The aim of the report, Hatch says, is to spur actionable paths forward for business leaders seeking answers on what can be done to advancing digital innovation and reaping the widespread benefits for growth, profitability, resilience, and sustainability.
Interviews with industry leaders exposed six common threads that illuminate the current state of digital maturity in the industry:
- Digital innovation is still in its infancy;
- A lack of standardization across the industry;
- Traditional tendencies in project leadership;
- An emphasis on people over technology;
- Positive attitudes towards digital innovation and desire for better integration and connectedness;
- Three common barriers to digital adoption are structural, cultural, and knowledge barriers.
“A huge amount of value that is currently available is being left on the table. In this regard we would argue that the industry still has plenty of room to grow, and, more urgently, it cannot afford to fall behind,” says Hatch’s managing director, Australia-Asia, Jan Kwak.
Most business leaders in the survey agreed that the impetus for innovation should be focused on the relationships between teams and partners.
“Leaders agreed that the desire for transformation is there. But several fundamental challenges need to be solved to move forward”
Michael Grady, digital consulting lead, Hatch
The reported showcases success stories, such as A$10M in savings year over year, that demonstrate the magnitude of gain that is possible when the execution is right.
“Leaders agreed that the desire for transformation is there,” says Michael Grady, Hatch’s digital consulting lead. “But several fundamental challenges need to be solved to move forward. With targeted strategies, companies can navigate the difficult path through digital innovation.”
Globally, digital innovation has revolutionised the way we live and work. But not all industries and organisations have kept pace. Those that find themselves facing a digital gap have critical work to do not only to thrive, but to survive, the report reads.
The report details nine actionable recommendations to accelerate digital transformation in Australia’s M&M industry with immediate benefits to create better value for all capital project stakeholders, and long-term benefits to secure sustainable prosperity in the industry.
Read the full report here.
