European businesses could unlock €622 billion growth with digital transformation

New research released by Ricoh Europe reveals that digital transformation could increase EU and UK GDP by 3.4% over the next five years – equivalent to €622 billion of growth.  

The research, conducted by Opinium and analysed by CEBR on behalf of Ricoh Europe, polled 6,000 workers and 1,500 decision makers across the UK, Ireland, France, Germany, Italy, the Netherlands and Spain. It finds that business leaders recognise the drain of time-intensive processes on their workforce, with 76% making the automation of tedious tasks a core part of their digital transformation strategy.  

But with the average worker currently spending almost a third (30%) of their day on administrative tasks, businesses must accelerate their plans if they are to facilitate these productivity gains and the employee engagement needed to trigger sustained growth.  

Employees are clearly craving the right workplace technology to help them streamline activities and dedicate more time to fulfilling work. The majority (64%) think they would bring more value to their company if they had access to the right technology, with 78% of these welcoming automation tools as a means of reducing tedious tasks. 

Those that implemented automation software in the last financial year experienced an average productivity increase of 14%. This marks a vital gain for businesses looking to remain competitive in markets that are subject to increasing turmoil.  

The research also shows that a greater investment in the tools and systems employees are seeking can increase morale and reduce turnover. Workers at businesses which implemented automation tools last year are reportedly more satisfied with their jobs and likely to stay with the company for longer. In fact, of all the technology investments businesses have made, the introduction of automation tools corresponded to the lowest employee turnover of 17%, compared to an average of 19% across other technology options.  

Nicola Downing, CEO, Ricoh Europe, says: “Unlocking billions of euros worth of growth at a time when many businesses are facing the prospect of stagnating economies and productivity losses is an opportunity that cannot be missed. It’s encouraging to see business leaders acknowledge this and incorporate steps to streamline working, automate core processes and reduce tedious tasks into digital transformation strategies. However, they must move from intention to action much faster. Employees are ready to embrace all that automation can bring – in fact, they’re actively looking to employers to provide this. Accelerating digital transformation and delivering the tools that allow people to tackle more valuable work is essential if businesses are to remain competitive, retain key talent and trigger sustainable growth.”