HSBC UK’s 2023 Capex Report Highlights the Drive Towards Technological Advancements for UK Businesses
In the pursuit of evolution and maintaining competitiveness, UK businesses are increasingly recognising technology as a powerful driver for growth and success. HSBC UK’s 2023 Capex Report, published on Friday, sheds light on the factors propelling businesses towards technology and the transformative role it plays in shaping their strategies. With UK firms displaying an overwhelmingly positive outlook on the potential of tech change, it is evident that technology is seen as a force for good and a catalyst for growth.
In this article, Techn22, the tech solutions provider for business growth, summarises the main findings and insights from the research conducted.
A Strategic Focus on Technology
Businesses of all sizes and sectors in the UK are embracing the potential of technological change, with 59% believing it will have a positive impact in the coming year. However, it is noteworthy that only 7% hold a pessimistic view. An impressive 45% of businesses recognise technology as a crucial area of strategic focus and investment, indicating its growing significance in the corporate landscape.
The report identifies corporate enterprises with a turnover of £25 million or more and those engaged in international trade as the strongest proponents of technology, with 62% from each group prioritising its implementation. In contrast, domestic-only businesses display a lower focus, with only 35% considering technology as a priority, and 31% declaring it unimportant.
Technology Supporting Growth
For businesses aiming at significant growth, technology emerges as a key enabler, with 56% emphasising its importance. This highlights its potential as a tool for achieving ambitious expansion plans. The manufacturing sector also shows strong enthusiasm towards technology, with 70% recognising its significance in their operations.
Artificial Intelligence’s Rapid Ascent
Among the various technological advancements, artificial intelligence (AI) emerges as a rapidly rising star. Businesses pursuing substantial growth and those engaged in international trade express heightened interest in AI, with 35% of tech-focused companies focusing on this area. Overall, 25% of businesses are currently investigating AI, showcasing its rapid adoption across industries. On the other hand, the metaverse concept’s focus has decreased from 10% to 3% since last year.
Productivity and Technology
The HSBC UK Capex Report also highlights the strong correlation between a focus on technology and productivity drive. While 70% of businesses express a positive outlook on their productivity, 69% recognise it as a strategic focus. In specific sectors, such as manufacturing and international trading, this focus on productivity is even higher, with 83% and 81% of businesses, respectively, prioritising improvements. Cost pressures driving efficiency efforts and the realisation that growth can be achieved through improved productivity rather than sales alone contribute to this emphasis.
Innovative Power of Technology
For businesses prioritising technology, its application is varied. While 48% of such companies are updating and replacing their IT systems, 46% are dedicated to protection against cybersecurity threats. Moreover, technology is deployed to facilitate better customer experiences (61%), as businesses recognise the importance of meeting customer demands for 24/7 access to information. Automation also plays a significant role, with growth-oriented companies leveraging technology to address staffing and cost challenges more effectively.
Looking into the Future – Insights from Techn22
The HSBC UK Capex Report emphasises that all businesses will inevitably be affected by technological change. While technology is undoubtedly an enabler to success, it is not a magic bullet. Therefore, businesses need to adopt a proactive approach to digital transformation, partnering with a specialist provider and ensuring that they take their employees along on the journey.
Tech is critical for businesses, driving efficiency, productivity, and innovation. Embracing cutting-edge solutions streamlines processes, automates tasks, and provides data-driven insights, gaining a competitive edge. Technology facilitates seamless communication, empowering teams to meet market demands swiftly. From AI analytics to cloud computing, businesses should leverage tech for expansion, customer engagement, and staying ahead in a dynamic digital landscape.
Embracing technology is no longer optional; it’s a strategic imperative for sustainable growth and success.
~ Gareth Dalton, Managing Director of Techn22
How Techn22 Can Help
At Techn22, we specialise in providing bespoke IT Support and iSolutions tailored to meet the unique needs of businesses. Our expert team is dedicated to assisting companies in effectively deploying IT and cloud technologies that not only benefit end-users but also empower them to achieve growth and accomplish their strategic goals.
- With our comprehensive IT Support services, we ensure that your business’s technology infrastructure runs seamlessly. Our team of skilled professionals is always ready to handle any technical challenges that may arise, allowing you to focus on core business activities without worrying about IT-related disruptions.
- Our iSolutions are designed to optimise your business processes, enhance productivity, and foster innovation. By leveraging the latest technological advancements, including artificial intelligence, automation, and data analytics, we enable you to make data-driven decisions and gain a competitive edge in the market.
- Furthermore, our cloud technology expertise allows businesses to harness the full potential of cloud-based solutions. From migration to cloud management, we ensure a smooth transition to cloud services, providing flexibility, scalability, and cost-efficiency.
By choosing Techn22 as your IT partner, you gain access to a wealth of experience and knowledge in leveraging technology for business growth. We work closely with you to understand your specific requirements and provide tailor-made solutions that align with your overall strategic objectives.
With Techn22’s support, your business can stay ahead, unlocking new opportunities for success and driving sustainable growth. Get in touch to find out how we can support you and your business.