The Economic and Transformational Impact of Digital Technology in Ireland
As we know, Ireland is well regarded for its entrepreneurial spirit, its determination in the face of adversity and its innovative mindset. The last 18 months have been no different. Irish businesses, whether family-run SMEs or larger multinational corporations, have demonstrated a great determination and ability to adapt and overcome challenges presented to them as a result of the pandemic. What is clear is that the pandemic has acted as a catalyst, shining a light on the true potential of digital technology to transform Ireland’s economy.
Our latest report, Digital Ireland – Inclusive Recovery, highlights the significant untapped potential of Ireland’s digital economy, and the willingness of the business community to accelerate their journey of digital transformation further into the future, with cloud solutions very much to the forefront of their mind.
According to forecasts by the International Data Corporation, the report highlighted that the digitised Irish economy could be worth more than €300 billion in 2023, accounting for 65% of economic output (out of a total Irish GDP of €469 billion).
That said, despite the significant financial potential of the digital economy, under 30% of senior leaders said they are using digital technologies to engage customers through connected experiences or to empower employees. Additionally, 47% of technology leaders say their people are reluctant to embrace digitalisation, and 41% admit that their customers are ahead of them when it comes to demand for digitalised services and solutions. Furthermore, 59% of technology leaders say they don’t do enough with their organisation’s data.
The Digital Imperative
As part of the report, we asked an island-of-Ireland sample of 360 senior business leaders and technology leaders about the importance of cloud and digitalisation to their current and future operational needs. What is clear is that organisations intending to expand their digital presence as part of their broader business strategy will have to invest not only in the hardware, software and services required to support digitalisation, but also the skills necessary to deliver their ambitions.
Our findings point to several core themes in relation to the digital imperative for organisations as we look to build an inclusive, digital society and capitalise on what true digitalisation means in the wake of the pandemic effects. This includes strategic IT priorities to scale and expand operations, attracting digital talent, c-suite alignment, and sustainability.