Failure to use new technology is one of the key obstacles to businesses creating new products in the UK, a new report shows.
The report, released by YouGov, looked at 700 senior decision makers from businesses of all sizes, to see what’s holding them back from innovating.
Besides turning a blind eye on new technology, the lack of investment and proper talent have also been identified as the biggest obstacles to growth.
According to the report, only 25 per cent of businesses use digital customer relationship management tools, while the rest rely on traditional methods like surveys, meetings and feedback forms.
Even though 69 per cent are aware building new offerings will fuel growth, more than a quarter (26 per cent) aren’t investing in research and development (R&D). For 23 per cent, not having enough money is the biggest obstacle to R&D, while 20 per cent said they fail at getting senior buy-ins.
For 27 per cent of medium-sized companies, and 22 per cent of large ones also said that they couldn’t find the right talent necessary for this endeavour.
“The study results are troubling, as they reveal under-investment in innovation by a large proportion of UK businesses. This could have a detrimental effect on future business growth and the UK economy as a whole,” Samir Gulati, SVP marketing at Appian.
“We have entered a super-connected world in which the majority of customer feedback exists digitally. It is essential that businesses capture and analyse this data, and quickly act on it in their development processes. Technology platforms can help in two significant ways: first, by making customer data more easily available in the context of R&D decision-making, and second, by accelerating the development and delivery processes for new products and services.”
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