Voice-driven machinery, robotics, AI, and cloud-powered sharing tools. New business technology is being developed every day, and technology firms are starting up in the thousands, hoping to wow the B2B market with their innovations. This is a worldwide phenomenon, with Quora estimating that there are around 100,000 tech start-ups a year. In the UK alone, Companies House data tells us that a total of 10,016 software development and programming businesses were incorporated in the last 12 months.
Thus, there are countless new innovations for businesses to choose from, and business decision-makers are constantly being told to buy, migrate, or implement these technologies, or risk being left behind.
But how can businesses justify the investment? There are now statistics available to prove that those businesses which invest in new technology, are able to set themselves apart from everyone else. The key is selecting technology that is right for your business, and can help your business get fit for growth.
Our latest research, which explored the influences and impacts of business growth according to 2,450 business decision makers around the globe, has shown a telling discrepancy between the businesses that invest in technology, and those that don't.[l]. Of those that reported strong business growth in the last 12 months, 57 per cent prioritised IT investment, suggesting technology has played a key role in their success. Among companies with weak growth however, just a fifth (20 per cent) had prioritised IT investment.
These are some of the key findings from our Global Growth Index, which has been designed to monitor trends in how manufacturing businesses are growing around the globe. Although we have seen impressive overall rates of growth this year--up 3.7 per cent compared to last year--there's an underlying consensus among the businesses we surveyed, that growth hasn't been easy.
Applied in the right way however, new innovations can help make the path to growth smoother. This is, for example, a reality in the manufacturing sector where our research shows that AI, robots, and highly automated machinery are now a common feature in a third of workplaces. The following five key reasons demonstrate in more detail how technology is helping manufacturing businesses to grow.
Technology automates otherwise manual tasks.
In today's fast-paced manufacturing environment, technology can help free up valuable employee time by generating efficiencies. To...