Almost a third of businesses (31 per cent) admit being slow to adopt technological innovations, according to a new study¹ by TomTom Telematics.

The finding has been compounded by the revelation that a third (32 per cent) still use paper to store business-sensitive information and that more than half (53 per cent) use spreadsheets.

“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.”

The research among senior managers at 400 UK businesses¹ found that despite the admissions, 82 per cent still believe it’s important to use the most up-to-date technology.

Cost was cited as the biggest barrier to tech adoption by 36 per cent of those businesses surveyed. Sixteen per cent said they faced difficulties introducing new systems while 15 per cent said there was a lack of time to invest in research and implementation. A further 11 per cent said they faced resistance among workers.

“Companies should look beyond the short-term pain of any initial outlay – an investment in business technology that is implemented and used effectively can result in a significant and swift return on investment,” added Wise.

“Clients that have adopted advanced telematics systems, for example, have demonstrated returns after just three months. Moreover, the right technology partner should be able to offer the requisite support to help minimise any business disruption and help ensure easy and timely implementation.”

¹The study was conducted among senior managers in 400 companies with five employees or more.

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