Welsh businesses recognise the importance of digital transformation, says research
The majority of businesses in Wales recognise the benefits of digital transformation, according to new research from Vodafone.
A recently published report from the telecoms giant found that 83 per cent of Welsh business leaders are confident in their ability to grow their business.
However, 67 per cent of them believe that their organisation won’t survive if they don’t successfully digitally transform over the coming years.
Vodafone surveyed 2,000 across the UK – from sole traders to large enterprises – and found that one in ten (13 per cent) have already launched successful digital transformation initiatives. What’s more, 56 per cent of respondents said they’re making good progress.
When it comes to the reasons for implementing digital transformation, improving customer efficiency (60 per cent), customer experience (59 per cent) and productivity (36 per cent) were the main priorities. These goals beat shortening time to market, developing new products and services, and reaching new customers.
In the next two years, 68 per cent of Welsh organisations plan to spend more than £100,000 on digital transformation projects. They’re investing in areas such as real-time data analytics, unified communications, the Internet of Things (IoT) and big data.
Athena Ainsworth, head of regional business at Vodafone UK, said: “It’s an exciting time for organisations in Wales as they set out on their digital transformation journey.
“The smallest digital steps can have a real impact on the growth and success of an organisation. Implementing the right new technology is helping businesses become smarter, more creative and more efficient.”
Overall, the report suggests that businesses going ahead with digital transformation plans are already reaping the rewards, with 23 per cent of business leaders saying they’re reaching new customers; 35 per cent seeing better customer experience; 26% seeing improved customer satisfaction; and 28 per cent seeing higher staff motivation.
But that’s not to say there aren’t challenges. For instance, businesses reported that the cost of new technology (22 per cent), lack of budget (14 per cent) and legacy systems (7 per cent) affect digital transformation.
Athena continued: “We can help businesses to identify which new technologies will deliver the most benefit, from IoT and Unified Communications to Cloud services.
“We’re three years in to our own five-year transformation to put digital at the heart of our business. So we really understand the journey our customers are on and can share our experiences as we help them thrive in this digital age.”