Breda O’Toole
Head of Talen Transformation & Innovation, IDA Ireland
Continuous transformation of existing sites in Ireland has been key to the successful contribution foreign direct investment has made to the country.
IDA Ireland, the State Agency for attracting foreign direct Investment (FDI) to Ireland, continues to support its 1,796 client companies’ investment journeys long after companies establish a presence in the country. They have contributed €31.5 billion to the economy in 2021.
Driving recovery and sustainable growth into 2024
The DESI Index 2021 shows that Ireland is ranked as the fifth most advanced digital economy in the EU, and digital transformation continues to be a core economic policy issue in Ireland.
IDA Ireland’s strategy focuses on four elements of transformation as it engages closely with its FDI clients: innovation, digitalisation, sustainability and talent development. Driving forward in all four areas of transformation means that companies become more agile, resilient and responsive to the ever-increasing needs of their customers, the changing environment and, crucially, to stay ahead of their competitors.
What is transformation?
Transformation is about making strategic choices that create change and growth in a business. Digital transformation is the process of using digital technologies to create new — or modify existing — business processes, culture and client experiences to meet changing business and market requirements. But this will not be possible on its own.
Companies need a level of innovation to create new or modified business processes, upskill and reskill their people to manage within a changing culture and ensure they have sustainable practices that meet and exceed customer expectations. The overall purpose is to be ahead of the competition internationally.
Transformation is about making strategic choices
that create change and growth in a business.
An online diagnostic tool to help companies get started
Firstly, IDA Ireland offers clients an online diagnostic tool that will determine where they are now and where they need to be on their transformation journey. Secondly, to bridge any gap, companies need to develop a transformation pathway that guides their journey over three years and generally includes investment in sustainable technologies and training of staff across the organisation.
Creating impact and supporting businesses long-term
The State Agency sees transformative investments creating more sustainable businesses, skilled talent and more innovative companies that grow successfully, supported by an excellent Irish infrastructure. The longevity of its clients is testimony to the ability of these companies to change and grow, with almost 50% of the 1,796 companies in Ireland for 10 years; and one-third — such as IBM, Oracle, Pfizer and Boston Scientific — in Ireland for more than 20 years.