Focusing on emerging markets 'could create up to 13,000 Irish jobs'
Companies responding to emerging markets surveyed expect to create around 10% more jobs than jobs current figures, according to a new report.
The Accenture-commissioned reportEconomist Intelligence Unit Report states that businesses here need to look beyond Ireland in order to expand.
The 151 Irish organisations represented in the survey are responsible for an estimated range of 65,000 to 133,000 jobs in Ireland. The expected 10% increase over current job vacancy figures would lead to the creation of between 6,500 and 13,000 new jobs.
In ranking the importance of specific global consumer trends, 42% of Irish respondents rated the "emerging consumer" as most important. Of these, respondents regard India as their most important emerging market in the next five years – closely followed by China.
According to Mark Ryan, country managing director of Accenture in Ireland: “In commissioning this report, we wanted to gauge how Irish companies are addressing the challenge of the changing consumer and how the latest domestic and global consumer trends are influencing their future growth strategies.
"It is encouraging that Irish organisations are extremely confident about the future and recognise the huge potential that exists with the changing consumer but the report also indicates that Irish companies may struggle to make sufficient inroads without the necessary investment.”
“In order to realise the potential offered by the changing consumer, Ireland Inc should be developing the right skills including languages, international business skills, analytics and technology.
"Ireland Inc should exploit the opportunity offered by shifting global patterns to the fullest degree. We have demonstrated in the past our ability to adapt quickly to change and now is the time to invest in areas like analytics, cloud and mobility to deliver on the promise of the changing consumer. Otherwise, we risk getting left behind.”
Speaking at the launch of the report, Tim Cody, head of management consulting with Accenture said: “New consumer trends offer Irish organisations an opportunity to innovate and introduce new propositions into the market place, at home and abroad.
“The opportunity for Irish organisations is to exploit this new environment and actively consider expanding their offerings, partnerships and new channels to market.
“The report underlines that there are a number of successful companies leading the way but innovation, execution excellence and a bespoke strategy are required if Irish organisations, as a whole, are to realise the promise offered by the changing consumer.”
“Irish organisations are confident that they can respond effectively to global consumer trends, but it is important that confidence translates into action," said Jason Sumner, senior editor at the Economist Intelligence Unit and editor of the report.
“They still have much work to do, for example, in learning how effectively to utilise popular social media such as Facebook or Twitter, and in reaching increasingly influential emerging-market consumers.”
