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

QuantaVerse offers AI-powered country code derivation to enable financial institutions to experience the potential of automated entity resolution

QuantaVerse, which uses AI and machine learning to automate financial crime investigation processes, is now offering the country code... Read more »

Ethically accelerating businesses with the use of Artificial Intelligence

Businesses have an opportunity to discover the opportunities and challenges as well as benefits of Artificial Intelligence in a free Immersive Tech Session on Monday 6th of... Read more »

FICO Awarded 13 New Patents for Responsible AI, Fraud and Decision Management

Silicon Valley analytic software firm FICO has been awarded 13 new patents related to fraud, artificial intelligence (AI) and decision management. In total, FICO currently... Read more »

Demand for AI-based identification grows in 2020

... Read more »

EQ partners with Encompass to bolster KYC offering

EQ (Equiniti), an international technology-led services and payments specialist, is delighted to announce that it has partnered with Encompass to further bolster its KYC... Read more »

SDL Launches SLATE, the Intuitive Self-service, On-demand Translation Service Built for Business

SDL (LSE: SDL), the intelligent language and content company, announces the launch of ... 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