How to Catch the Next Wave of the Digital Revolution

Publisher:
Australian Institute of Company Directors
Publication Type:
Conference Proceeding
Citation:
http://www.companydirectors.com.au/In-My-State/NSW/Latest-news-and-events/Top-tips-for-directors/Digital-Disruption, 2014
Issue Date:
2014-08-11
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The next wave is intelligent software Software revolution - Web services and products have become so evolved, cheap and ubiquitous that they can easily be combined and recombined. The likely impact has seen additional GDP growth of 30% and productivity of 50%, and major disruption to legacy business models in industries such as publishing and retail. Challenges for CEOs & Boards Risk Management If 50% of CEOs believe their business model will undergo fundamental transformation in the next 10 years, what priority is this given in risk analysis? Skills Mix on Boards If 91% of CEOs believe technology will be the biggest transforming influence for business, what does this mean for skills required on boards? Creating an Innovation Culture If innovation culture is critical, boards will need to support and engage in its creation by checking the employees’ view of their innovation culture. Innovation Strategic Framework We need to understand whether incremental, radical or transformation is required and whether their objectives are for new products and services, competitive advantage or cost reduction. Building a Superior Innovation Culture Must be set by CEOs “who must walk the talk” (50% Steve Jobs time was spent on innovation). Successful innovative organisations understand you can’t tell people to be innovative. Need new resources, processes, skills, training, measurement techniques and feedback mechanisms. Need strategic framework i.e. relative balance incremental radical transformational innovation and focus outputs. Individual participation needs to be measured and recognised i.e. prizes, bonus, etc. What is Management Innovation? Is it the marked departure from traditional management principles, processes & practices, or a departure from customary organisational forms that significantly alters the way the work & management is performed? Put simply management innovation changes how managers do what they do. Will the next wave be a tsunami of change for society? Oxford Academics forecast 47% of today’s jobs in the UK will be automated by 2030. Historically, each wave of technology has eventually created more jobs than it displaced. Could it be different this time?
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