According to a recent study conducted by Virgin Media O2 Business and the Center of Economic and Business Research (CEBR), British companies are significantly underestimating the importance of integrating modern technologies into their operations. This oversight is having a negative impact on both the profitability of organizations and the overall economy of the country.
Analysts revealed that if all British enterprises increased their utilization of digital technologies in 2021, amidst the heightened digitalization during the pandemic, the UK economy could see a £111 billion increase in turnover by 2023. This amount represents approximately 3% of the country’s estimated GDP.
The study found that three-quarters of companies have not expanded their use of digital technologies since 2021. Companies that are actively investing in digital solutions showed a 12% increase in turnover, while those with low levels of digitalization only experienced a 5% increase.
An essential factor highlighted in the study is the readiness of staff to work with new technologies. In companies with a well-developed digital culture, 81% of employees are prepared for future changes, compared to only 43% of specialists in organizations with weak levels of digitalization.
Joe Bertram, the managing director of Virgin Media O2 Business, emphasized that companies fostering a strong digital culture and leveraging technologies to enhance interactions between employees and clients can make a significant contribution to the growth of the British economy.
Besides the direct economic benefits, a more active implementation of digital technologies could lead to the creation of an additional 676 thousand jobs by 2023. Experts stress that artificial intelligence should be viewed not as a replacement for human work, but rather as a tool to enhance work efficiency.
Nina Skero, the Director General of CEBR, urged the leaders of British companies to use the study’s findings as a roadmap for developing a digital work environment. Skero believes that establishing a robust digital culture will enable organizations to unlock their potential and ensure sustained growth for the UK economy.