Companies in Germany are experiencing increasing competitive pressure due to digitalisation, according to a new study.
The representative survey found that digitalisation is reaching wide swathes of the economy, the Bitkom digital association said on Wednesday at the start of the hub.berlin conference.
"Digitalisation creates more competition and this competition leads to more innovation," said Bitkom president Achim Berg.
According to the Bitkom study, two-thirds (65 per cent) of companies upwards of 20 employees from all sectors say that IT and Internet firms are pushing into their markets. A year earlier, it was 57 per cent.
Sixty per cent suddenly also see companies from other sectors as direct competitors - in 2018, only 42 per cent thought so. Seventy-two per cent have adjusted their existing products and services accordingly. And for the first time more than half offered entirely new products and services as a result of digitalisation.
A vast majority of companies (91 per cent) nevertheless see digitalisation first and foremost as an opportunity.
But digitalisation still has little influence on the companies' spending, according to the study.
Only every fifth company (22 per cent) plans to invest specifically in the development of new digital business models this year. A good half of the surveyed companies had done so in the past, but will not provide resources for this in 2019. And 26 per cent are not pursuing a digital transformation strategy.
Notice: No person, organization and/or company shall disseminate or broadcast the above article on Xinhua Silk Road website without prior permission by Xinhua Silk Road.
A single purchase
