The impacts of new investments in technology for businesses is inarguable. From increased productivity to a greater level of output that improves sales and lead generation, the consensus is that every company must pump as many resources into technology as possible.
Unfortunately, the figures don’t back up the methodology, with 77% of experts agreeing UK manufacturers should be more proactive in adopting advances in technology. Compared to the 80s and 90s, the decline in investment is more pronounced – it’s now 30% lower than at any point in the 1980s.
These figures show that businesses are falling into a dangerous trap. However, it’s your prerogative to be proactive rather than reactive.
Innovation Via Technology
The technology sector is vital as it helps firms build a competitive advantage over the competition. However, as investment declines, the information and skills that come with the investment are reduced too. This is highlighted by industries that were once thought leaders, but are now plateauing as they haven’t improved their processes since the 1990s and early 2000s. Even scarier is the prospect that it can happen for tools that are viewed as modern, such as IT infrastructure, are beginning to trend downwards as they are affected by the decline in investment.
Health & Safety
Bosses should never neglect their duties to their staff. Of course, a lack of investment in the right assets, no matter how basic they appear, can have life-changing consequences. The optimum lighting conditions for warehouses not only focuses on workplace morale and productivity, but security for the workforce. Being able to spot dangers before they escalate out of control in an environment that is already hazardous is vital for employers who plan to maintain the wellbeing of their employees. Even something as straightforward as lighting requires plenty of thought as you need to figure out everything from the optimum height and brightness.
One of the reasons there has been a shift towards a lack of investment in the corporate sector is a change in societal attitudes. The cultural shift towards quick results means that companies are encouraged to put short-term profits above everything else, including long-term stability. It’s for this reason businesses fail regularly. Short-term figures look good close up, but delve deeper and you begin to see the glaring cracks in the foundations. While a lack of spending could balance the books now, you’ll only have to invest to stay afloat farther down the line, and it could cost extra.
Before the Coronavirus pandemic, the number of UK workers in remote-working roles increased by nearly a quarter of a million in ten years. In April 2020, the ONS reported that 50% of the workforce worked remotely in some capacity. The morale of the story is, you can never account for a crisis. However, you can prepare for the worst and give your business the best chance of surviving by investing in equipment to boost your processes. That way, the initial hit won’t be as severe. For example, if you already have remote work policies, it’s one less thing to worry about.
Without investment, businesses are vulnerable to health and safety measures, short-term profits, and unforeseen circumstances.