Nine out of ten businesses say digital transformation important for growth

Most businesses believe that digital transformation is important for sustainability but are not ready for the transition, a new survey showed on Wednesday.

The survey on the technology and digital transformation needs of Cypriot businesses was presented by Capacitor Partners together with IMR/University of Nicosia at the CITEA Digital Cyprus conference.

According to the findings of the Digital Cyprus survey, 96 per cent of businesses in Cyprus believe that digital transformation is important for the sustainability of a business.

At the same time, 89 per cent claim that the transition to the digital era will bring new opportunities to their business, a statement said.

More than 500 businesses from all cities in Cyprus, operating locally and internationally, took part in the survey. The purpose of the survey is to determine the level of readiness and direction of businesses in Cyprus on digital transformation issues.

Speaking on behalf of IMR/University of Nicosia, the company’s CEO, Christina Kokkalou, said that the universal assumption among businesses is that digital transformation is an integral part of business sustainability, however most are not ready for this transition.

“Only three out of 10 businesses say they are very ready to transition to the new era,” she said.

High on the agenda for businesses is training staff for their transition to the digital age, with 92 per cent emphasising developing or enhancing the digital capabilities of their staff. At the same time, around 50 per cent of businesses say they are already using cloud technologies, CRM (client relationship management) systems, software as a service, or have invested in cybersecurity.

“In recent years, we have seen a surge in consumer digital habits, primarily in the wake of the pandemic. It is therefore only natural that Cypriot companies should also evolve and digitise their processes, always listening to the needs of the market and the speed at which the consumers of today and tomorrow are moving,” noted Michael Tyrimos, CEO of Capacitor Partners, a consulting firm.

In 2023, Cypriot businesses are expected to increase their investments in communication and internal team coordination and customer management software.

Asked to comment on the developments, the President of the Cyprus Association of Information Technology Enterprises (CITEA), Dimitris Nisiotis, said that the Digital Cyprus survey reflects the great interest of businesses in digital transformation and the recognition of its importance for the sustainability and growth of businesses.

‘Such surveys are useful tools for CITEA members to listen to the views and challenges of companies and adapt their solutions based on the real needs of the market’ he said.

The Digital Cyprus Survey is available via the links www.digitalcyprus.org and www.capacitorpartners.com/digitalcyprussurvey.