Austrian family businesses invest too little in digitisation, PwC study finds

Austria’s entrepreneurs are more optimistic than their colleagues in the rest of Europe. Even so, the digitization sector still has some catching up to do. In the European Private Business Survey 2019 conducted by the management consultancy PricewaterhouseCoopers (PwC), the challenges facing Austria’s family-owned companies are examined in detail.

Most companies are confident

All in all, Austria’s family entrepreneurs are optimistic about the future: 76% of them expect growth. This figure stands out on the European average, which is just 57%. The difference to Germany, which has been economically well positioned in recent years, is particularly pronounced: only 46% of companies here expect years of strong growth.

The situation is similar with the shortage of skilled workers: Although Austria’s economy also has lost potential for turnover, the lack of skilled workers is similar. In other EU countries, however, the situation is much more dramatic.

Great obstacle: digitalization

The establishment of an efficient IT is really no longer a new topic. Nevertheless, the analysts at PwC diagnose a clear backlog demand in Austria’s economy. Thus, the digital revolution is not yet perceived as a holistic, socio-economic upheaval, but primarily as a technical process.

The approach of the Austrians is still “hesitant”, the study says; key technologies such as AI and Internet of Things or cooperation with start-ups are of too low importance. PwC gives practical recommendations for action in order to be properly positioned for the future. One of them is: Create a digital culture!

“Digital transformation requires a digital culture and work environment that challenges the existing situation, encourages new ideas and enables rapid experimentation. This is where the next generation can lead the way. Digitization is important as a growth engine even in uncertain times. Now is the time to set the right course.”

Moreover, it is also important to have the right people on board. This applies both to the executive bodies of a company and to its employees in general. Companies should therefore present themselves confidently on the employment market.

Find inspiration

According to PwC, digitization is the key to the future success of family businesses. OPTIMAL SYSTEMS agrees with this conclusion. Digitalization cannot be met with fear. Let yourself be inspired, for example, by our movers and shakers and see for yourself who is successfully working digitally with us in Austria.