UK businesses are turning to new technology to transform their operations and gain a competitive edge.
A survey of 100 Chief Information Officers (CIOs), conducted by YouGov for Barclaycard, found that four in ten companies (42%) have increased R&D spending in the last five years.
CIOs aren’t just considering the potential of new technologies, they are actively implementing them. For instance, three in ten (30%) are piloting or using Internet of Things (IoT) solutions and a further 56% plan to implement such projects within the next five years. This investment is expected to improve business intelligence (31%) and support sales efforts (23%) – with greater connectivity between people and devices cited as a fundamental factor in enhancing operational efficiencies.
Other new technologies of interest to CIOs include blockchain, which 35% have adopted or are piloting in order to provide greater transparency and increased security for data.
Meanwhile, 45% are using or testing artificial intelligence (AI), with another four in ten CIOs (43%) planning to adopt AI in the next five years. One in five (20%) are using or testing quantum computing.
While CIOs are enthusiastic about the potential of new technologies, they recognise that digital transformation must be supported by continual up-skilling of employees. Over half (55%) admitted they are extremely or moderately concerned that the expertise of their teams won’t keep up with the needs of their organisation.
However, some progress has been made to bridge the impending skills gap, with 72% of CIOs saying that colleagues across the business are more tech-savvy than they were five years ago.
Commenting on the research, Barclaycard CIO Keith Little said: “Over the next five years, the technology transformation of UK businesses looks set to gather pace as the solutions currently at pilot stage enter mainstream use across organisations. With this in mind, it’s important that CIOs focus on building the skills and expertise of their employees as an ongoing priority.”
Download our Next-generation connectivity report to learn more about how new connected technologies will transform five key business sectors: digital business; energy and utilities; financial services; real estate and infrastructure; and transport and automotive.