Slow Tech Adoption Costs UK Economy £111 Billion

New research reveals the significant economic impact of slow technology adoption among UK businesses. According to a report by Virgin Media O2 Business and Cebr, the failure to increase digital technology usage since 2021 has cost the UK economy a staggering £111 billion in turnover.

Key findings from the report:

- Businesses that actively invested in digital solutions experienced 12% growth in turnover, compared to only 5% for those who didn't.

-Digital leaders saw an 8% rise in Gross Added Value, while those not actively investing saw no growth.

-Increased tech adoption between 2021 and 2023 could have created 676,000 new jobs, including 313,000 in small and medium-sized companies.

-Over four in five (81%) organisations with a strong digital culture believe their workforce is well-prepared for the future, compared to 43% among those with a weaker digital culture.

What does this mean for businesses?

-A strong digital culture is critical to unlocking the transformative potential of technology.

-Businesses should prioritise integrating digital tools into everyday practices and invest in skills development.

-Taking a strategic approach to aligning tools, consolidating platforms, and closely mapping to business goals is crucial to avoid falling behind.

-Innovation requires buy-in from stakeholders across the business to create a strong digital culture.

-Enterprises that prioritise agility and continuous learning are better equipped to navigate challenges and take advantage of opportunities.

Let's bridge the digital gap and drive economic and social progress through technology!