Businesses losing out on £5.6bn by ignoring smart technology

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Research from Samsung found UK economy could make £9.25 billion from smart tech growth acceleration

A Samsung study into the growth potential of smart technology has found that a failure by UK business to adopt smart technology could cost them £5.6 billion next year.

The Samsung Smart Society Barometer, which was carried out by research firm Vanson Bourne on behalf of the South Korean technology firm, showed that the UK economy could lose out on £9.25 billion in the next 12 months unless smart technology growth is accelerated.

Samsung’s definition of smart technology includes devices such as smartphones and tablets but the manufacturer found that one in ten UK businesses have yet to adopt any smart technology, despite those who have claiming average savings of around £75,000 per year.

The manufacturer is calling the potential loss the “smart deficit” and found that one in four businesses felt they had lost out on contracts due to not having the right smart technology in place. This figure went up to 41 per cent in the telecoms and utilities sector.

88 per cent of respondents to the survey, which was conducted with 1,000 UK businesses and 2,500 members of the public in September, believed smart tech would present their business with a competitive edge.

Samsung UK and Ireland President Andy Griffiths, who presented the findings to journalists at the Samsung Experience store in Westfield Shopping Centre, Stratford yesterday, said: “As a nation, we are missing out on nearly £10 billion in savings.

“Our results clearly show that businesses in particular need to realise the necessity for proper investment in technology and training to ensure they maintain a competitive advantage but also that they remain attractive as an employer.”

Barriers

Samsung’s research identified two main barriers were slowing smart technology adoption rates: lack of investment and lack of time.

The figures show that only 11 per cent of annual IT budgets are going towards smart technology, a figure that falls below 10 per cent in some parts of the country, including Yorkshire, the North West and Scotland.Samsung-Gear-S_Blue-Black_2-web

20 per cent of businesses also claimed that the time investment needed to train people upon the new technology was not available.

Consumers are also missing out on the benefits of smart technology, costing them an estimated £3.6 billion, with 24 per cent blaming a lack of understanding about the technology. However, 51 per cent of those asked said they feel more comfortable adapting smart tech into their personal lives than at work.

Reviewing the findings, Griffiths added; “The Smart Deficit that we have identified through the Smart Society Barometer should act as a wake-up call for the technology industry and its partners. Smart technology adoption is happening and where it is being used most effectively, the benefits are already being felt both by individuals and businesses.”

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