As Brisbane businesses embrace the digital economy, developing and implementing a coherent digital strategy will become increasingly important.
This report reveals that:
► 83% of surveyed businesses are using digital technologies but only 30% are selling products and services online and 41% communicate electronically with customers and suppliers. While digital adopters are experiencing positive impacts on their businesses, the majority of the 17% non-adopters provided no reason for the lack of adoption.
► Businesses with a high ‗digital strategy‘ maturity are leading those with a medium to low maturity across all remaining seven dimensions of the Digital Capability Maturity Framework. 55% of businesses surveyed do not have a documented digital strategy of which, 23% having not considered one and 16% understand the importance of one but do not have one in place.
► Irrespective of industry sector and business size, there is a need for Brisbane businesses to transform existing business models digitally and uplift their business capability to compete successfully in the digital economy. As the industrial economic model converges with the digital economy, traditional businesses are being disrupted and new models are emerging. The challenge ahead is not a technology one but rather (i) designing a differentiated end-to-end customer experience, (ii) seamlessly integrating multiple channels of delivery and (iii) accelerating the digitisation of business operations.
► The digital economy presents exporting companies with new opportunities. In a recent study published by UQ Business School, a key finding was that compared to firms without a web presence, firms using the web to engage customers were: (i) more profitable, (ii) 2.5x more likely to innovate and (iii) 4.8x more likely to export. The audit revealed that businesses involved in export activities rated a higher level of digital capability maturity across all eight dimensions of the framework compared with those not involved in export activities.
► Overall as a city, based on an overall weighted average digital maturity score, Brisbane is a C with a score of 3.07 on a scale of 1 to 52. The challenge for the city's Digital Strategy will be to determine how to work with the business community to make Brisbane a high performing and pioneering city in the Digital Economy.