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The UK is losing trillions due to digital caution.
According to a recent study by Virgin Media O2 Business and the Centre for Economic and Business Research (Cebr), British companies significantly underestimate the importance of adopting modern technologies, which negatively affects both the profits of organizations and the country's economy as a whole.
According to analysts, if all British businesses increased their use of digital technologies in 2021, against the backdrop of active digitalization during the pandemic, by 2023 the turnover of the UK economy could grow by £111 billion, an amount of about 3% of the country's estimated GDP.
The study found that three-quarters of companies have not scaled up their digital adoption since 2021. At the same time, organizations that actively invest in digital solutions showed a 12% increase in turnover, while for companies with a low level of digitalization, the figure was only 5%.
An important factor is the preparedness of personnel to work with new technologies. In companies with a developed digital culture, 81% of employees are ready for future changes, while in organizations with a weak level of digitalization, only 43% are ready for such specialists.
According to Joe Bertram, Managing Director of Virgin Media O2 Business, companies that create a strong digital culture and use technology to improve the interaction between employees and customers can contribute significantly to the growth of the British economy.
In addition to the direct economic benefits, increased digitalization could create an additional 676,000 jobs by 2023. Experts note that artificial intelligence should not be considered as a replacement for human labor, but as a tool to improve work efficiency.
Cebr CEO Nina Skero urged UK CEOs to use the findings as a guide for the development of a digital work environment. Creating a strong digital culture will allow organisations to unlock their potential and ensure sustainable growth for the UK economy, Skero said.
Source
According to a recent study by Virgin Media O2 Business and the Centre for Economic and Business Research (Cebr), British companies significantly underestimate the importance of adopting modern technologies, which negatively affects both the profits of organizations and the country's economy as a whole.
According to analysts, if all British businesses increased their use of digital technologies in 2021, against the backdrop of active digitalization during the pandemic, by 2023 the turnover of the UK economy could grow by £111 billion, an amount of about 3% of the country's estimated GDP.
The study found that three-quarters of companies have not scaled up their digital adoption since 2021. At the same time, organizations that actively invest in digital solutions showed a 12% increase in turnover, while for companies with a low level of digitalization, the figure was only 5%.
An important factor is the preparedness of personnel to work with new technologies. In companies with a developed digital culture, 81% of employees are ready for future changes, while in organizations with a weak level of digitalization, only 43% are ready for such specialists.
According to Joe Bertram, Managing Director of Virgin Media O2 Business, companies that create a strong digital culture and use technology to improve the interaction between employees and customers can contribute significantly to the growth of the British economy.
In addition to the direct economic benefits, increased digitalization could create an additional 676,000 jobs by 2023. Experts note that artificial intelligence should not be considered as a replacement for human labor, but as a tool to improve work efficiency.
Cebr CEO Nina Skero urged UK CEOs to use the findings as a guide for the development of a digital work environment. Creating a strong digital culture will allow organisations to unlock their potential and ensure sustainable growth for the UK economy, Skero said.
Source
