Daisy study shows UK enterprises are prioritising cost savings, with technology seen as key enabler

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New research from Daisy Corporate Services (Daisy) has found that almost half (48%) of UK enterprises will prioritise reducing their costs over the next 12 months.

The research highlights the current financial focus from organisations, with a further 47% aiming to increase revenues as a key business priority. In line with this, over a third (39%) of enterprises revealed they will be establishing or improving their digital service models.

According to the survey of 215 IT and business leaders, 40% are looking to implement technology into their enterprises to drive improved operational performance. The three most popular investment areas for the next 12 months are cloud services (45%), replacing legacy systems (35%) and protecting their business against cybercrime (34%).

However, after a higher cost base (46%), making effective use of technology to meet business needs (38%) was perceived to be the next largest challenge facing businesses over the next 12 months. 

“Global events continue to impact the economic outlook for many businesses, and this has placed a laser focus on costs and revenues,” said Lyndsey Charlton, COO at Daisy Corporate Services. 

“Businesses have already invested heavily in technology over the last couple of years, with cloud and cyber security remaining popular areas for investment. However, organisations won’t be able to fully realise the operational performance  and productivity benefits unless they can make effective use of their technology investments. For many organisations this remains a challenge.”

Cyber security and skills challenges remain a concern

Finances are not the only focus for IT and business leaders, as the survey shows that over one quarter of enterprises believe cybercrime will be their main challenge for the next year. This is reflected by 55% of organisations confirming that strengthening protection against cybercrime is a top business priority in the next 12 months, with a further 21% stating that enabling a secure hybrid workforce is a key focus. In fact, almost half (49%) of enterprises say data security concerns would prevent them from investing in new technology over the coming year.

In recognition of the wider skills shortages across industries, 29% of respondents say that recruitment of technology skills is a top business priority over the next 12 months. However, more than a fifth (26%) believe recruiting relevant digital skills will be a top challenge, and almost a quarter of respondents (22%) believe limited access to skills gets in the way of them doing their job. 

“Even with the best-laid business plans, enterprises will be unable to function without the right internal IT skills, or if they are hit with a cyber security issue,” Charlton added. “The ongoing challenge for many mid-size organisations is to ensure their internal IT teams have the capacity to deliver everything the business needs. For many, it will be a case of making sure that they are working with trusted partners that can help them purchase, deploy and manage new technology, as well as bolstering their ability to react to new tech requirements.”  

Methodology:

Daisy Corporate Services commissioned research by LARATO who surveyed senior employees, including CEOs, CFOs, CIO/CTOs, Heads of IT, IT managers and COOs at 215 UK mid-market businesses during May 2022.

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