- Poor tech uptake has cost the UK economy an estimated £111 billion
- Report claims 676,000 jobs could have been created despite the perceived AI threat
- ‘Digital leaders’ are more likely to see strong turnover growth
A new report from Virgin Media O2 Business and Cebr has highlighted how much is being left on the table by companies that have failed to adopt new technologies, and it could be affecting the entire country as well as their own profits.
The study claims if all British businesses had increased their digital technology usage in 2021, when pandemic-induced digitization was on trend, the UK’s economy would have seen a £111 billion uptick in turnover by 2023 – a sum worth around 3% of the nation’s estimated GDP.
Still today, the study found three in four have not increased their digital technology usage since 2021, highlighting a major gap that could be plugged.
British businesses need more tech
More locally, businesses branded by the report as ‘digital leaders’ – companies actively investing in digital solutions – have seen a 12% growth in turnover, compared with only 5% for their not-so-digitally-inclined counterparts.
Firms with a strong digital culture are nearly twice as likely to have workforces that are prepared for the future than those with weaker digital cultures (81% versus 43%).
“There’s a £111bn boost to the UK economy to be unlocked for those organisations who build strong digital cultures, where technology underpins the way people connect and collaborate with colleagues and customers to drive business outcomes,” noted Jo Bertram, Managing Director at Virgin Media O2 Business.
Apart from the direct economic benefits, Virgin Media O2 Business believes that a further 676,000 jobs could have been created by 2023 – a considerable number given the ongoing worry that artificial intelligence could replace human workers.
This in itself is a theory that has been challenged, with experts seeing AI more as a colleague than a replacement – an idea I explored myself at a recent tech conference.
Nina Skero, CEO at Cebr, added: “We encourage UK leaders to use this report as a guide to navigate the challenges and opportunities of a digital workplace. By prioritising cultivating a strong digital culture, organisations can unlock their full potential and drive sustained growth for the UK economy and wider society.”