Although taking advantage of cutting-edge technology is crucial for businesses wanting to excel, new research from IT consultancy Coeus Consulting suggests that many could be missing out due to a fear of disruptive technology.
Just 21% of those surveyed stated that they were working implement new technology as soon as possible, with some of the main barriers to adoption being the fear of disruption to core business; lack of budget to adopt disruptive technology and poorly planned adoption strategies.
Although many organisations are trying to keep up with technological developments, unfortunately only a small percentage have so far seen the results they wanted, with just 7% of those surveyed believing that all of their organisation’s strategic IT projects have met initial objectives over the past two years.
The importance of calculated risks with disruptive technology
Keith Thomas, head of IT strategy practice at Coeus Consulting believes that organisations must be prepared to take calculated risks:
“While it is reassuring that organisations are at least attempting to keep up with disruptive technology, it is somewhat concerning that they are not doing more. Monitoring advancements is the first step on the road, but only three in ten organisations make technology decisions in the boardroom.
“With technology now playing a vital role in every industry, organisations need to increase their understanding of technology and be prepared to take more calculated risks in order to reap the benefits and execute successful strategic change.”
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Many surveyed believed that this was largely due to those higher up in organisations, with over 70% viewing senior management not buying into the change, or not taking enough risks being one of the main reasons for technology-related projects not going having the desired impact. To combat this, a “board-level understanding of the importance of IT” is essential, according to Thomas.
However, although organisations may be slow to adopt, there is still an awareness that disruptive technologies are only going to become a larger part of business, with almost a third of respondents believing artificial intelligence represents the most significant innovation set to impact their industry in the next two years, with data and analytics next in line.
However, only 38% of respondents say they operate with dedicated teams monitoring the latest advancements. It is clear that the speed of adoption must pick up the pace to stay in line with the enthusiasm surrounding new technology.
Surprisingly, funding seems to be a secondary issue. Last years’ research found that just over six in ten of respondents predicted an increase in the size of their budget for the coming year. However, only 50% of respondents from the survey this year reported an increase. This indicates that business leaders appreciate the need to allocating adequate funding to improving IT services, but this does not always happen as often as expected.