A growing digital divide is holding businesses back, according to new research from the Confederation of British Industry (CBI).
Just over half (55 per cent) of firms openly adopt and evolve through the use of digital technology, whilst the remaining 45 per cent fall behind.
Despite the UK ranking top in the world for e-commerce and fifth for the availability of technology, it sits just 14th for the adaptation of digital technology within companies, with many owners struggling to digitise their businesses at the same rate as their overseas counterparts.
But why is this? More than 40 per cent of businesses blame a lack of appropriate digital skills within the business, whilst a third are sceptical of return on investment. Other barriers also include connectivity and security concerns.
Despite this, nearly all companies agreed that digital technology has the ability to revolutionise the business landscape by boosting productivity, growth and job creation.
With the digital revolution creating a new generation of winning companies, it’s crucial that all firms seize the opportunities available before getting left behind for good.
As a business, you should understand the potential that digital technology brings, from the boardroom to the shop floor. Consider the strategic advantages that improving in-house expertise will bring, for example, the employment of a digital director can help to inject new skills from the top down.
Many of our clients also partner with pioneering digital businesses to gain mentoring and coaching opportunities, which can be a cost-effective alternative to employing a digitally-skilled person direct.
Digital investment is even more crucial for small businesses, which make up 99 per cent of the UK private sector. According to research from GoDaddy, around 60 per cent of micro organisations in the UK don’t even have a website.
Even HMRC is digitising the way it operates by recently announcing that all individuals and businesses will be required to submit their tax and financial information online by 2020. The reforms will enable taxpayers to manage their accounts in real time and remove the need for an annual return.
Don’t let your company get left behind. Speak with our expert advisors today to discuss how investing in digital technology can revolutionise your operation and ultimately boost your bottom line. Call Danny Evans on 0161 703 2500 or email danny.evans@championgroup.co.uk.
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