Nearly 40% of FTSE 100 and FTSE 250 companies are planning more capital investments in the next 12 months, with digital technology being the prime focus, according to research by Deloitte.
Of the CFOs interviewed for the study, 94% said they expected their company to invest more in better digital technology in the immediate future.
It’s clear from Deloitte’s research that better technology is seen as an essential part of business growth, particularly coming out of the pandemic.
But it’s not just large organisations that can benefit from better technology. The benefits are the same for any sized business, in any industry, provided you do your research and invest in the right technology – such as VoIP systems.
In the article, business phone systems specialists Communications Plus outline the main ways technology can benefit businesses in 2022 and beyond.
Improve your productivity
The UK has been in the grips of a major productivity crisis for more than a decade and, according to many experts, it’s getting worse.
One of the drivers behind the fall in productivity is the lack of investment to update or improve convoluted, ineffective technology and systems, which is making it harder for employees to do their jobs.
Whether it’s outdated hardware, old software, or a tech stack that’s getting out of control and leading to duplication of systems and processes, technology plays a huge role in the productivity of the workplace.
Investing in technology should be a priority for any business looking to improve productivity.
Whether it’s new hardware, better software, removing duplicated technology that’s making it hard for employees to work, or investing in completely new systems that promote flexibility or hybrid working, the right technology can put a big dent in the workforce’s productivity challenge.
This is a real concern in the workplace, nearly a third of employees say they’re using outdated technology.
In small or medium businesses the capital for investment can sometimes be limited, and this can be made worse when you’re overpaying for ineffective technology.
By investing in better technology you can reduce your costs and free up money to invest in other areas of the business like recruitment or training.
By reducing costs on the wrong technology you’ll be able to focus more on the parts of your business where the money will be better spent so you can grow quicker.
According to research by global management consulting firm Bain & Company, businesses could reduce spending by between 30% and 40% by modernising and simplifying their technology.
Improve your recruitment and retention
Today’s generation of workers is much more tech-savvy than previous generations and, as such, expect to be using the latest technology at work so they can do their jobs easier and be more flexible in how they work.
This isn’t just a small issue either.
In fact, more than one in five employees say they would stay with their current employer or join a new employer, based on who provided them with the best technology to do their jobs.
With a skills gap existing in most industries and the fight for the best talent as difficult as it’s ever been, investing in the best technology can be the difference in recruiting and retaining the best talent.
Make your business more resilient
It’s become a bit of a cliche to reference how much some businesses have been forced to change in the last few years.
Entire work practices have been disrupted and adapted to fit into a more remote or hybrid working model as employees now expect to be able to work from anywhere – not just from a fixed office.
Business resilience goes hand-in-hand with better technology, as the right technology, systems and processes can help businesses adapt quickly to a changing environment and market pressures.
For example, the businesses best able to adapt to the immediate effects of working from home were the ones already investing in mobile and cloud technology.
On the other hand, those businesses still relying on legacy systems were the ones who struggled the most and are still trying to adapt years after the initial challenge was presented.
Ultimately, investing in the right technology makes it easier to adapt and change as the business environment dictates.
Make better decisions
Investing in better technology isn’t just about making short-term improvements, with the right software and insights you can constantly review how you’re working and make improvements.
These types of data and technology insights are invaluable for any business when it comes to discovering productivity pitfalls or skills gaps in the company.
It ensures any future decisions being made will be based on accurate data, and not just gut feeling.
Investing for a better future in business
Ultimately, technology investment can have an immediately positive outcome on any business.
But any investment should be viewed with the long-term in mind.
Putting the right technology in place sets businesses up for long-term success, ensuring they’re better prepared for any challenges that come up.
The alternative is complicated, inefficient systems and processes that put the future at risk.