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

 

Media: Julian Wilcox Leaves Māori TV

Māori Television has confirmed the resignation of Head of News and Production Julian Wilcox. Mr Maxwell acknowledged Mr Wilcox’s significant contribution to Māori Television since joining the organisation in 2004. More>>

ALSO:

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news