The Government recently announced an €85 million Grow Digital Fund to help Irish firms go digital. The fund is aimed at helping businesses to implement digital technology like big data, AI or cloud computing to improve their products, processes and supply chains. The main aim of the fund is to help companies add new digital technologies to improve their productivity, reach new markets and become more competitive.
What is the Digital Transition Fund?
The Digital Transition Fund, also known as the Grow Digital Fund is an €85 million grant aid to help Irish companies develop new digital products, processes or services. It was announced by the Tánaiste and Minister for Trade, Enterprise and Employment, Leo Varadkar, the Minister of State for Trade Promotion, Digital and Company Regulation, Robert Troy, and Minister of State for Business, Employment and Retail, Damien English on the 20th June. The fund will be administered by Enterprise Ireland and is to be rolled out over the period to 2026, with €10 million being available in 2022.
It has been created as part of Ireland’s National Recovery and Resilience Plan, which has received funding from the European Union’s NextGenerationEU. Ireland is set to receive over €900 million as part of the EU’s post-pandemic recovery plan, of which the Digital Transition Fund is a significant component.
At the fund launch, Minister of State for Business, Employment and Retail, Damien English, said:
“Businesses that embrace digital technologies, processes and skills will be crucial for Ireland’s continued economic success. In truth, digitisation is no longer an option or innovation but an essential business step for future proofing businesses and building resilience in their operations.”
What are the benefits of digitalisation?
Digitalisation is transforming manufacturing, production and logistics processes, and this has huge benefits for the industry. By taking all manual information processes and turning them into digital formats a business can improve its productivity, reduce inefficiencies and become more competitive.
Not only does digitalisation introduce technologies and improve business processes, it also transforms how people work. With global supply chains and a turn to remote working since the pandemic, digitalisation means information needs to be available in real-time, anywhere in the world.
Further to these benefits, with greater insights and efficiencies, businesses can realise new markets and improve strategic vision all while having better control over their level of sustainability.
How to apply for the Digital Transition Fund?
To apply for the DTF, a business must be eligible for state aid under existing requirements and the project must meet the basic criteria. This includes introducing new or enhanced digital products or services, or a digital transformation of the overall business. Alternatively, a project covered by the Grow Digital fund can introduce new or improved digital platforms for company operations, for example, supply chain analysis or new information management systems.
Speaking at the launch of the first Grow Digital workshop, Minister of State for Trade Promotion, Digital and Company Regulation, Robert Troy TD said:
“The goal of Grow Digital is to help drive a step-change in the level of digital uptake by enterprises right across the country. Growing our businesses’ use of digital technologies will help us to build the resilience of our enterprise base and as we work to future-proof our economy in the years ahead. We are at a point now where every business should be looking at how they could benefit from the implementation of digital technologies.”
You can read the full breakdown of eligibility criteria on the Enterprise Ireland website, here.
How WrxFlo can help your business “Grow Digital”
The realities of digital transformation are huge for the industry. The Grow Digital Fund is a fantastic opportunity for businesses to take a hard look at their processes and make serious improvements. At WrxFlo, we prioritise People, Process and Technology, and have created our platform to help businesses digitise their processes, get access to their data and gain valuable insights.
Improving sustainability in the supply chain
Under the eligibility criteria for the fund, it is specifically noted that projects must comply with the ‘Do no significant harm’ Technical Guidance. This guidance outlines that projects must not lead to significant increases in greenhouse gas emissions, negatively impact people, nature or assets and not lead to significant inefficiencies in the use of materials, etc.
View our article on how your processes can be more sustainable here.
Helping your business with Digital Process Innovation
One of the main areas WrxFlo can help your business is with Digital Process Innovation projects. Receiving up to 50% funding and maximum support of €150k, these projects support the implementation or improvement of digital production methods, digital service delivery or organisational methods, leading to greater productivity and competitiveness.
By helping your business reduce inefficiencies across the supply chain and improve overall productivity, WrxFlo will directly help your business improve in line with these project goals. We can connect your applications and systems, visualise your data and develop key metrics, all while giving you greater insights in real-time.
To see how your business can benefit from the Grow Digital fund and improve your product and processes, Request a Demo of the WrxFlo platform here.