CITEA: 92% of businesses plan to invest in digital transformation within the next year

While over 90% of companies in Cyprus plan to invest in digital transformation within the next year, almost 80% also cite enhancing staff digital skills as their biggest challenge.

This was revealed by the Cyprus Information Technology Enterprises Association (CITEA), a member of OEB, as it presented the results of its Digital Cyprus Survey and CITEA Index.

During an 21 October event, CITEA presented important findings regarding the perceptions, challenges and forecasts of Cypriot businesses in the field of digital transformation. Some of the main conclusions of the research are:

• Investing in digital transformation: 92% of businesses plan to invest in digital transformation within the next year.
• Challenges: 78% of businesses cite enhancing staff digital skills as their biggest challenge.
• Customer Experience: 80% consider a user-friendly interface as a critical factor in the digital customer experience
• Cybersecurity: 18% of businesses have experienced a cyberattack in the past year, while 82% of businesses consider cybersecurity a key enabler for digital transformation.
• Artificial Intelligence (AI): 58% of businesses use artificial intelligence tools including ChatGPT and have task automation and data analytics as top priorities.

Carried out in June this year, the survey used 500 companies as a sample, of which 57% are based in the Nicosia district, 26% in Limassol, 9% in Larnaca, 5% in Paphos and 3% in the free Famagusta district.

At the same time, the CITEA Index was analysed, measuring the digital maturity of Cypriot businesses and providing valuable information on the digital capabilities and weaknesses of businesses.

The CITEA Index ranks companies into five levels of digital maturity:

Beginner: Businesses starting their digital transformation.

Explorer: Businesses experimenting and learning about digital tools.

Competent: Businesses with a good understanding and utilisation of digital technologies.

Transformer: Businesses that are actively innovating and optimizing their digital processes.

Leader: Businesses that lead and create trends in digital transformation.

Based on the findings, approximately 56.8% of Cypriot businesses are still in the initial stages of their digital transition (Beginner and Explorer levels), 18.8% at a satisfactory level (Competent) and 24.4% demonstrate a high degree of digital maturity (Transformer and Leader levels).

After the presentation, a panel discussion followed with the participation of the Deputy Minister of Research, Innovation and Digital Policy, Dr Nicodemos Damianou, the Director General of the Cyprus Employers & Industrialists Federation (OEB) Michalis Antoniou, and the President of CITEA, Demetris Nissiotis. The discussion was moderated by the member of the Board of Directors of CITEA, Michael Tyrimos.

The event concluded with a reception, offering an opportunity for networking and exchange of views around the topics of digital technology and innovation.

You can view the presentation of the results, in Greek, here.