Average business to spend €455,000 on digital transformation

Comtrade Digital Services says there is proof that digital transformation is already yielding profits for businesses that transform.

The average Irish business will spend €455,000 on digital transformation projects in the next six months, according to Comtrade Digital Services.

The company has revealed that an independent survey of 133 Irish IT decision-makers (a TechBeat survey by TechPro magazine) found that 62pc of firms that have embarked on a digital transformation strategy have already seen their profits increase.

‘The time for investment in digital transformation is now’
^{– DEJAN ĆUŠIĆ}

The top aims for digital transformation listed by IT leaders include improved business processes (68pc), better customer satisfaction and user experience (65pc) and improved employee productivity (47pc).

Despite these benefits, Comtrade Digital Services’ research found that many Irish businesses are struggling to adopt and implement a technology-first approach.

About 89pc of survey respondents believe their company is lacking the in-house skills and talent required to fully digitise workloads and transform their business.

Are firms doing enough to embrace the digital future?

Half of respondents believe that their company isn’t doing enough to embrace a digital future.

Along with a shortage of in-house skills, top hurdles cited include financial concerns and limitations (56pc), company culture (49pc) and securing management and board-level support (41pc).

“As more and more businesses adopt a technology-first approach, those that have held back will be left behind,” said Dejan Ćušić, business director for Ireland and the UK at Comtrade Digital Services.

“The time for investment in digital transformation is now.

“That means not only investing in new technologies, but also having the right people and processes in place to make digital transformation a success. Companies that act now will find themselves reaping the rewards for years to follow.”