business more than ever before, and demanding a more personalised, responsive and engaging experience, which digital technology can provide.

“But how we use technology is everything. For example, what is the use of big data if you can’t understand it and it doesn’t give you any insight?” adds Mr Brabin.

Five behaviours have been identified through the study that will give companies an edge and enable them to maximise their use of technology across their business, contributing to a high ‘digital IQ’: they range from CEOs actively championing digital innovation to steer the firm’s vision; to ensuring the Chief Information Officer and Chief Marketing Officer have a strong relationship; in addition to leveraging internal sources and external intelligence to bring in new ideas; significant investment in disruptive technology and new IT platforms; and broadening the way of thinking about digital and considering it as something that should be woven throughout the business.

The bottom line is what matters more than where the specific skills or resources are located, is having a shared understanding of how it all fits together to accomplish the organisation’s goals, who is responsible for each aspect, and a way to keep everyone in the loop.

“The question business leaders need to ask themselves is how can they use technology to boost company performance, improve products and services, and disrupt their business models and the market before competitors? And even more importantly, use technology well,” concludes Mr Brabin.

Paul Brabin is a PwC Partner and our firm’s Digital Market Leader.


-ends-

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Tourism: China Southern Airlines To Fly To Christchurch

China Southern Airlines, in partnership with Christchurch Airport and the South Island tourism industry, has announced today it will begin flying directly between Guangzhou, Mainland China and the South Island. More>>

ALSO:

Dodgy: Truck Shops Come Under Scrutiny

Mobile traders, or truck shops, target poorer communities, particularly in Auckland, with non-compliant contracts, steep prices and often lower-quality goods than can be bought at ordinary shops, a Commerce Commission investigation has found. More>>

ALSO:

Auckland Transport: Government, Council Agree On Funding Approach

The government and Auckland Council have reached a detente over transport funding, establishing a one-year, collaborative timetable for decisions on funding for the city's transport infrastructure growth in the next 30 years after the government refused to fund the $2 billion of short and medium-term plans outlined in Auckland's draft Unitary Plan. More>>

ALSO:

Bullish On China Shock: Slumping Equities, Commodities May Continue, But Not A GFC

The biggest selloff in stock markets in at least four years, slumping commodity prices and a surge in Wall Street's fear gauge don't mean the world economy is heading for another global financial crisis, fund managers say. More>>

ALSO:

Real Estate: Investors Driving Up Auckland Housing Risk - RBNZ

The growing presence of investors in Auckland's property market is increasing the risks, and is likely to both amplify the housing cycle and worsen the potential damage from a downturn both to the financial system and the broader economy, said Reserve Bank deputy governor Grant Spencer. More>>

ALSO:

Annual Record: Overseas Visitors Hit 3 Million Milestone

Visitor arrivals to New Zealand surpassed 3 million for the first time in the July 2015 year, Statistics New Zealand said today. The record-breaking 3,002,982 visitors this year was 7 percent higher than the July 2014 year. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news