Digital technologies will play a critical role in boosting EU competitiveness, economic growth and job creation in the next three years, along with smarter regulation and innovation. This is the belief of EU business leaders participating in a joint research initiative conducted by Accenture in collaboration with BUSINESSEUROPE and the European Business Summit.
While EU governments and policymakers must create the vision and environment for the EU’s future as a digital economy, businesses will need to truly integrate digital into their day-to-day operations and be prepared to safely leave traditional markets and enter new ones, or even create them.
Some 96% of the leaders surveyed said digital technologies could improve competitiveness, showing that businesses do believe in digital. However, Belgian business leaders appear to be less convinced (88%). They are also less concerned (53%) that they will lose customers if their company does not embrace digital transformation in the next 12 months (compared with the EU average of 63%). In addition, only 37% plan to invest in making their products and services more digital in the next three years, and will therefore likely miss out on critical productivity and innovation stimulation required to halt and reduce the competitive gap with their international peers.
Nevertheless, there are already examples in Belgium of digital disrupting a number of industries, creating alternative growth from redefined market boundaries. BNP Paribas Fortis has teamed up with Belgacom and Accenture to create Belgium’s first mobile wallet, Sixdots, piloted this spring. And in early 2014, a cross-industry partnership between Belfius Auto Lease, NMBS/SNCB, Electrabel, and Accenture launched Belfius E-Fleet in Belgium, offering companies a smart, ecological lease package using electric vehicles.
It’s time for Belgian companies to shift their digital investments from efficiencies to driving growth and boosting competitiveness or run the risk of not fully capitalizing on digital’s promise.
For more insights, read the full report here
