The average Irish business will spend €455,000 on digital transformation projects over the next 12 months according to an independent survey of 133 Irish IT decision-makers carried out by Comtrade Digital Services.
The survey found that 62% of businesses that have started their digital transformation journey have seen their profits increase while 44% of businesses list increasing revenues as a top-three goal in embarking on a digital transformation journey.
The top aims for digital transformation listed by IT leaders include improved business processes (68%), better customer satisfaction and user experience (65%) and improved employee productivity (47%).
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 (56%), company culture (49%) and securing management and board-level support (41%).
The survey also found that businesses lack strategy when approaching digital transformation. Almost half (48%) of senior IT decision-makers admitted to having no official or formal plan for their digital transformation journey.
Commenting on the research, Business Director, Ireland & UK at Comtrade Digital Services, Dejan Cusic said, "Digital transformation helps businesses to improve the agility of their organisation, allowing them to quickly and effectively roll out new digital products that focus on the user experience. In doing so, businesses gain competitive prowess and can carve out significant new revenue streams."
He added, "As more and more businesses adopt a technology-first approach, those that have held back will be left behind. 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."