In a recent article on how technology is changing IT, CNN writer Nora Isaacs said:
“According to the experts, the next century looks like an airplane runway that never ends, with the technology careening faster and faster toward an unknown terrain.”
Many businesses are thriving on the constant change that is now part of our everyday lives and the success of a business can often be down to the speed at which the business adapts to changing factors within the economy, within their market and for many, possibly more importantly the changing needs and desires of the customer.
However, keeping up with developing technologies that can enhance productivity, user experience, sales and marketing – in fact practically every aspect of managing a successful business – is a huge challenge and a real cost in terms of both time and money. In today’s world many people would say it’s not an option and that’s what we are hearing from the majority of the businesses in St Albans and its surrounding area that responded to the City of Expertise ‘Barriers to Growth’ survey.
When asked ‘What are your company’s technology investment plans in the next 12 months?’ 40% of our businesses are anticipating they will invest more in technology this year than last and 55% are investing on par year-on-year. A very small 5.5% are reducing technology investment.
Then we asked the businesses ‘Regarding the development of technology, which of the following statements best reflects the position of your company?’ From the results, there is pretty much a tie between those using technology as a driver (36%) and those recognising the essential nature of technology (40%) and very few (7%) felt that they could sit back and let others lead the way.
It is great news that St Albans business is keeping up with the challenges of technological change, but the survey also showed that IT/new technology, social media, big data etc. were also a major area in which business felt they had a shortage of skills.
If your business is looking for solutions to its challenges, please get in touch with one of our members for help and advice. We are called ‘The City of Expertise’ for a very good reason!