Over half of UK companies see upgrading IT systems as a vital short-term priority, Maistro research reveals

Over half of UK companies see upgrading IT systems as a vital short-term priority, Maistro research reveals
19.02.2019 11:24 am

Over half of UK companies see upgrading IT systems as a vital short-term priority, Maistro research reveals

Artificial Intelligence

New research by Maistro, the AI-driven B2B marketplace for services, has revealed that over half of UK companies (57%) think that upgrading their IT systems is a vital factor for improving efficiency and achieving their short term business objectives.

By comparison, only 37% of businesses based in Switzerland and 42% in France agreed when asked the same question, indicating that the UK feels it has further to go than its European counterparts when it comes to upgrading technology.  

Despite identifying IT improvements as key to their business goals, 22% of UK businesses also admitted that upgrading IT systems will be the hardest objective to achieve in the short-term. Additionally, nearly one-third of companies across Europe (30%) are acutely aware that new innovations in technology are accelerating faster than their businesses are equipped to handle.

The same research provides additional insights into broader operational activities, including:

  • A quarter of respondents in the UK (25%) and nearly three out of 10 in France (29%) are aiming to outsource services to improve efficiency as part of their short-term objectives in the next year
  • Nearly one-third of all those surveyed (29%) want to reduce the time between decisions being made and implementing the change required
  • Nearly a quarter of respondents (24%) look to procurement to handle business transformation
  • 29% of those surveyed are looking to procurement to expand in new markets

Laurence Cook, CEO of Maistro, comments:

“The research shows that businesses undoubtedly see the value in developing and upgrading their IT systems to keep pace with the industry. However, the need to achieve cost saving targets at the same time leaves many businesses dealing with a tough balancing act. 

“Traditionally, businesses could have one or the other, but would need to prioritise their goals. This is no longer the case. Investment in technology and cloud-based solutions have the ability to streamline business efficiencies and deliver cost savings. IT upgrades are now far less cumbersome due to cloud-based and AI-driven systems. As a result, companies who may be reluctant or cautious about change can now safely pilot these new ways of working.”

Related News

Third of Companies adopt AI in Past Year

More than a third of companies have adopted some form of AI in the past year, according to an MHR Analytics poll.

The poll revealed 38 per cent of companies have made... Read more »

With the Largest Offering of AI-Powered Training Models, Digital Reasoning and Corlytics Lead Market in Regulatory Mapping Capabilities

Digital Reasoning, a leader in Artificial Intelligence (AI) that understands human intentions and behaviors, and Corlytics, the world leader in calculating and analyzing... Read more »

AXA and Fremtind discuss how AI and analytics is changing insurance claims forever

To win the customer’s heart, insurers cannot afford to lag behind on customer-focused innovation. Throughout the claims journey they must deliver interactive, personalised... Read more »

Agorai Recognized for “Corporate Innovation in AI” at the AIconics Awards during London Tech Week

Agorai, a global platform which provides the turnkey software solutions and data needed for any company to join the AI economy, has been recognized for “Corporate Innovation in... Read more »

Tinkoff launches Oleg, the world’s first voice assistant for financial and lifestyle tasks

Tinkoff introduces Оleg, the world’s first voice assistant created in Russia for finance and... Read more »

FIS Research Reveals: Regulation is the Biggest Barrier to Digital Innovation for UK Financial Institutions

New research released today by financial services technology leader FIS™ (NYSE: FIS) reveals that the greatest barrier to UK financial institutions developing digital products... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel