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digital transformation retailLast week in Shoreditch, the corporate finance firm Cavendish hosted keynote speaker the Rt Hon Ed Vaizey MP, Minister for Culture, as well as leading digital business representatives to explain why the UK is an even more attractive hub for the media, tech and creative industries thanks to digital transformation.

Among those present, in addition to Ed Vaizey, were Saul Klein from Index Ventures and LoveFilm, DJ Collins, Head of Communications, Google Europe and Ben Southworth, Deputy CEO, Tech City Trade and Investment.

At Econsultancy, we feel it’s important to stay on top of government stimulation for digital business to help guide what businesses currently define as critical digital skills.  

Here are some of the takeaways from the event

According to Vaizey, Britain is leading the way in Europe in creative and digital content production. As digital technology drives the changes in how we consume media, the regulations that are currently in place could never have envisaged the services that we now take for granted.

So we need to update regulations where necessary to fill in these gaps, but also to update the framework, to allow the flexibility to respond to these challenges as they emerge, rather than all at once every ten years.

digital transformation quotes

Not all industry sectors are impacted by digital transformation in the same way, however, in some sectors, changes are profound and rapid: the Media, Personal Finance and Retail sectors provide good examples.

In order to support these sectors, the government has set up The Technology Strategy Board, IC Tomorrow, Digital Catapult and more.

Saul Klein (LoveFilm) reminded the room that although many of his content-driven investments (Last.fm, Playfish and King.com among them) are succeeding…it is still only 8% of GDP that digital accounts for in the UK.

Klein urged the audience to take up initiative with spending decisions defined through FTSE 100 board members and Westminster to be more aligned with IT.

Benjamin Southworth is Deputy CEO of Tech City Investment Organisation, and he’s done a great job so far in regards to improving digital literacy and communication between London’s startup scene and policymakers.

Southworth spoke at length on the issue of tying business KPIs to digital, and his vision for ad personalisation in the future through mobile.

The lively debate ended on a high note with all panelists applauding the government’s efforts to catalyse innovation in media and content-driven digital business through examples like the Hargreaves Review, which has made access to orphan works and extended collective licensing easier for new digital business ventures.

Econsultancy regularly works with global brands to tackle their own digital transformation head on. Contact us to learn about how this is affecting businesses, including yours, and how our approach and experience can assist you. 

Peter Abraham

Published 8 April, 2013 by Peter Abraham

Peter Abraham is Econsultancy's Executive Vice President EMEA & Asia. 

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