The initial phase of digital transformation globally mainly focused on digitising already-in-use processes worldwide. However, while progressing toward digital transformation 2.0, we are witnessing a paradigm shift—an all-encompassing reimagination of business models. In the past, businesses competed to provide customers with the best goods or services, but today, the business landscape has changed dramatically. The ability to provide an improved overall client experience is increasingly gaining importance. This paradigm shift necessitates businesses to dig deeper, understand the shifting market trends, and build stronger customer relationships. In addition to providing top-notch goods and services, the aim is to provide individualised experiences requiring a thorough transformation of corporate strategies. Enterprises must improve their comprehension of the data they collect and seamlessly integrate these insights with their people and processes. By doing this, they can proactively surpass their competitors and take the lead in the market.
Digital transformation 2.0 is already underway in Ireland, as evidenced by several progressive measures undertaken by businesses and the government. While the urgent necessity to advance digitalisation efforts and lessen the impact of the changing global economic landscape undoubtedly drives these efforts, a more intricate story is playing out within Ireland. An astonishing amount of innovation and business redefinition is gaining traction within its borders. Large enterprises must seize this golden opportunity to expand their presence in Ireland’s dynamic market and to take advantage of the developing culture of innovation and disruption.
A Spotlight on the Irish Economy’s New-gen Technological Potential
Ireland is making steadfast progress towards cutting-edge technology, with adoption rates for big data, cloud computing, the internet of things (IoT), and 5G being particularly impressive. The digital transformation in Ireland’s economy is advancing quickly, and the emerging use of artificial intelligence (AI) has the potential to take it to new heights. Let’s briefly examine the state of some of these technology fields today:
- Cloud computing
Ireland’s cloud computing market is expected to grow by 97.78% between 2023 and 2027, eventually reaching a value of $4.8 billion, making the outlook for the sector extraordinarily promising. The presence of global cloud service goliaths has created a thriving and ambitious sector within the Irish economy. Large-scale businesses have a fantastic opportunity to take advantage of the power of cloud services at competitive prices, boosting operational effectiveness and raising customer service standards. The benefits are obvious: lower expenses, more business scalability, and improved flexibility.
- Big data
While the nation strongly emphasises the protection of data privacy, it also has many well-designed policies that enable enterprises to gather, store, and analyse data easily. Ireland is ideally positioned to serve as a hub for international big data services because of the government’s strategic investments in big data research and development with significant tax benefits. For businesses to fully realise this potential, upskilling and luring personnel with big data skills must be a top focus.
Ireland’s 5G network is one of the most advanced in the EU, with median speeds surpassing those of nations like Germany, the Netherlands, and the UK. A sizeable percentage of the population currently has easy access to 5G connectivity thanks to a robust infrastructure. This presents a golden opportunity for telecom networks to expand the reach of their 5G services to more people. Large businesses can leverage the existing infrastructure to set up private 5G networks, enhancing operational efficiency and dependability, particularly in sectors like manufacturing and healthcare.
- Artificial intelligence
Ireland is home to various internationally renowned academic institutions and research facilities working on cutting-edge AI projects. Additionally, the government continues to support the development and adoption of AI by implementing several initiatives and programmes. Among these, one of the most notable is the National AI Strategy. These factors have led to the development of a highly competent workforce in the nation that is prepared to operate in the AI field. Therefore, businesses looking to use AI solutions or offer them independently can benefit from the growing talent pool focused on AI and the ease of working in AI.
Looking ahead, integrating AI across industries can significantly increase businesses’ profitability by boosting their production, efficiency, and customer satisfaction. It can act as a catalyst for creating novel products and services to meet the changing needs of both enterprises and end users.
Driving Excellence in Innovation: The Path Forward
Ireland’s present state of research, development, and innovation (RDI) is encouraging. A group of internationally renowned research institutions has emerged within the nation’s borders due to the government’s strategic investments and recent legislative actions. This solid base has fostered a thriving innovation ecosystem, catapulting Irish businesses to the top of important markets, including medtech, software, and cleantech.
For major enterprises in Ireland, sustained investments in RDI can yield significant rewards. Businesses that commit to RDI initiatives will find that they have the tools necessary to create innovative products and services, improve operational effectiveness, and gain a distinct competitive advantage. Increased sales, profitability, and a strengthened job market are projected as the knock-on impacts.
The path forward for these organisations is clearly defined, encompassing a series of strategic steps that can ensure their active participation in Ireland’s burgeoning innovation ecosystem:
- Internal R&D
Creating specialised internal research and development divisions or using external consultant’s knowledge has become crucial. This action will make it possible to develop unique ideas into usable products and services.
- Collaboration with research institutions
One effective strategy is to fund research collaborations with prestigious universities and other research organisations. Such partnerships encourage a lively interchange of information, fuel innovative concepts, and speed the creation of ground-breaking solutions.
- Industry engagement
Active involvement in industry conferences and events is essential to keep up with the newest trends and developments. Thanks to this continual interaction, organisations are kept flexible, informed, and prepared to seize new opportunities.
- Fostering an innovative culture
The key is to foster an innovative culture within the company. To succeed, it is crucial to promote innovative thinking, experimentation, and a mindset that encourages change and adaptation.
NXT.NOWTM : Enroute New Digital Frontiers for Businesses
The groundwork is in place for strategic partnerships to support commercial innovation at scale thanks to a growing pool of qualified STEM personnel, the promotion of diverse workplaces, and a robust RDI ecosystem. With the right implementation partner, enterprises across industries can leverage new-generation technologies to realise their end-to-end digital transformation objectives and drive better business outcomes.
In a rapidly evolving and competitive digital economy, Tech Mahindra’s proprietary framework, NXT.NOWTM, encapsulates a go-to-market strategy to assist enterprises in implementing the newest technology with speed and scale. With the framework’s three pillars – Imagine, Build, and Run, we help businesses to proactively envisage future business opportunities, build solutions, and meet dynamic objectives through enhanced business continuity. Championing a people-centric and performance-driven approach, our strategies and initiatives can help drive long-term and responsible business growth.