Digital Transformation is now a priority for most CEOs of the surveyed industrial companies in South Africa. More than a quarter (27%) of the industrial companies in our survey have rated their level of digitisation as high, and this value is expected to rise to 64% within the next five years.
Industrial leaders in South Africa are digitising essential functions within their internal vertical operations processes and are focussed on driving both revenue growth and operational efficiencies by adopting Industry 4.0. Also, 9 out of 10 companies expect to expand their product portfolio with digital offerings.
Managers from more than 2,000 companies in 26 countries answered questions for the study. The figures and forecasts they provided tell their own story: the average level of digitisation is expected to increase from 33% to 72% within five years. Companies are budgeting annually approximately 5% of their turnover for investing in digitisation. This amounts to a total of over $US 900 billion per year – based only on the companies surveyed.
PwC’s analysis of major banks’ results for the reporting period ended 31 December 2023.
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IFRS 17 has changed the measurement and presentation of insurance contracts and requires comparatives of financial statements to be restated.
February 2024 edition - A monthly journal, published by PwC South Africa, that gives informed commentary on current developments in the tax arena, both locally...
Keshava Naidu
Partner I Africa Advisory Clients & Markets leader, PwC South Africa
Tel: +27 (0) 11 059 7223