of Europe’s entrepreneurs expect digitalisation to impact their long-term viability
in lost revenues in the EU due to skills shortages in private businesses alone
GDP losses in Middle East are caused by lack of specialists
of private companies in Africa will invest more than 5% in digitalisation in the next 5 years
Private businesses in Europe, the Middle East, and Africa continued to generate strong revenues in 2018, but leaders are more cautious about future prospects this year. One way to guard against a downturn is by using digital transformation to unlock growth, and most business leaders recognise that digitalisation will have a major impact on the long-term viability of their business.
But when it comes to understanding the full potential of digitalisation, companies still need to raise their awareness of critical technologies (what we at PwC call the “Essential Eight”) and the scale of change needed. That’s likely to mean increasing investment.
To prepare for digital transformation, owners and managers should take a fresh look at three key areas:
Board composition: transformation starts at the top. Private companies need to make sure their board members are knowledgeable about the technologies that are crucial to the business
Staffing: the right skills. Private businesses need to get savvy about what skills will be needed in the future and how to access them
Financing: funding the transformation. Entrepreneurs should consider looking beyond internal cash flow
View the regional findings below and explore results with our data explorer. More detailed analysis, commentary and implications are provided in the full reports where you can also subscribe to receive our upcoming Africa and Middle East regional reports.
To help companies focus their emerging tech efforts, we analysed the business impact and commercial viability of more than 250 emerging technologies to zero in on the “Essential Eight.” These are the core technologies that matter most for business, across every industry, over the next three to five years. The Essential Eight are the technology building blocks that we believe every organisation must consider. While each company’s strategy for how to best exploit — and combine — they will vary, these technologies will have a profound global impact on business, employees, and customers.
Artificial intelligence, Augmented reality, Blockchain, Drones, Internet of Things, Robotics, Virtual reality, 3-D printing
Use the filters below to see how survey respondents feel about key issues effecting their organisations.
“Digital transformation is disrupting every corner of the economy and private businesses are no exception. Digital transformation is key to unlocking the next stage of growth and have a fighting chance of growing faster when the next upturn comes.”