Incentives to boost business digitalisation include €10m fund

The money will help firms update software, get new equipment, train up staff, and implement automation and AI technology

The €10m is part of the €85m allocated by the Government as part of Ireland’s National Recovery and Resilience Plan. Stock picture: Dominic Lipinski/PA

Businesses are being urged to adopt more digital behaviours through new incentives announced by the Government.

These incentives include a €10m government fund which is being made available to all businesses this year that need money to update software, get new equipment, train their staff, or implement automation and artificial intelligence (AI) technology.

“Digital technologies can reduce costs for businesses by making processes like invoicing, stock management and supply chain logistics much more efficient,” said Minister of State for Trade Promotion, Digital and Company Regulation, Robert Troy.

"In addition, the use of digital technologies will assist companies in reducing their carbon footprint and helping to tackle climate change,” he added.

This €10m is part of a larger €85m fund allocated by the Government’s Digital Transition Fund as part of Ireland’s National Recovery and Resilience Plan (NRRP).

In addition to the funding, a new website is being developed that will help businesses assess what their digital needs are and the tools they need to improve their digital offering.

Junior minister Robert Troy: 'The trend is only going one way and our lives are only going to become more integrated with digital technology.' 

“The trend is only going one way and our lives are only going to become more integrated with digital technology,” said Tánaiste and Minister for Trade, Enterprise and Employment Leo Varadkar. "That is why we need to make sure our SMEs are prepared."

Mr Troy said there will also be series of workshops called Grow Digital that will take place in regional locations from the end of June and throughout July.

The funding is aimed at increasing the digitalisation of all businesses across products, processes, supply chains and business models in the hopes of seeing better productivity, access to new markets, increased innovation, and improved competitiveness.

The €85m will be used from 2022 until 2026 and will be administered to businesses by Enterprise Ireland. 

The NRRP was developed so that the Government can access funding under the EU’s Recovery and Resilience Facility (RRF). Ireland is expected to receive more than €988m in grants under the facility.