By Claire West
A step change in digital technology investment is predicted this year after Virgin Media Business found that more than half of all companies in Britain are planning to increase their budget for IT.
Virgin Media Business conducted research which showed that 57% of Chief Information Officers and IT managers expected to boost spending this year.
Peter Kelly, managing director at Virgin Media Business, said: “There is a far greater understanding of the huge business benefits that investment in technology can drive in the UK, both in commercial performance and cultural change. It’s great to see that this investment is on the up, as ultimately this will go on to drive large parts of the economy.
“Digital technology offers benefits to business like nothing else. It has a unique power to transform organisations and the way people work, far beyond the IT department.
“As the economy moves back into growth after years of decline, many companies are now planning to invest in technology, further boosting that part of the economy which already provides around 8% of GDP.”
Over a quarter of experts (26.4%) said that IT investment had increased productivity and more than one in 10 (11%) said that tech spending had created a happier workforce, which has the knock on effect of driving great employee engagement and lower attrition rates.
Technology is also seen as a cost cutting driver with over a fifth (22.6%) quoting this as a key benefit. Other benefits included increased communication within the business, more creative ideas being generated and new markets being opened, all culminating in organisations which are more able to succeed on an international stage.
Mr Kelly added: “If digital can improve an organisation’s productivity by 10 per cent, think about what that can do for the overall performance of that organisation, its employees and its customers.
“That 10 per cent equates to an extra 25 days per year. Just think what that could mean for a logistics company. How many more parcels can it deliver? Or the community health worker- how many more families can they support? Or for you as an employee - how much more quality time can you have with your family?
“Digital really can change the game for good.”