Aussie business leaders fear 'digital Darwinism'

Australian business leaders are optimistic about the digital revolution, but many fear that digital disruption will lead to a state of ‘digital Darwinism’ where only the fastest to adapt can survive.

Research from GE shows that 89% of Australian businesses are feeling the pressure of facing obsolescence as technology evolves faster than they can adapt.

While they recognise that disruption is crucial to keeping up, only 32% feel their company is performing very well at keeping apace of emerging technologies.

“We are living in the most disruptive era in history,” commented Geoff Culbert, president and CEO of GE Australia, New Zealand and PNG.

“Compared with the industrial revolution, the change we are experiencing today is happening 10 times faster and at 300 times the scale — so companies are feeling massive pressure to disrupt themselves to survive.”

But 69% of Australian business leaders are also excited about entering what GE terms the fourth industrial revolution — higher than the global average — with 66% optimistic about the next wave of innovation.

Only 16% of executives and 17% of citizens are worried that the digital revolution will have a negative impact on employment, with 61% and 69%, respectively, instead believing that it will create new types of jobs.

The research also shows that Australian business executives nearly universally agree that the most innovative companies not only launch new products and services but also create new markets that previously didn't exist. Some 87% believe that the start-up ethos is a good paradigm for even established companies to follow.

“It is clear that innovation has moved to the top of the agenda for government, business and members of the public. We are all aligned on the fact that Australia must be more innovative. Our challenge now is to move from conversation to action,” Culbert said.

Image courtesy of Intel Free Press under CC