31% of businesses admit to being slow to adopt technological innovations, according to a new study by TomTom Telematics.

31% of businesses admit to being slow to adopt technological innovations

Despite 82% of the 400 businesses surveyed believing that it was important to use the most up-to-date technology, 31% admit to being slow to adopt the latest technological innovations.

Furthermore, 32% still use paper and 53% use spreadsheets to store business-sensitive information, the survey found.

Beverley Wise, Director UK & Ireland at TomTom Telematics, said: “Slow or late tech adopters risk falling behind the curve. Effective long term digital strategies and the integration of technologies into core business activities can hold the key to simplified processes, improve operational efficiency, productivity and sustained levels of growth.”

The biggest barrier cited in the survey to the adoption of new tech trends was cost (36%). 16% said they faced difficulties introducing new systems and 15% said a lack of time was to blame. 11% cited worker’s resistance to new tech as being a key factor.

Wise continued: “An investment in business technology can result in a swift return on investment. Clients that have adopted advanced telematics systems, for example, have demonstrated returns after just three months.”