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Times are changing and with technology always advancing – businesses need to adapt to these changes. Failure to adopt new technologies may limit businesses in many ways, which seems to be the case for London and UK businesses, according to a recent report.

Report highlights the need to change

The Confederation of British Industry (CBI) has published a report highlighting the need for UK businesses to get on-board with newer technologies to help increase its productivity rates, whilst also contributing to closing the bridge in the country’s pay gap.

“Striking productivity differences exist between UK firms. These differences cause variations in the wages, opportunities and living standards of people across the country”, mentions the report. These differences are partly due to a “Low take-up of readily available technologies and management best practices” which is “driving the UK’s productivity problem”.

The report claims that the UK needs to encourage ‘magpies’ to actively seek out new technologies and adopt them, rather than remain as an ‘ostrich’ and sticking to what’s familiar.

“Tackling this ‘failure to adopt’ could help reduce inequality between firms’ productivity and between people’s pay, adding over £100bn to UK GVA”

Technologies that should be adopted

Many companies are continuing to use legacy technologies for a variety of reasons; such as ease, lack of interest or no investment into learning them. However, this is the wrong attitude to have and as already discussed, leaves some businesses at a major disadvantage compared to others who’ve moved away from legacy systems and tech.

Usage of the cloud, VoIP, web collaboration and mobile CRM are just a few of the key areas which some companies are shelving but shouldn’t.

How legal changes through GDPR may increase technology adoption

GDPR is coming in less than a year – and it could prove to be a nudge for businesses to adopt new technology. One of the key legal changes that EU businesses will face is the requirement to report security breaches within 72 hours. A lot of businesses will need to get involved with newer technologies to make sure they are compliant with these regulations, or could face fines.

Could it really take legal changes in regulations to finally push UK businesses in the right direction?

Summary

Almost every single business in the UK uses some of kind of technology in its day-to-day duties, with almost every employee being at least competent in using some technology. However, there is a large gap between the availability of new technologies and their adoption. It’s clear that businesses need to be more active in adopting new technologies.

Further Reading

For more information, please visit: http://www.cbi.org.uk/index.cfm/_api/render/file/?method=inline&fileID=F840035B-0678-4A72-BAF8B7D170F47A07.