Upgrading the connected technology that firms depend on could boost UK business, increasing productivity by nine days per employee by 2030, according to a study by BT Business.
The Future unlocked report explores how connectivity can unlock growth, boost job satisfaction, enhance customer experiences and supercharge productivity. It comprises three pillars: value creation, employee experience and consumer expectation. This involves creating an economic model that quantifies the socio-economic impacts of an increasingly digitally connected UK economy by 2030.
Opinion research was conducted with 2,000 employees in four sectors – retail; banking and finance; healthcare; and the public sector – to assess employee expectations on the future of workplace technologies and survey the opinions of 2,000 consumers to assess the future consumer expectations of digital experiences with the organisations they interact with. Economic modelling for the study was conducted by Cambridge Econometrics, with opinion research fieldwork conducted by Coleman Parkes.
Future Unlocked came on the heels of the UK government’s Keep Britain working report, which highlighted how better connectivity could deliver rapid growth and raise workplace morale, with almost three in four workers believing technology, like artificial intelligence (AI), will help them find a work-life balance.
The topline findings of Future unlocked showed how better tech adoption could no less than “supercharge” business productivity over the next five years, particularly across the retail, finance and healthcare sectors.
Moreover, it calculated that investment in UK connectivity could give businesses an extra nine days of productivity per employee by 2030, with better connectivity having the potential to offset the 9.4 days of sick leave each employee takes annually. Three-quarters of workers expect technology such as AI to improve their productivity, with two-thirds (66%) believing it will help them find a work-life balance.
Expectations on progress and the current state of tech adoption vary across sectors. While 97% of C-suite leaders in finance believe nearly half of tasks will be automated by 2030, two-fifths in retail describe their current workplace systems as “basic”. Currently, only 7% of UK employees view their workplace technology as leading-edge, while three-quarters (77%) emphasise that their employers must radically step up training and upskilling to prepare for the AI revolution.
Drilling deeper into the vertical industries, while 97% of senior finance leaders report positive experiences with workplace technology, three in five frontline staff (59%) say they have not received enough training to make the most of tools like AI, and 44% of lower management fear it could take their job.
C-suite retail leaders expect AI and automation to help them claw back an average of 11 hours a week in efficiency savings by 2030. On the shop floor, however, nearly one in five retail workers (19%) have considered quitting due to tech frustrations, such as insufficient training on new systems, outdated devices and unreliable connectivity.
Noting that the shift from analogue to digital is a cornerstone of the NHS 10 Year Plan and three in five healthcare workers (60%) back their organisation to be future-ready by 2030, the survey however showed staff report losing five hours a week on average to disconnected or unreliable tools. A quarter (23%) of workers say they left or are considering leaving their organisation due to IT frustrations, with outdated tech seen as a barrier to career growth.
Commenting on the report and its findings, BT said there was a clear productivity pay-off from better technology. “Unlocking productivity gains across the business community is one of the biggest challenges we face if we’re to deliver sustained economic growth nationwide,” said BT Business chief commercial officer Chris Sims.
“We live in an increasingly digital age; only by embracing modern technologies such as AI and the cloud, and enabling them with fast, secure and reliable connectivity, will we see a healthy productivity boost. Innovation and automation can empower teams to deliver their best work efficiently, which boosts retention and job satisfaction. By focusing on improving connectivity over the next five years, companies will not only supercharge productivity, but also take practical steps towards improving staff retention and customer experience.”
