Yesterday Optus launched their revamped business services under the banner of Optus Vision.
As part of the launch, the telecommunications company released their Future Of Business report complied by Deloitte Access Economics.
In discussing the details, economist Ric Simes of Deloitte Access made some observations on what drives businesses in adopting digital technologies. Ric broke it down into management time horizons.
Short term: Economic uncertainty is no excuse for ignoring digital strategies.
Medium term: Companies start using digital technologies for competitive advantages.
Long term: Structural change disrupts industries.
On asking Ric what his definitions of short, medium and long terms are, he said “1-2 years”, “3 to 5” and “beyond five years”.
The interesting thing with this is that for most industries the long term has arrived, in fact it’s been with us for a decade. It’s just many managers and investors haven’t noticed.
John Maynard Keynes once said, “in the long run we are all dead.”
For some industries that long term disruption has happened and their business models have died – it’s just that managers haven’t noticed they are dead.