Research carried out by Hitachi Data Systems (opens in new tab) has revealed that 90 per cent of IT leaders don't believe their business is able to adapt to industry changes.
The 'Information Innovation Index' study of 200 IT decision-makers from UK organisations with over 1,000 employees shows that businesses are being left in a state of "innovation inertia," lacking the agility they need to make the most of modern technology.
Richard Gadd, UK managing director for Hitachi Data Systems said: “Technology plays an integral role in helping UK organisations transform to thrive in a digital economy, but only if there is consensus about which technologies are relevant to future growth and about the ability to adapt to these known priorities.”
“This isn’t about innovating for innovation’s sake, it’s about UK organisations having the ability to garner valuable business insights to make informed technology investments that will drive future growth and enable UK organisations to redefine business agility. The pace of business change will never be this slow again, and to stay relevant for the long term, organisations need to know their business inside out so they can quickly capitalise on new revenue opportunities before their competition do."
Other key statistics from the report reveal a lack of direction around technology investments, with 93 per cent of respondents concerned about where to place strategic investment in technology and 75 per cent unable to make informed investment decisions due to a lack of clarity around business strategy.
Furthermore, 81 per cent of CIOs say their organisation is not fully set up for the digital future and 83 per cent signalled compliance as a major barrier to future technology investments.
Due to the rapid pace of transformation in the technology industry, businesses need to be prepared to adapt with these changes and be able to innovate rapidly in order to avoid falling behind their competitors.
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