How digital transformation is creating business opportunities in Egypt

Introduction

Digital Transformation is an evolution that has taken place over the last few decades. It has led to a better and more connected world. Digital transformation in Egypt is not much different from what it is in other countries worldwide.

Digital transformation has become a key topic for many leading companies and governments, as well as in Egypt, where the digital landscape is undergoing a rapid transformation. With a population of more than 102.3 million people, Egypt has one of the fastest-growing economies, with an annual GDP growth rate of about 5.3%. And this is mainly due to increased government spending on infrastructure, which has led to new business opportunities for IT companies.

Egyptian businesses are taking advantage of this digital transformation and creating new opportunities for themselves so that they can now compete with global players in their respective industries.

Developing ICT Infrastructure

Egypt has spent substantially constructing and improving its technological infrastructure and national infostructure since the early 1980s to become a platform facilitator for its development and progress.

Egypt has developed a national strategy to achieve its socio-economic development goals and address several issues, including debt, illiteracy, insufficient infrastructure, and the need for structural transformation. The strategy has been modified multiple times over the years to meet local and global developments, with ICT serving as a constant driver for strategy formulation, development, and implementation.

Accelerating the pace of digital transformation

Egypt has stepped up its efforts in this area in response to the epidemic and its attendant issues. Egypt’s budget plan statistics increased public investment allocations for the information and communication technology (ICT) industry by an unprecedented 300 percent in FY 2021/22 to accelerate digital transformation.

The Federation of Egyptian Chambers of Commerce launched the Digital Future initiative in collaboration with the Ministry of Public Business Sector, Microsoft, and Fiber Misr Systems, intending to assist Egypt’s medium and small-sized enterprises (SMEs) in dealing with the digital transformation amid the crisis.

Over the last few decades, Egypt has made some decent progress in the digitization process.

  • There is some apparent and relatively advanced digital adoption by people on an individual level.
  • Adoption via tech-enabled start-ups and through ICT-enabled services is expanding and promising.
  • Adoption of electronic government services at an early stage.
  • A small degree of ICT adoption by private sector businesses.

With more widespread ICT infrastructure and connection, as well as increasing ICT usage, the potential impact of digital transformation on Egypt’s economy might be tremendous and game-changing.

Conclusion

Egypt has a unique chance to alter various economic sectors, including financial services, commerce, healthcare, agriculture, and manufacturing, while also providing possibilities for individuals and businesses, as well as influencing equitable development and economic progress.

While digitalization has the potential to transform the economy, it must be accompanied by the necessary technological infrastructure, human capital, and appropriate legal, regulatory, and other enabling environments in order for digital transformation to become a platform for equity rather than division.

Top 5 Digital Transformation KPIs to Track Your Evolution in 2022

Introduction

Digital transformation is a continuous process that requires constant monitoring and tracking. Digital transformation is evolving a company’s business and operating models to keep up with new technologies and changing customer expectations.

To fulfill the demands of digitization, a company’s business and operating models must evolve. As a result, many companies embrace digital transformation and employ technology to better every aspect of their operations.

IT leaders will need to demonstrate the results of these changes as the company begins to implement and develop these tech solutions.

The KPIs below will help you measure your progress in the transformation journey.

  1. Customer experience

    The most crucial aspect of every business is the client experience. With more consumers opting to do business online, companies need to ensure that their websites are simple to navigate and deliver a positive customer experience.

    Tracking user experience as carefully and as frequently as possible will help you determine whether or not your digital transformation is succeeding.

    1. Employee engagement

    Employees who are not engaged in their job will not be productive and will eventually leave the organization. To remain competitive in the industry, a firm should ensure that it is doing all possible to keep employees happy and engaged.

    If workers aren’t engaged in the ways that businesses want, the technology isn’t powerful enough to drive them to change their work habits. While your software is robust, and you have a well-planned Digital Transformation strategy, all your efforts will be vain without employee engagement.

    1. Digital transformation readiness

    The level of readiness of an organization’s workforce to shift into digitized processes facilitated by software and technology is known as digital readiness. Technology transformations are not just about investments in IT assets – they include three factors: culture, processes, and technology.

    Before digital transformation occurs, businesses must understand what it entails and how prepared they are.

    1. Innovation culture

    Every organization desires an innovative culture in which employees can try new ideas.

    Successful digital transformation implementations frequently incorporate technology-supported improvements to company models, product offerings, systems, and procedures to improve customer value, decrease costs, and assure growth.

    Although each company’s KPIs are unique, the innovation rate may be a useful leading indicator for evaluating the effectiveness of the R&D cycle and the company’s return on digital initiatives.

    1. Digital Transformation ROI

    Calculating the return on investment of digital transformation requires comparing the costs of implementing new technology with its benefits. It’s most commonly used to determine if a company will profit from the latest technological investment. It can be calculated by comparing the net savings, revenue gains, and other benefits to the costs of implementing a digital solution.

    Conclusion

    Successful digital transformation enables businesses to adjust or react to market developments swiftly.However, because digital transformation is a continuous process, you must continue to measure to ensure that you stay on course and avoid errors. Your organization’s digital transformation should be focused on the issues that demand the greatest attention. These priorities will aid in determining the technology required for your organization’s growth.