The PwC Chair in Digital Economy recently released ‘Digital Strategy of the Future’. The report follows the evolution of digital strategies and unpacks how organisations can move towards a truly digital and agile strategy.
Professor Michael Rosemann, Professor Marek Kowalkiewicz and Dr Paula Dootson authored the report, and say the digital strategy of the future will allow organisations to check every day whether they are “on strategy course”, tracking seamlessly toward goals, and achieving revenue resilience in the digital economy.
While speaking at the report launch, Professor Marek Kowalkiewicz, head of the PwC Chair in Digital Economy, commented on the increasing interest in a digital perspective on strategy design.
“We shouldn’t be surprised. When we look at what is happening in the world, 1 in 5 large organisations already have a Chief Digital Officer (CDO), and half of these are C suite executives”.
Australia seems to be leading the way. Kowalkiewicz states “Australia has about 40% of CDOs from the entire Asia Pacific region.” And Brisbane was just the second city in the world, behind New York City, to appoint a city CDO.
The report forecasts a move away from costly and manual strategy development to strategies that are adaptive, integrated and responsive. “Why should we be developing strategies only once every 12 or 24 months?” Kowalkiewicz asks.
Dr Paula Dootson emphasises: “why does your strategy have to be developed on a calendar basis? That is such an arbitrary point. Why not make it work for you and your business?”
Dootson encourages organisations to find and remove friction and explore revenue streams available from idle assets.
As organisations turn their focus to digital strategy, here are the five traits of success as outlined in “Digital Strategy of the Future” report.
1. Enabling proactive service delivery — enable analysis of digital signals from customers to deliver services proactively.
2. Enabling wider service scope — reimagine the organisation’s role and its relationships with stakeholders to offer a wider range scope of service.
3. Enabling frictionless delivery — Identify ways to make service delivery frictionless by designing out barriers.
4. Enabling new customers — Include devices as potential future customers increasing opportunities for new revenue streams.
5. Enabling revenue resilience — Optimise existing assets to generate new revenue streams.