Media and digital trends have changed the ways generations consume media
In this rapidly evolving environment, media companies will need to consider how to adjust their strategies to cater to changing consumer needs, in order to continue to build competitive advantage.
This year, we have seen three key themes emerge around media consumption behaviours that will influence these decisions:
- What we are calling the social hegemony – the rise and dominance of social media networks as entertainment destinations in their own right
- The popularity of more immersive forms of content and media – think streaming, Virtual Reality and live video
- The Millennial effect – the extent to which Millennials are shaping the future of media consumption
Access the full set of media consumption insights and further detail on the themes above in the full Media Consumer Survey here.
The media landscape continues to evolve quickly and it is often hard to keep up. The new consumption behaviours that are predominantly being led by Millennials are expected to become the norm across generations.
The innovation imperative
In an era of unprecedented rates of change and new sources of growth, business leaders have seen traditional models struggle to defend against newer, more nimble competitors with substitute products. This is best seen in the Financial Services industry, where incumbents are experiencing disruptive innovations that redefine the way financial services are delivered.
Short-sighted innovation efforts are causing organisations to waste capital and forgo transformative opportunities
The next two decades will see international demand for education grow strongly. Deloitte Access Economics projections show that Australia’s onshore international education sector is capable of increasing from 650,000 enrolments today to 940,000 by 2025.
If Australian universities can overcome strong competition from other international education systems, like Canada, which aims to double the number of international learners by 2022 to 450,000, then they should be firmly positioned to take advantage of this growth.
Australia’s higher education providers will need to innovate their business models and underlying value propositions to remain competitive.
It is hard to participate in a strategic conversation about the future these days without hearing about disruption everywhere, the increasing ‘clock speed’ of change, exponential rates of technological advancement and the pressing need to innovate. We hear about the flurry and hype emerging from a bubbling start-up scene, constantly shifting customer preferences and the need to be more ‘nimble’ and agile.
It is imperative that, as business leaders, we invest in uplifting our understanding and ability to leverage design
Believe it or not…the ‘Digital Era’ of technology is more than half a decade. The mass consumerisation of digital technologies (cloud computing, mobility, social media and big data) has meant that they now pervade every aspect of our private and professional lives. Software is still eating the world and the defining technologies of the Digital Era continue to expand the reach of tech companies into traditional industries.1
Although technology will continue to enable companies to do better, the biggest step change will occur when they leverage exponential technology to think differently about their problems and the prevailing trade-offs in their industry.
The days of just dreaming up a strategy in head office are over. Testing strategy in the real world, with real people, allows organisations to cut costs and improve returns, de-risk new products and propositions, and provide new and compelling ways to communicate change, enabling people to understand the value of what they’re doing.
Human Centred Design is the people side of the strategy coin – It’s not just another tool, it’s a mindset and a key input into strategy.
On any given day, one can find news articles referring to new developments in financial services, whether it’s about Bitcoin, block chain, P2P lending or other emerging trends. What do they all mean? Why are they attracting so much attention and what impact will it have for our daily lives? The following post is a summary of the key trends that have been addressed in Deloitte’s white paper – Fintech – Disrupting the way we bank.
The ability of fintechs to be more agile than their traditional counterparts poses a serious disruptive threat to traditional financial institutions
In a recent article on the Deloitte Strategy Blog: ‘Business Transformation: evolving the way business is conducted’ we outlined a new way for companies to think about the much used term Business Transformation. For us it is not a ‘costly, big bang, once and done’ exercise, rather business transformation is an evolution. An evolution in the way an organisation conducts its business and delivers value that is sustainable. This allows organisations to be more agile and respond to future shifts in the market or operating conditions. Put differently, transformation is a continuous exercise that has the deliberate focus of management and teams.
Business Transformation is not easy, it is highly complex, and there are many examples of failed transformations
The Ideas Boom is here. With the release of the National Innovation and Science Agenda in December 2015, the Australian government signalled its intent to define a new economic narrative to which our nation can aspire. One centred on innovation.
For government, failing to innovate is no longer an option. The ‘ideas boom’ is here and government stands to play a critical role in enabling our nation’s next wave of economic growth.
Although not new, scenario planning has never been so relevant. The degree of uncertainty, or ‘chaos’, has increased dramatically, especially with a range of disruptions brought on by digital technologies, political unrest, climate change, and shifts in customer behaviour. Scenario planning is a great process to manage these uncertainties more systematically as it provides the flexibility that is lacking from traditional strategic planning. It is also a fun way of engaging a broad and diverse range of stakeholders.
So let’s recap on a not-so-new yet proven method to remain relevant in the long term!
Scenario Planning cannot predict the future but it is a powerful tool in the strategy practitioner’s toolkit to help frame and manage an uncertain future