Digital Innovation Economy For Business Growth



Small businesses and the economy generally, can realise significant benefits by embracing mobile and internet technologies to transform their operations. The digital transformation of business and society presents enormous growth potential for businesses. Industry can build on its strengths in advanced digital technologies and its strong presence in traditional sectors to seize the range of opportunities that technologies such as the Internet of Things, big data, advanced manufacturing, robotics, 3D printing, block chain technologies and artificial intelligence offer. This will enable industry to capture a share in the emerging markets for the products and services of the future. 

 Digital transformation is characterized by a fusion of advanced technologies and the integration of physical and digital systems, the predominance of innovative business models and new processes, and the creation of smart products and services.
  
  Currently, businesses are not taking full advantage of these advanced technologies or the innovative business models offered by the collaborative economy. The state of the digitization of industry varies across sectors, particularly between high-tech and more traditional areas, and also between countries and regions. There are also large disparities between large companies and SMEs.
   
Until recently, the term ‘digital business’ was broadly taken to mean ‘techno and social media consultancies, to name a few. But there have been a change on how businesses perceive and use technology. The reality, according to a 2013 report from the National Institute of Economic and Social Research, is that the digital economy has spread into every business sector. Every type of business is benefiting from digital technology, from the artisan food producer boosting their sales through search engine optimization and online marketing, to the pool maintenance company fast-tracking efficiency by equipping their field engineers with tablets.
    
Digital business is relevant to everybody. An economy empowered by digital technology represents a huge opportunity for business growth and job creation. Innovation is rocketing ahead and our ability to make best use of new technology must keep pace. By the year 2020, an entire generation will have grown up in a primarily digital world. Their familiarity with technology, reliance on mobile communications and ease with online networking will transform how we work, how we sell and how we consume.

Faster broadband and digital technology are already showing themselves to have a huge impact on businesses with significant improvements in productivity and growth. Embracing ‘digital’ also has the potential to give businesses, especially smaller enterprises, a huge boost in competitive advantage, placing them on a level playing field with their larger counterparts on both a national, and international, stage. Businesses that adopt digital technology are growing on average at 12% per year, compared to just 4% per year for businesses that don’t.
      
Research has shown that there is growing demand for business support in digital technology. The Superfast Business support programme that provides specialist advice on harnessing digital technology to businesses across the region has seen the number of businesses seeking advisory support rise nearly 300% since January 2014. The service has provided information on digital technology to thousands of businesses across the region to date, through expert-led workshops, diagnostic and action planning sessions, and via the web through the service’s rich and unique online resource, the Knowledge Hub. Sign up to Superfast Broadband has increased as a result of support with 88% of businesses saying they have taken up superfast services or plan to do so.

 Businesses who have participated in the Superfast Business service are optimistic about their new found skills and knowledge with 85% expecting to increase sales, 74% believing their turnover will grow, 64% forecasting improved business performance and 59% expecting to achieve increased efficiency.With access to IT now reaching ubiquity, the challenge ahead is to ensure that beyond the early adopters, we enable individuals, business and government to make best possible use of digital technology for economic, social and political impact. Services such as Superfast Business have shown early positive results but there is still much work to be done to ensure the south west grasps the digital opportunity with both hands.
     Investing in digital skills is much needed across the full spectrum of business, from boardroom to shop floor, to allow the region’s businesses to exploit new technology to its full potential and to compete effectively in today’s world. Digital technology also provides some real opportunities for local authorities to increase the reach, use and efficiency of public services across the region and to address inclusion for businesses and communities in rural areas.


    Looking to 2017 and beyond, we must maintain momentum to build on the region’s digital successes to date. Addressing the challenges ahead will require intelligent investment in business support and skills development to support the massive investment in infrastructure. Digital innovation has the potential to radically improve people’s lives and stimulate growth across the south west. Fully utilizing the technology in front of us is a hugely exciting opportunity to build a dynamic, strong and secure south west to make its mark on the world map in the digital age.

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