UK businesses see 6.1% rise in investments amid tech focus

Identifying the right investments is crucial for any business aiming to achieve long-term growth. Data indicates that business investments in the UK increased by 6.1% in 2023, showcasing a proactive effort towards sustainable improvements. Chris Weston, CDIO at Jumar, emphasises the importance of future-proofing technology investments to avoid being left behind by competitors.

According to Weston, the process of scaling a business necessitates a clear linkage between technology investments and the company's strategic goals. This requires thorough examination to ensure that the choices in technology support key business objectives, whether it's driving operational efficiency, enhancing the customer experience, or fostering innovative product development.

The recent economic recession and financial challenges have caused some hesitation around making changes. Nevertheless, for a business to grow and remain scalable, the right technology and infrastructure must be in place to adapt to market changes. Embracing digital transformation is essential for companies dealing with outdated legacy systems.

Research is the cornerstone of any investment initiative. Staying abreast of technology trends within the industry is vital to retaining a competitive edge. The continuous evolution of technology means that falling behind competitors could lead to potential business losses.

Weston asserts, “Staying informed about industry trends and technological advancements is critical. Businesses must engage in comprehensive market research and industry dialogue to anticipate and strategically prepare for technological shifts on the horizon.”

Evaluating the maturity of potential technologies is equally significant. Decision-makers should strike a balance between innovative technologies offering competitive advantages and those with proven stability and reliability. Ensuring that chosen technologies are forward-looking yet grounded in real-world applicability is essential.

Seeking collaborative input from all stakeholders is crucial for the successful implementation of technology investments. It’s not enough merely to gain approval from top executives; widespread organisational support is required. Presenting a constructive business case and securing necessary approvals is instrumental for gaining this support.

Weston explains, “Selecting the right technology involves collaborative input from across the organisation. Engaging with IT professionals, end-users, and other stakeholders is vital to understanding practical needs and ensuring widespread adoption and satisfaction.”

A proof-of-concept phase to test the technology in a realistic setting is indispensable. This phase assesses the technology’s performance and determines its fit within the company's existing technological ecosystem.

Integration is another critical factor in the technology selection process. Businesses must prioritise technologies that can seamlessly integrate with existing systems and adapt to future advancements. Solutions with open standards, robust API support, and a proven track record of compatibility with various software and hardware environments are ideal. Challenges with integration can waste time and resources, reducing productivity.

Using CRM systems as an example, Weston notes the importance of selecting a CRM with extensive API support to integrate seamlessly with existing tools and platforms. This ensures a unified system that can evolve, incorporating new functionalities or connecting to emerging technologies such as AI-driven analytics without extensive overhauls or compatibility issues.

Weston adds, “Once decisions have been made, smooth integration is key to the acceptance and performance of new processes and systems. A trusted technological partner to migrate your infrastructure is vital for growth. Ensuring proper support is essential for successful implementation.”

Continuous refinement of technology investments is necessary for sustainable long-term growth. Technology is constantly evolving, and businesses need to invest in scalable solutions, while also remaining vigilant for developments that could enhance operational capabilities.

“Adopting a continuous review process is essential,” Weston notes. “Regularly revisiting technology strategies in light of new developments keeps investments aligned with business goals and industry standards.”

Regular refinement and testing of technology are also vital for the safety and security of business data. Developing comprehensive risk management and contingency strategies ensures preparedness for disruptions and compliance with regulatory changes and security standards.

Without the right technology investments, sustaining long-term growth is challenging. Given the impact of technology on scalability, ensuring a robust infrastructure is pivotal. Building a rigorous business case is crucial for overcoming investment hesitancy, especially among key stakeholders.