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'Innovate and adapt', says Deloitte

The competitiveness of Australian companies will ultimately depend on how they innovate and adapt to the needs of customers in new markets, according to Deloitte.

News Michael Masterman 27 May 2014
— 1 minute read

Releasing a new report, Australian Business Trends 2014, Selwyn D’Souza, lead strategy partner at Deloitte, said Australian companies must capitalise on proximity to the growth markets of Asia and take advantage of the changing economic landscape.

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“A billion people are expected to enter the ‘middle class’ globally over the next two decades, and this spread of prosperity will offer a raft of opportunities for businesses who move first and challenges for those that lag behind,” said Mr D’Souza.

“Strengthening our already strong relationships with the new global giants such as China and India will become more important than ever as we seek to establish a stronger presence in their markets and their companies continue to enter ours,” he added.

New leadership skills will also be required in the new economic environment, Deloitte said.

There are plenty of examples of organisations expanding their “C-suites” by creating new executive positions to cater for the rapidly changing business environment, the firm said.

There has been an acute appreciation of the requirement for deep levels of expertise in an increasing array of functions, creating new positions such as chief customer officer, chief risk officer and chief data officer, among other specialist roles.

“The creation of these new C-suite roles demonstrates the increasing need for functional expertise in digital, customer insight, innovation and transformation at the leadership table,” said Mr D’Souza.

'Innovate and adapt', says Deloitte
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