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Realising the Digital Opportunity
10th October 2015
Digital disruption: two words that have come to represent the extraordinary pace of change that internet connectivity has brought to the world of business.
Disruption enables companies to challenge existing business models and take advantage of the huge opportunities of scale and distribution that digital brings.
But it also creates uncertainty. So quick is the current pace of digital change in the UK that a quarter of businesses are now unsure what their industry will look like in a year’s time.
That is the remarkable finding of Virgin Media Business’ Digital Opportunity Report, produced in partnership with Oxford Economics, which interviewed over 1,000 UK-based companies.
The report also highlights that with this uncertainty brings opportunity. If businesses properly invest to become digital leaders then revenues are likely to go up and costs go down.
Firms across all regions and from all sectors who have attained the edge digitally have increased their revenues by 5.9% and reported savings of 5.5%. These figures are respectively 36% and 34% better than non-digital leaders.
This represents a huge opportunity for the UK economy: a potential £92bn boost if businesses enhance their digital capabilities. Put it another way, it is equivalent to 2.5% GDP and 1 million jobs.
Digital success is not just about being a tech firm; the opportunity is for every business.
Digital capabilities are changing the rules of competitive advantage in all sectors, and the idea posed by this report is that all firms can and should learn from digital leaders; they underpin the spirit that is the future of commerce.
Eighty-five per cent of businesses in the UK are able to access our network and we’re spending £3bn expanding it. We are a fundamental part of the UK’s technological infrastructure, and Virgin Media Business offers high performance digital platforms, including integration and collaboration services; together we provide the potential for businesses to grasp the Digital Opportunity.
The full report can be found here.