The majority of Scottish business leaders feel confident in their ability to grow their business (84%) with digital transformation playing a crucial role in boosting their confidence.
Despite uncertain conditions in the UK, a report by Vodafone has revealed that digital transformation is also enabling companies to adapt to and accommodate for an evolving digital environment.
Business leaders recognise, however, that their organisation will not survive if they fail to embrace digital transformation, raising the stakes for companies and organisations across Scotland.
The Digital, Ready? report surveyed more than 2,000 business leaders across the UK, from sole traders through to large enterprises and the public sector. Of these, 143 organisations were based in Scotland.
The report found that more than one-fifth (21%) had already successfully implemented digital transformation projects, while 58% believe they are making significant progress in modernising their organisation or business.
Organisations are increasingly prioritising digital transformation in order to increase efficiency, the report found, while customer experience and productivity are also being boosted by projects across a number of sectors.
Athena Ainsworth, Head of Regional Business at Vodafone UK, commented: “It’s an exciting time for organisations in Scotland 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 business become smarter, more creative and more efficient.”
The report also suggests the businesses that have embraced digital transformation are already starting to reap the rewards. More than a quarter (29%) of business leaders have been able to tap into new customer demographics or expand their user base.
For consumers themselves, 30% have seen better customer experience as a result of digital transformation projects, while 27% have said their satisfaction has increased.
Similarly, an increase in staff motivation and satisfaction has also been highlighted by the report, with one-quarter of employees at selected firms underlining their job satisfaction.
Vodafone also found that businesses face significant challenges moving into a digital era. The report suggests that a significant number of businesses struggle with legacy IT systems (19%), while poor budgets also affect firms negatively (13%).
More than 15% of businesses said that the costs of introducing and using new technology – taking into account staff training, also – is a key challenge.