Innovation was one of the hotly discussed topics of 2015, the words ‘disruption’ and ‘digital innovation’ were spilled from the lips of almost every CEO around Australia.
Being a digital agency, we’re always following the thoughts of big business leadership around the country. Through working with ASX-listed companies, we’re often given insights into the state of digital innovation within these big name companies. In addition to what we are able to learn by working with some high-calibre clients, we’re also on the insights trail – this week we had a chance to review the PWC Digital IQ report from 2015.
PWC’s yearly Digital IQ report seeks to understand what it takes for a business to ensure that digital investments deliver and sustain value. It surveys nearly 2,000 business heads around the world to gauge the digital intelligence and performance, benchmarking countries and industries against each other. It’s all part of the PWC Insights initiative.
The most recent results, released in late 2015 and in the form of a nice infographic, paint a ‘work in progress’ picture for many of Australia’s top companies. PWC summarised the results quite succinctly:
Australia lacks the burning platform to drive digital innovation here as fiercely as elsewhere and this continues to be reflected in this year’s Digital IQ results. Without substantial competition, we lag on disruption. We occupy a fairly unique position globally: the market here isn’t as big as the UK or the US; our industries are generally protected by higher levels of regulation and legislation; and so on.
Although this paints a relatively frank picture of our country’s digital IQ, there are a few positive insights from the report:
- Australian companies are more likely to have a business-aligned digital strategy agreed upon at the C-level, than their global counterparts (84% vs 80%)
- Australian companies are more likely to effectively utilise all of the data they capture to generate business value, than their global counterparts (67% vs 58%)
Overall, it’s clear to see that digital innovation is an area of great improvement for Australian companies. Staggeringly, only 14% of companies reported that they look to networking with other companies as a source of innovation, this is a number that we believe needs to dramatically increase if Australian business is to remain competitive and relevant at a global level. After all, we’re all in this together!
The 2015 Digital IQ Survey also identified 10 critical capabilities that correlate with stronger financial performance. Those organisations that embraced these attributes, called Digital IQ Leaders, were twice as likely to achieve more rapid revenue and profit growth as the laggards in our study.
At Leafcutter, we’re helping brands like Bravecto, Fujitsu and AstraZeneca transform their internal and customer-facing technologies through websites, web applications and mobile apps.
If you’re interested to learn more about how we can help your business innovate, disrupt or transform from within, get in touch with our team. Otherwise take the survey below and see how your company fares!