New CBI/Accenture research shows that UK businesses have ambitious investment plans when it comes to cutting edge technologies.
The Tech Tracker report contains the latest CBI/Accenture research on technology trends, innovation opportunities, and business challenges. It reveals that distributed ledger technology (DLT), AI, and quantum computing are the top technologies on many businesses’ next investment horizon.
All three are expanding the boundaries of what technology can do. Distributed ledgers offer businesses transparency and security. AI helps decision-making by unlocking big data. Quantum computing could solve complex problems that we’re unable to today.
But while these technologies are already transforming some businesses, political uncertainty, ethical risks, and individual businesses’ failure to innovate could limit their uptake and benefit to the UK economy.
Key findings include:
- Businesses surveyed are digitally transforming at pace, firmly embedding today’s hot technologies – cloud, cyber security, and Customer Relationship Management (CRM) technologies
- AI is living up to the hype. Backed by a strong business case, a third of respondents have already embedded AI in their wider operations. And it will continue to transform industry, with a further third of businesses set to start investing in AI over the next five years
- The number of respondents planning to start investing in quantum computing and distributed ledger technology (DLT), like blockchain, is set to leap compared to the number already investing.
But though the potential is there for cutting edge technologies to transform businesses and the wider economy, the Tech Tracker paints a mixed picture: opportunities that businesses are already seizing alongside areas that risk undermining investment.
For the reality to match with the hype, government and industry must create an environment that stimulates investment in technology and innovation whilst boosting trust in their impact.
Next steps
The next phase of the report (to be released in December 2019) will explore the tangible benefits of technology adoption and highlight specific tips for businesses looking to adopt them. Please contact Khushali Dodhia for more information or to discuss further.
Read the results
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