We are pleased to share with you our latest CMS thought leadership – Digital Horizons, a series of brief reports exploring CEE’s digital future.
Based on a recent survey canvassing the views of our clients and contacts whose operations span 18 countries across Central and Eastern Europe (CEE), our latest thought leadership explores the region’s digital ambitions, as well as the risks, opportunities and regulatory landscape around CEE’s digital future.
Companies across a range of sectors in CEE believe that digitalisation is key to enabling them to achieve business goals such as reducing costs, increasing productivity and becoming more competitive. Almost two-thirds (65%) of companies in the region confirmed that digitalisation is a priority in realising these immediate goals.
As the volume of data generated by commercial activity continues to grow at an exponential rate, a digital transformation of the global economy is well underway. For the countries in CEE, which has already become one of the most attractive regions in which to invest, it will deliver up to EUR 200bn in additional GDP by 2025, according to McKinsey. This will create an economic boost for companies operating in CEE and increase prosperity for the 150 million people who live and work there.
While the trend towards digitalisation was underway before the outbreak of Covid-19, the pandemic has undoubtedly pushed the digital agenda of CEE businesses upwards: 38% of respondents have completed or initiated new projects while 45% say that the pandemic has served to accelerate ongoing projects.
The majority (92%) of respondents believe that the pandemic will accelerate future digital change in their businesses and almost two-thirds (65%) anticipate an increase in their IT budgets next year to support digitalisation. Financial services and life sciences are the key sectors identified by respondents in which digitalisation is expected to be most driven by the fallout from the pandemic, followed by the manufacturing, automotive and energy sectors. Only 6% of businesses have delayed their digital projects due to the pandemic.
Find out more
Read the full summary of the survey’s findings, offering deeper dives into the following topics:
- Closing the gap – CEE’s digital infrastructure and business ambition
- Data and ethics – what does the future hold for CEE?
- Innovation vs regulation – can AI redefine CEE’s economic future?
- Technology transforming industries in CEE – what’s next?
You can watch some of our CMS experts discussing the headline data from the report in a special edition of our ‘Talking CEE’ video podcast here (20 mins).
The survey was conducted by CMS during the pandemic months of July and August 2020 focused on a range of topics in relation to digitalisation activities and priorities, which together form the strategic digital agenda of businesses. It also included questions around businesses’ investment plans as well as regulation and risk. The survey canvassed the views of nearly 100 participants whose operations span 18 countries across the CEE region: Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Kosovo, Latvia, Lithuania, Macedonia, Montenegro, Poland, Romania, Serbia, Slovakia, Slovenia and Ukraine.
Are you future-ready?
Each report also includes a stress-test – some key considerations when building or reviewing your digital agenda. Test your business’ digital strategy here.