Private Business Insights – your Winter 2017 edition

Technology’s march is not slowing down. Over 70 per cent of business owners expect their markets to be transformed by technology over the next five years, according to PwC’s Private Business CEO Survey.

So you would assume that all leaders are doing a lot to embrace technology right? Wrong.

In PwC’s Digital IQ Survey 2017, only half of New Zealand respondents said digital had made its way into their business’ strategy, significantly lower than the global rate of 70%.

So who is embracing technology, and who can we learn from?

PwC’s FinTech Survey shows that 85 per cent of New Zealand financial services companies are partnering with start-ups doing exciting things with financial technology.

Innovation is at the core of all successful technology companies, and you need to provide the environment that lets people take risks and cause disruption to your business from within.

Just ask Mish Guru. The successful software company was founded in Wellington in 2015 by three young Kiwis, and now has clients across the globe. Mish Guru helps brands market themselves through the explosively popular social tech medium of Snapchat. The company’s culture encourages people to try new things with technology – there’s no silly idea.

Moving to another successful New Zealand technology – Pushpay, winner of the PwC 2017 Hi-Tech Company of the Year Award, announced in May. Pushpay combined hi-tech with an innovative business model and has quickly gained impressive traction both locally and in the United States.

While not every private business in New Zealand will strive to become a technology business, technology will inevitably change each of them in some way.

For example, Joseph Parker is making the most of new technology and cloud-based apps available through PwC’s Next. For him it’s meant he can focus more on his training, and less about the running of his business, as he knows Team Parker is in good hands.

My advice is to consider technologies impact on your business and treat it as an investment to enable your future growth, rather than focusing on cutting costs (and corners) today. Ask yourself, does technology sit at the heart of my business strategy? Are my people enabled by technology? And are my customers’ experiences being enhanced by technology?

What’s right for you, your business, and your customers will be unique. So if you’d like to start the conversation with our team, please get in touch.

Until then, I hope you enjoy this edition of Private Business Insights, which provides you with some of the ways technology has supported growth for New Zealand businesses.

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