Leadership & Productivity

Third of businesses slow to adopt new technological innovation

2 min read

15 December 2017

Former special projects journalist

A new study has found that 32 per cent of businesses are relying on out-dated technology such as pen and paper and spreadsheets to store sensitive information.

Around 31 per cent of businesses admit to being slow to adopt technological innovations, which can hold them back from achieving higher levels of efficiency and growth. In fact, 32 per cent of businesses are still using paper to store business-sensitive information, even though this is less secure and less scalable in the long term.

This is according to a new study by TomTom Telematics, which also found that that more than half (53 per cent) use spreadsheets.

The research from senior managers at 400 UK businesses found that, despite the confessions of being slow to adopt new innovations, 82 per cent still claim that it’s important to use the most up-to-date technology.

“Slow or late tech adopters risk falling behind the curve and, as a consequence, potentially damaging their competitiveness,” said Beverley Wise, director UK & Ireland at TomTom Telematics.

“Effective long term digital strategies and the integration of technologies into core business activities can hold the key to simplified processes, helping improve operational efficiency, productivity and sustained levels of growth.”

According to Wise, companies should look beyond the short-term pain of any initial outlay as an investment in business technology that is implemented and used effectively can result in a significant and swift return on investment.

However, businesses are not unaware of the benefits of adopting new technology. In fact, the biggest barriers to adoption of new tech cited included cost (36 per cent), difficulties when introducing new systems (16 per cent), a lack of time to invest in research and implementation (15 per cent) and a resistance among workers (11 per cent).

This article is part of a wider campaign called the Scale-up Hub, a section of Real Business that provides essential advice and inspiration on taking your business to the next level. It’s produced in association with webexpenses and webonboarding, a fast-growing global organisation that provides cloud-based software services that automate expenses management and streamline the employee onboarding process.