Irish businesses set to spend €455k on digital transformation over next 12 months - survey
The average Irish business is expected to spend some €455,000 on projects to digitally transform their company over the next year.
According to research by Comtrade Digital Services, some 62pc of firms who have invested in this overhaul have seen an increase in profits.
Furthermore, of those companies surveyed by the software engineering services and solutions provider, some 44pc going digital state that a rise in revenue is one of their top priorities.
"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," Dejan Ćušić, Business Director, Ireland & UK at Comtrade Digital Services, said.
"In doing so, businesses gain competitive prowess and can carve out significant new revenue streams."
Other goals listed by the 133 Irish IT leaders who took part in the survey were improved business processes (68pc), better customer satisfaction and user experience (65pc) and improved employee productivity (47pc).
However, many Irish businesses are still struggling to adopt and implement a technology-first approach.
The majority (89pc) of respondents maintain that their company lacks the skills to fully digitise their workloads.
Other hurdles cited include financial limitations (56pc), company culture (49pc) and securing board-level support (41pc).
"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," Ćušić said.
"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."