Third of Irish firms at risk of closure

Third of Irish firms at risk of closure

By Geoff Percival

More than a third of Irish businesses are at risk of going bust in less than two years due to a failure to innovate and keep step with digital, technological and regulatory advances, a new study has claimed.

The survey of 150 business leaders — conducted by research company Coleman Parkes on behalf of electronics giant Ricoh — found 61% of Irish companies are not in a position to take advantage of/or adapt to such change, despite 94% recognising the impact digital disruption is having on their sector.

The study warned that companies are in danger of falling victim to cultural and economic shifts changing their markets and 35% of respondents said they will go out of business by 2020 if they fail to innovate in repsonse to change.

Over half are considering employee innovation workshops to help with idea generation, but over a third want more government support to make that happen. Nearly 90% of business leaders said increasing automation will drive significant change in their organisations.

In the next two years, almost a quarter predict they will be unable to react swiftly enough to changing government regulations.

“It’s very worrying that the future of so many Irish organisations are at risk. That’s why it’s vital business leaders take action as soon as possible and formulate a strategy that enables them to embrace digital disruption,” said Ricoh Ireland managing director Gary Hopwood.

“Organisations can’t afford to stand still if they want to remain competitive and continue to grow,” he said.

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