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Wake-up call to prevent European loss of EUR 600 billion

European businesses are not thinking digitally, a problem that may lead to financial losses of EUR 600 billion. The European Commission is launching a new EU digitisation strategy to attempt to address the issue.
"If we are able to lead the way in terms of digitisation, the EU will potentially be able to increase its GDP by up to EUR 250 billion a year," says Head of Digital Single Market Policy at the Confederation of Danish Industry Peder Søgaard-Pedersen. Illustration: Copenhagen Connecting

Af Mia Sanberg Svenningsen mail

According to the European Commission, only 2% of European businesses currently use im-portant digital technologies to the full. As many as 41% do not use them at all.
 
The European Commission is therefore launching a new EU digitisation strategy at regional, national and European level. The Commission wants to create a pool of private and EU fund-ing which is expected to promote EUR 50 billion worth of investment in digitisation projects over the next five years.

According to Head of Digital Single Market Policy at the Confederation of Danish Industry Peder Søgaard-Pedersen, this is a wake-up call to member countries to rush digitisation to the top of the political agenda.

- It is vital in order to sustain our ability to compete in a global economy which is only becoming more and more digital. If we are able to lead the way in terms of digitisation, the EU will potentially be able to increase its GDP by up to EUR 250 billion a year,” he explains.

The figures, the same as those used by the European Commission, come from Roland Berger Strategy Consultants and include comparisons that show that continuing at the current pace of digitisation will lead to financial losses of approximately EUR 600 billion from 2020.

 

Digitisation creates new environments

Cloud computing, where the functions used are not installed on any local computer, but are instead run from the cloud, is among the technologies that European businesses need to open their eyes to.

For technology company Ericsson, which has more than 40,000 employees and a turnover of DKK 40 billion in Europe, such a digital solution is important. With cloud computing, the company becomes less dependent on the physical location of technology. According to Head of Strategy Management at Ericsson René Skytte Christoffersen, this is a much more efficient way of running things.

- But the Internet of Things which automates business procedures and broadband, such as 4G and the coming 5G network, mean that we have the capacity to set up cloud solutions, for ex-ample. Everything works together and generates a technological basis for competitiveness,” he says.

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PUBLISHED: 4/28/2016 LAST MODIFIED: 6/14/2018