"Part three involves doing both of these at the same time," he said. "This is the approach that most of the non-traditional competitors are following."
Stevens stressed that the "tectonic shift" represented by the move to digital affects everyone.
"Digital transformation will touch every single one of you, and it will affect your employees, your business partners and all of your customers," he said.
"All but 15 of the 509 industry classes that make up the Australian economy ... will be positively impacted." However, "you can't stand still and be positively impacted," he said.
"There will be turmoil, there will be disruption and there will be a significant change in terms of market share and competitive spending."
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