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Fintech UK Latest News Report

Over Half of UK Companies See Upgrading IT Systems as a Vital Short-Term Priority

New research by Maistro, the AI-driven B2B marketplace for services, has revealed that over half of UK companies (57%) think that upgrading their IT systems is a vital factor for improving efficiency and achieving their short term business objectives.

By comparison, only 37% of businesses based in Switzerland and 42% in France agreed when asked the same question, indicating that the UK feels it has further to go than its European counterparts when it comes to upgrading technology. 

Despite identifying IT improvements as key to their business goals, 22% of UK businesses also admitted that upgrading IT systems will be the hardest objective to achieve in the short-term. Additionally, nearly one-third of companies across Europe (30%) are acutely aware that new innovations in technology are accelerating faster than their businesses are equipped to handle.

The same research provides additional insights into broader operational activities, including:

  • A quarter of respondents in the UK (25%) and nearly three out of 10 in France (29%) are aiming to outsource services to improve efficiency as part of their short-term objectives in the next year
  • Nearly one-third of all those surveyed (29%) want to reduce the time between decisions being made and implementing the change required
  • Nearly a quarter of respondents (24%) look to procurement to handle business transformation
  • 29% of those surveyed are looking to procurement to expand in new markets

Laurence Cook, CEO of Maistro, comments:

“The research shows that businesses undoubtedly see the value in developing and upgrading their IT systems to keep pace with the industry. However, the need to achieve cost saving targets at the same time leaves many businesses dealing with a tough balancing act.

“Traditionally, businesses could have one or the other, but would need to prioritise their goals. This is no longer the case. Investment in technology and cloud-based solutions have the ability to streamline business efficiencies and deliver cost savings. IT upgrades are now far less cumbersome due to cloud-based and AI-driven systems. As a result, companies who may be reluctant or cautious about change can now safely pilot these new ways of working.”

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