Businesses’ desire for efficiency is the key motivating factor encouraging the adoption of innovative technologies, such as augmented reality (AR), robotics and the Internet of Things (IoT), new research has revealed.
According to the Digital Transformation & Next-Gen Business Technologies, 2022 Report, carried out by cloud-based accounting software platform, bluQube Accounting Software, almost two-thirds of businesses (65 per cent) now cite a need to increase efficiency in their organisation as their primary motivator for adopting digital technologies within their business, compared with 44 per cent who highlighted cost savings.
The desire to improve efficiency and productivity was reflected in the technologies that are becoming increasingly prominent in businesses. According to the research, nearly a third of company leaders (30 per cent) now report making use of artificial intelligence (AI) and machine learning, which through automation can save significant time on onerous processes such as data entry.
Unsurprisingly, cost savings remain a significant factor behind why 44 per cent of businesses are turning to technology and almost four in 10 businesses (39 per cent) highlighted a desire to provide a better experience for their customers, underlining the awareness amongst business owners of the correlation between technology and better customer outcomes.
Notably, almost a third (32 per cent) of company leaders reported that improving sustainability in their business was their main reason behind use of technology, as environmental concerns continue to factor increasingly prominently within organisation’s wider offering.
The enforced shift to remote working due to the covid-19 pandemic also drove a surge in technology investments. Nearly one in three businesses (32 per cent) said that aiding the transition to remote working was where digital transformation has driven the most noticeable benefits, and, according to the research, remote working led to over three quarters (76 per cent) of businesses bringing forward plans to invest and implement new digital technologies.
Looking to the other side of the scale, the research also identified a number of barriers preventing the uptake of further digital transformation in businesses. Fears over digital security breaches, which have plagued a number of high-profile companies over the past few years, were cited by 35 per cent of respondents – the most popular option, followed by cost concerns (34 per cent) and a lack of time to implement and train staff (32 per cent).
Simon Kearsley, CEO of bluQube bluQube Accounting Software, commented: “Digital transformation projects are no longer confined to a handful of forward-thinking companies – indeed, they are being undertaken in varying capacities by the overwhelming majority of businesses across all sectors.
“It is encouraging to see factors such as efficiency and service quality ranking alongside and even above financial factors for businesses when it comes to investing in technology. Businesses that focus on leveraging technology in a way that frees up their staff to tackle more business-critical, strategic work, not just to save costs, are highly likely to be those that grow and flourish in the coming years in terms of profits, reputation and the happiness of their people.”