Future Ready: Advancing Canadian Business In The Digital Economy

Salesforce report sheds light on the current Canadian business landscape and the pivotal role technology will play in its future

San Francisco, Calif. (July 12, 2019) – Technology is poised to make a considerable contribution to Canadian economic prosperity. According to a study by the Information and Communication Technology Council (ICTC), billions of dollars and hundreds of thousands of jobs could be added to the Canadian economy as the result of greater adoption of technologies such as cloud, mobile, apps, analytics, digital platforms, and more.^[1]

A new report, based on research conducted by Salesforce Canada and the Gandalf Group, explores the pivotal role that technology plays – and is expected to play – in the success of Canadian business. It also examines the barriers to digital adoption that are holding many back from their full potential. The report examined Canadian businesses as a whole — as well as through the lens of small (100 or fewer employees), medium (101–500 employees), or large (501+ employees) size, with an additional look at how legacy sectors are faring in the digital economy.

Canadian businesses are optimistic about our country’s innovation but recognize that there is still work to be done.

Every square inch of Canada is growing, and technology is making innovation accessible, enabling Canadians to grow wherever they are. In fact, 81 per cent of Canadian businesses believe Canada is an innovative country. Yet, more than half (52 per cent) of Canadian businesses believe we still lag behind other countries when it comes to technology adoption.

The biggest change Canadian businesses made in their operations over the last three years was increasing their use of digital technology and applications, which has set the tone for many.

Companies that have significantly increased their use of digital technologies or apps have a noticeably more positive story to tell about their business growth.

They’re nearly twice as likely (25 per cent versus 13 per cent) as others to say their businesses have grown strongly over the last three years. Similarly, they’re more optimistic about the future of their business — 31 per cent forecast strong growth in the next 12 months, versus 15 per cent for those who somewhat increased their use of tech or stayed the same.

Despite this, there are still many businesses who have not increased their use of technology and report challenges to technology adoption: a lack of expertise and budget constraints are the two top challenges for those who have not onboarded new technology.

Furthermore, almost half (49 per cent) of Canadian businesses reported that it’s difficult to get good advice about how to apply technologies like automation, big data, and AI to their business. For large businesses that number climbs to 57 per cent, and reaches even higher to 63 per cent for medium-sized businesses. This indicates an interesting challenge to help Canadian businesses understand how they can practically apply technology to their business in effective, affordable ways to compete and succeed in the digital economy.

This report outlines a number of benefits for Canadian businesses that have digitized, linking to high growth. However, it’s also clear that demystification is still required so that all businesses get on board. With an overwhelming 79 per cent (three in four) of businesses saying that it’s essential for all sectors to digitize in order for Canada to be seen as a global leader in innovation, it is the responsibility of all parties — businesses, employees, expert voices in the field, and third-party organizations — to champion the long-term benefits of technology adoption for individual businesses, and ultimately, Canada’s success on the global stage.

Read the Report

Future Ready: Advancing Canadian Business in the Digital Economy

About the Survey

Conducted by Salesforce Canada and the Gandalf Group, this research is based on survey responses from 406 Canadian business leaders collected in April & May of 2019, plus an additional 240 survey responses to provide an overquota among the following legacy sectors (Agriculture = 89, Oil & Gas = 85, and Manufacturing = 103).

Notes

1. Information and Communications Technology Council: Digital Adoption, Advancing Canada’s place in a global economy.

About Salesforce

Salesforce (NYSE: CRM) is the global leader in Customer Relationship Management (CRM), bringing companies closer to their customers in the digital age. Founded in 1999, Salesforce enables companies of every size and industry to take advantage of powerful technologies—cloud, mobile, social, internet of things, artificial intelligence, voice and blockchain—to create a 360° view of their customers. For more information about Salesforce, visit www.salesforce.com.

Source: Salesforce

Tags: Customer Relationship Management (CRM), outlook / predictions, Salesforce, survey Read the original article at Insurance-Canada.ca