Digital disruption is on the way for a range of different Australian industries, according to a recent study from Deloitte.
The professional services company has recently undertaken a detailed study of South Australian businesses, with many expected to be affected by a digital disruption over the next few years.
In fact, the study suggested that roughly two-thirds of Australian businesses are going to see a significant change in their operations as a result of digital technology over the next few years.
This digital disruption can take a number of different forms, with many established companies facing stiff competition from digital start-ups. Many businesses are also taking their internal activities like business process management online, and enjoying a greater level of support as a result.
Among the industries that are facing the largest disruptions were retail, ICT and professional services, with these expected to see the most significant changes within the next three years.
While this poses a range of challenges for companies who want to get more out of their operations, the report also pointed to the benefits that can come from embracing this disruption. Deloitte Digital partner Martin Read suggested that fast-moving companies are already enjoying strong growth.
"Small businesses with a high level of digital engagement are almost four times more likely to have increased their staff numbers than those with very low digital engagement," said Mr Read.
"Digital disruption is about a fast transformation of an existing way of life due to the advancement of digital technologies and South Australian businesses need to understand how to harness this disruption."
With such high stakes, it is important that companies stay ahead of their competition and invest in the right tools to stay ahead of the competition. Otherwise, businesses may find themselves struggling to stay competitive in a hostile business environment.