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CIOs gathered at Sydney's O Bar and Dining to discuss how they deal with the business disruption created by a new global digital economy.
Digital disruption is accelerating out of industries such as retail and ICT and stretching its tentacles into six additional sectors including education and health, representing one-third of Australia’s economy.
Organisations that don’t make the transition to digital in the next 10 years will either be acquired by firms that have, or go out of business as new technologies transform the way companies interact with their customers.
A recent Boston Consulting Group (BCG) study estimated that, by 2016, the digital economy will contribute 5.5 per cent or $US4.2 trillion dollars to the economies of the G20 countries (from $US2.3 trillion in 2010). The digital economy contributed $US44bn (3.3 per cent of GDP) to the overall Australian economy in 2010 and is expected to grow to $US67bn by 2016.
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