Data translators are in demand, good corporate citizenship is the new competitive advantage and the heat on consumer-facing industries will intensify. These are the key predictions from McKinsey & Co Australia managing partner John Lydon about the pressures on Australian business in the next 18 months.
Retailers and banks are facing what industrials and resources businesses went through in 2012-13 in terms of cost-cutting and introducing new technology. Lydon says CEOs and boards now understand disruption is under way and they must improve the value they offer to consumers, as well as cutting the cost base.
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Joanne Gray is Managing editor of The Australian Financial Review. She was formerly its opinion editor, features editor, banking & finance editor, Washington correspondent and BOSS magazine editor. Connect with Joanne on Twitter. Email Joanne at jgray@afr.com
