Anthony Stevens - Chasing Digital: A Playbook for the New Economy

A Playbook for the New Economy

Anthony Stevens and Louis Strauss

First published in 2018 by John Wiley & Sons Australia, Ltd
42 McDougall St, Milton Qld 4064
Office also in Melbourne

John Wiley & Sons Australia, Ltd 2018

The moral rights of the authors have been asserted

All rights reserved. Except as permitted under the Australian Copyright Act 1968 (for example, a fair dealing for the purposes of study, research, criticism or review), no part of this book may be reproduced, stored in a retrieval system, communicated or transmitted in any form or by any means without prior written permission. All inquiries should be made to the publisher at the address above.

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Disclaimer

The material in this publication is of the nature of general comment only, and does not represent professional advice. It is not intended to provide specific guidance for particular circumstances and it should not be relied on as the basis for any decision to take action or not take action on any matter which it covers. Readers should obtain professional advice where appropriate, before making any such decision. To the maximum extent permitted by law, the authors and publisher disclaim all responsibility and liability to any person, arising directly or indirectly from any person taking or not taking action based on the information in this publication.

To write a book collaboratively is a great opportunity to share, learn and find opportunities to lead. It is also, we believe, an avenue of service by which we can make our vocation accessible and useful to the broader community. We hope this book will be of interest to a range of readers seeking to understand the defining features of digital and the reasons for its unprecedented economic impact. Before thanking the many people who helped us with this book, we thought readers would be interested to learn a little about the background to this collaboration.

For more than 25 years, I have been thinking about the application of technology and the internet to business. I have written extensively and had the opportunity to talk and work with a number of talented executives and thought leaders around the world. Over my career I have spent most time at the intersection of leadership, technology and strategy domains I am deeply passionate about. These experiences are the foundation and impetus for this book, in which we apply well-tested concepts and strategy to the process of change through digital transformation.

I have had the great opportunity to work intensively with Louis, a friend, colleague and immensely talented future leader. Chasing Digital would not have been possible without his talent for communicating complex ideas, enthusiasm and commitment to this unique project.

My interest in business and technology blossomed during my time in Europe, where I worked with a handful of start-ups and met a number of different individuals who encouraged me to think deeply about the future of business and our economy. Having now worked in both start-ups and traditional incumbents, Im excited about the opportunities and challenges that both types of organisations face. Like many of my generation, I believe that the most successful companies of the future will be those that not only disrupt markets but also strive to positively impact the communities they seek to serve. For those who wish to be successful in the digital age and beyond, the journey wont be easy, but the potential is huge and exciting. This book is about helping traditional incumbents unlock that potential.

Working with Anthony has been a fantastic experience, and his deep thinking and unique perspective have been fundamental to shaping my own thoughts on business and technology.

This book was born during an animated conversation between the authors in an office tower overlooking the skyline of Melbourne, Australia. We were perched in a prime spot, with a view up Collins Street towards the city centre front-row seats to the bustling activity on many downtown construction sites. Melbourne is among the worlds fastest growing cities, and it seemed as though new skyscrapers were rising every day, emblazoned with logos of companies that didnt exist five or ten years ago.

As professionals, we work with bold leaders, seasoned experts and powerful executives who want to tap into the opportunities being created by digital; their companies names are also dotted across the city. But, we wondered, which ones would still embellish the urban landscape in another 10, or 50, years time? And what types of businesses would take the places of those that disappeared?

By the end of our debate, we had agreed that, however uncertain the future, the indicators for success in digital were starting to become clear. There were unmistakable differences in strategy, mindset and structure between companies transforming for digital and those stalling in the face of changing economic forces. Our experience offered us rich evidence of what foundations are required and what steps are necessary for the leader who seeks to revolutionise an outmoded business model. We knew there were plenty of ideas on the subject floating around among consultants, and business magazines offered snippets of advice, but we believed there was no readily available guidebook for successful digital transformation.

Chasing Digital is that guidebook.

We have been fortunate to have had the help of a large number of people while writing this book. The following list acknowledges the many individuals, friends and colleagues who supported us throughout.

We extend our warmest thanks to Mark Briffa, Philip Colligan, Dave DAprano, Mark De Ambrosis, Alline Dos Santos, Anthony Ferrier, Kate Huckson, Wayne Jenkins, Sunil JNV, Shariq Khwaja, Steve Nola, Simon Overend, David Prakash, Jothi Rengarajan, Greg Rudakov, John Shin, Jodyne Speyer, Gowri Subramanian, Richard Susskind, James Turner, Tricia Wang and Steven Worrall.

Thank you also to Kath Walters for your superb coaching and editing.

To Bernard Salt, thank you for your inspiration, insights and advice on what it takes to write a book.

To Matthew Herring, David Linke and Emily Ulcoq, thank you for your support, feedback, encouragement and friendship.

Sarah Overton and Gennevieve Stokes deserve the largest thank-you of all. Your detailed analysis and critique were invaluable.

To my (Anthonys) wife Tiffany, my son Ned and my daughter Claudia, thank you for your belief in me. My love and support always.

To my (Louiss) family and friends who continue to support me, thank you.

Anthony Stevens
Louis Strauss
Melbourne, Australia
April 2018

A major change is underway in the business world. We are at the start of a new economy based on information, which some call the Fourth Revolution.

Here is how Klaus Schwab, founder and executive chairman of the World Economic Forum, puts it:

The First Industrial Revolution used water and steam power to mechanise production. The Second used electric power to create mass production. The Third used electronics and information technology to automate production. Now a Fourth Industrial Revolution is building on the Third, the digital revolution that has been occurring since the middle of the last century. It is characterised by a fusion of technologies that is blurring the lines between the physical, digital, and biological spheres.