Expleo, a global engineering, technology and consulting service provider, today announces the results of new research, which found that 62 per cent of Northern Irish businesses are preparing for a stronger economy next year, while 54 per cent are preparing for a stronger global one.
The research is published in Expleo’s Business Transformation Index (BTI) 2024, launched today (Tuesday 8 October).
The study was carried out by Censuswide on behalf of Expleo among 202 business and technology leaders in medium- to large-sized enterprises on the island of Ireland. Its aim was to gain an understanding of how technology is helping enterprises to improve business outcomes, while lifting the lid on the obstacles to success.
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The research found that, as a result of their economic optimism, nearly half (44 per cent) of businesses in Northern Ireland are expecting their business to grow in the next 12 months, compared to 57 per cent who expect the same in the Republic of Ireland. This comes on the back of years of economic uncertainty and peak levels of inflation, with a large number of businesses in Northern Ireland suffering from the fallout.
Indeed, 52 per cent of NI business and tech leaders surveyed in the BTI admitted that in the last 12 months, customers have stopped doing business with them because of economic concerns. However, just 36 per cent expect to lose customers for the same reason over the next 12 months, suggesting a growing confidence among business leaders that economic growth is on the horizon.
Supporting this optimism is the fact that 74 per cent of business and tech leaders believe that Northern Ireland is a good location for digital innovation. This is being buoyed by a greater commitment to sustainability and green tech innovation, with 50 per cent of businesses here also believing that it is helping businesses to grow here.
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Rob McConnell, Head of Expleo NI, said: “When we pare it down, our economy is highly reliant on the sentiment of business decision-makers. Optimism drives investment, innovation and growth, all of which, in turn, support wage growth and consumer spending. These insights from our BTI are therefore valuable indicators of a growing Northern Irish economy.
“Over the last couple of years, we have spoken to many businesses who have struggled to retain customers in a market that was cautiously cutting budgets. But, after a period of business posterity, our research suggests a resurgence next year. At Expleo, we are excited to join enterprises on that journey.”
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