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Many businesses abandoned failed technology projects during pandemic

digital transformation
(Image credit: Image Credit: Chombosan / Shutterstock)

The pandemic forced many businesses into rapid digital transformation. While many managed to adopt at least one new technology, plenty of businesses had to backtrack on technology ambitions. 

This is according to a new report from London-based digital agency Studio Graphene. Polling 750 UK business leaders for its new report, the company found that the majority (56 percent) have successfully adopted one or more new technologies.

At the same time, almost a third (30 percent) had to ditch at least one unsuccessful technology project, with 28 percent saying they lacked the required skills in-house. Furthermore, the report states that almost a third (29 percent) struggled to keep pace with technological developments and that some business leaders were disappointed in how IT projects were handled during lockdown.

In general, however, businesses have not been discouraged by the experience. Research shows that two-thirds (65 percent) of companies in the UK have plans to increase their IT budgets in the next twelve months. What’s more, 62 percent plan to launch new digital transformation projects during that time.

“The pandemic has changed the picture dramatically; today, businesses of all sizes are embracing a more open and experimentational mindset,” said Ritam Gandhi, founder and Director at Studio Graphene.

“It’s great to see that confidence has not been knocked by the unsuccessful turnout of some IT projects, with the vast majority planning to ramp up their tech investment over the coming twelve months. In trying new projects, even those that failed, businesses will have learned valuable lessons that they can carry into their future digital transformation – they will be better for the experience.”