For many businesses, the pandemic highlighted the need for quick, digital-first solutions, and we are we continuing to see businesses invest in digital transformation as we navigate the post-pandemic era.
We’re calling this process the eRecovery: using and investing in digital tools to improve a company’s chance of success, particularly in the context of significant global disruption - for example the Coronavirus pandemic, Russia-Ukraine conflict, global logistics problems, and recruitment pressures.
The latest research from our eRecovery report
explores digital transformation as a tool to help businesses improve their capabilities. The study was conducted among 1,500 C-Suite decision makers or Board members at ‘major’ companies – those with over 50 employees – in the US, UK, France, Germany, and Netherlands.
Results showed that major global businesses are investing in digital transformation for four primary reasons: to create an efficient business, increase profitability, improve compliance, and to lower costs.
Our research uncovered that the rate of capital investment in digital business has quadrupled in some cases, and the sheer weight of investment is tangible (The US - $4.4 trillion; UK - £123bn; France - €174.9 billion; Germany - €235 billion; The Netherlands - €49.6 billion) – amounting to an average investment of 4.5% of annual turnover in digital recovery.
Nine in 10 major businesses have also experienced problems relating to logistics, shortages, and increased costs since 2021. Supply chain disruption is one of their main barriers to growth – second only to Covid19 – however 87% of businesses surveyed confirmed that they expect the eRecovery to improve their capacity to trade internationally.
The message is clear: digital transformation is seen as the most effective route to improve business resilience, protect margins and improve trading opportunities. This is particularly pertinent as global issues continue to put pressure on supply chains and commodity prices.
Read more here