Nearly half of chief executives at UK medium-sized businesses do not feel that they’re up to date with how their customers and competitors use technology, while 36 per cent of businesses do not have anyone in their senior management team who is “IT savvy”.
The research, conducted by CEO organisation Vistage, found that CEOs and business owners were positive about the impact of technology overall, however. Sixty-one per cent feel tech has had a positive impact on their business prospects.
Steve Gilroy, CEO of Vistage, says that businesses must include a tech-savvy senior leader within this organisations.
Business owners and chief executives are Asleep at the wheel” if they and their senior team are not fully up to date with how technology is being used,” Gilroy explains.
“Changes throughout the past decade have had sweeping affects, with examples ranging from the wiping out of record shops; the decline of high streets from the rise of ecommerce; the dramatic growth of social media; the rapid development of mobile phones and tablet computing; and the creation of huge numbers of all sorts of home-based businesses.”
The research, based on responses by 492 CEOs, MDs and owners of mid-sized businesses, highlights how many businesses are missing out growth opportunities by ignoring new technologies.
“I really cannot see how a business’s board can make sensible strategic decisions without being knowledgeable about this. Across all manner of markets, technology has had a sustained and dramatic impact,” adds Gilroy.
“No matter what sector you are in, your competitors are using technology to improve their offerings and sell more effectively, while your suppliers and customers are using technology innovatively too.”