According to Microsoft, Irish organisations could tap into a $100 trillion market through successful Digital Transformation of their business models. However, businesses that do not digitally transform their business model in the next 2 years, risk losing out.
With near instant access to technology, content, products and services, customer expectations have risen, this is placing additional pressure on organizations to adapt.
According to Harvard Business Review, 80% of business leaders think their industry will be positively disrupted by Digital Transformation within the next 3 years, while less than half have a digital strategy in place. Many firms struggle with what it means to be a digital business. According to Amárach Research, 80% of Irish organisations overestimate their digital readiness, while nearly half struggling to keep up with customers. 48% worry about other competitors digitally transforming before them, or new entrants entering their sector using technology to gain competitive advantage. To find out how you can build a digitally savvy workforce, check out or range of digital transformation training.
Transformation Pressure: Half of Irish organisations are worried about how long their current business models will last, many believe they will be disrupted within just 2 years. 51% have digital transformation strategies in place, 25% are unsure as to what steps to take. Lack of the digital skills and slow decision making by senior staff on implementation are major obstacles to digital transformation.
Lack of Digital Knowledge: While 49% understand that digital transformation leverages technology to help their evolve and compete, a staggering 30% of organisations do not know which technology to adopt to help them digitally transform. 49% of organisations lack a clear or formal Digital Transformation strategy.
Digital workforce: 65% of organisations say that empowering their employees and building their digital capabilities is a priority. A digitally savvy workforce is now seen as vital for the organisations digital transformation and the long term survival. 31% of companies had stepped up their recruitment activities while 74% of digitally savvy staff felt they had made a major contribution to enabling the organisation to digitally transform.
According to Aisling Curtis, SMSP Director, Microsoft Ireland, “It is time to transform or be transformed,”. “Disruption is inevitable, but the opportunities are enormous for Irish businesses willing to successfully evolve. Successful Digital Transformation is multidimensional, leveraging the availability of the Cloud, IoT, advanced analytics, mixed reality and artificial intelligence. Microsoft is helping businesses globally and in Ireland make that transition across employees, customers, operations and products. We understand companies’ needs for innovation, speed to market, and the importance of continually transforming and re-evaluating how business is done.”
To find out how you can build a digitally savvy workforce, check out or range of digital transformation training.