: research conducted by smart locker provider Velocity Smart Technology, has shown that if the UK does enter a recession, 1 in 10 business leaders plan to cut their investment in technology by more than 50%.
This research commissioned by Velocity Smart surveyed the views of over 1,000 UK business leaders to understand the preparations they are making if, or when, the UK enters a recession.
The research also revealed that a further 27% of UK business leaders would have to cut their technology budgets by 20% to 40% if the UK entered a recession.
However, such reductions overlook the fact that loss of productivity due to poor performing equipment is a billion pound problem for the UK economy.
Speaking on the results, Anthony Lamoureux, CEO and co-founder of Velocity Smart Technology comments, “Good quality equipment and smart processes can mean the difference between making a profit and making a loss.
As much as it may be hard to even contemplate loosening the purse strings, businesses do need to continue to invest and support technology to reduce downtime by finding ways to reduce losses from productivity.
Whether it’s shifting processes and systems to the cloud, investing in more and better IT support or bringing in new solutions like smart lockers, the resources are available for businesses to succeed in the future and bring productivity down.”
Previous research conducted by Velocity Smart Technology has found that in productivity terms, IT failures cost workers around 545 hours of lost productivity every year and more than half of workers (56%) report regularly waiting up to three hours to resolve IT issues in the last few years due to remote working.
Lamoureux continues, “Businesses investing in new workplace technology will enjoy improved productivity and lower operating costs in the long term. In economic downturns, being more careful with spending is good practice, but delaying all operational expenditure could hurt your business in ways you can’t afford during these difficult times.”