EXCL – Tech investments increasingly casualty of recession and skills shortage
More than half of UK business leaders believe their companies’ digital platforms – such as websites, apps and customer-facing tech – fail to stand out against competitors, with almost half ready to invest in making improvements in 2023.
However, according to the data that was shared exclusively with City PM today, significant hurdles and concerns remain. The recession and a severe shortage of digital skills are the primary ones.
While 66 per cent think their digital platforms are effective in explaining who they are and what they do, 44 per cent said that their digital platforms do not do justice to the quality of the product or service they offer, Studio Graphene found.
Further, more than half of UK businesses believe their competitors have better customer-facing tech than they do.
Looking at 2023
Looking ahead, nearly half of decision-makers said their business plans to update, refresh or completely recreate its digital platforms in 2023.
However, two in three lack the skills to do so, with half reporting a “damaging” lack of digital skills within their business.
Additionally, close to two in three worry the recession, high inflation and rising interest rates will prevent them from investing in customer-facing tech next year.
“Despite the rush to embrace digital transformation in recent years, clearly many businesses remain unhappy with their websites, apps and customer-facing tech, leaving them envious of their competitors,” said Ritam Gandhi, founder and director of Studio Graphene.
“It is a common issue, and that almost half of companies plan to invest in revamping their digital offering in 2023 is telling,” Gandhi added.
“Crucially, however, there are two significant obstacles: the current economic climate and the digital skills crisis. With tight budgets and limited internal expertise, businesses must be extremely savvy in the way they plan and execute digital projects next year.
“Creating great digital products needn’t require huge investment, but the process has to start with a razor-sharp understanding of the user and how you can capture their attention. And understand, often, less is more,” Gandhi concluded.