TeamViewer research highlights the need for seamless technology connectivity to drive financial, operational and cybersecurity performance.
Recent research from TeamViewer revealed that 39% of UK businesses with excellent technologyconnectivity say their financial performance is among the leaders in their industry. In addition, 62% say that excellent tech connectivity gives them a competitive edge.
TeamViewer, a leading global provider of remote connectivity and workplace digitalisation solutions, undertook global research conducted by FT Longitude to uncover ‘The Real Value of Technology Connectivity’.
Over a third (34%) of global businesses with excellent connectivity say their operational performance is on par with industry leaders but only 19% with good connectivity say this is the case.
Seamless connectivity, the extent to which staff can operate and connect without interruptions, and what all businesses should be aiming for, also increases resilience and supports risk management.
In particular, better connectivity helps organisations to withstand the growing threat of cyberattacks. Only 25% of UK businesses believe that they are among the leaders in their sector for cybersecurity performance, meaning the UK has the lowest faith in its cybersecurity performance across all countries surveyed.
“It’s clear from the research that connectivity isn’t just about driving workforce productivity and efficiencies,” said Mei Dent, Chief Product and Technology Officer, TeamViewer. “The approach of shifting connectivity from a supporting role and cost centre to one that empowers the business has an impact on growth, and ultimately revenue.
“Fragmented systems blunt competitive advantage so just being good is not good enough when it comes to connectivity. Businesses need seamless integration and harmonisation of data to fully realise the opportunities that technologies like Augmented Reality (AR) and Artificial Intelligence (AI) bring,” added Dent.
The research found that only one-in-20 businesses say their technology is seamless across their organisation. This means that 94% of UK businesses know they still have some way to go to reach seamless connectivity.
The need to close this gap is clear to UK organisations:
- 65% of UK respondents said the impact of technology connectivity allows for better customer interactions and increases customer satisfaction
- 85% said it enables better innovation
- 73% believed it allows more time for considered decision-making
- 85% considered it an important aspect of working at their company increasing talent retention
What is holding organisations back?
Global organisations with gaps in connectivity (those who say they have good connectivity but not excellent or seamless) are more likely to be held back by differences between departments within their organisation (30%) and the inability to show the ROI of tech connectivity (27%).
Whereas those who say they have excellent connectivity are most likely to be held back by concerns about cybersecurity (24%). So, cybersecurity is both a benefit and a hindrance to better connectivity.
There is also a lack of trust in internal data in almost all UK organisations. The top reasons undermining trust in data are multiple versions of the truth within the company based on different data sets (37%), conflicting data management practices (34%) and too many instances of poor hardware reliability (31%).
Interestingly this mistrust of internal data varies across company size. It is more likely to be driven by a lack of data literacy in smaller organisations globally. Two-fifths (40%) of workers at companies generating between US$10-$49.99 million in yearly revenue report a lack of data literacy among employees, compared to the 21% of workers at companies generating US$10 billion and above.
A company’s ability to connect to any device, application and system in its infrastructure, and to make use of existing data, has an outsized influence on performance. Whether it is smarter logistics operations or remote technical guidance, access to knowledge from any device, at any time, helps people work smarter and reduces the mistrust that there are multiple versions of truth in data.
TeamViewer’s research found that 36% of UK respondents rate their data and system access as average or poor outside company premises, even at home. In addition, 38% have the same concerns about company facilities other than their usual base.
“There is a long way to go for companies to achieve seamless connectivity, but the benefits far outweigh the initial investment of time and resources,” Dent said. “Doing nothing also has a cost. With many struggling with increased competition and a lack of skilled labour available, organisations need to do all they can to attract and retain the best talent. And one way to do this is to offer a working environment with integrated systems and connectivity that makes it a great place to work and thrive in their careers.”
This research was conducted by FT Longitude between March and April 2024. 500 business leaders across six countries took part: Australia, Canada, Japan, Germany, the UK and the US. Business leaders represented enterprises from the automotive, industrial manufacturing, IT, logistics, transport & distribution, financial services, retail, public sector and utilities industries.
Click below to share this article