Recent research has higlighted how a fear of failure is preventing the implementation of new technology in business.
Involving nearly 6,000 European businesses, the Epson Europe research revealed that 85% believe that fast implementation of new technology is a key competitive advantage, yet 50% say a fear of failure prevents it.
Insufficient internal support (63%) and lack of funds (65%) were also cited as major barriers to not making the most of technology.
The research found that only a third of European companies were willing to grasp the competitive advantage offered by new technology by making investments ahead of the competition.
"European businesses have an opportunity to invest wisely in order to enhance creativity, productivity and the overall efficiency of their business. The commercial returns can often be significant, but we understand the barriers companies’ face and the reasons why they hesitate," says Rob Clark, vice president, Epson Europe.
"Lack of internal support and fear of failure, in terms of getting it wrong, are common concerns; but with careful consideration of business needs, the identification of opportunities for improvement and careful product specification, these concerns can often be allayed and the business benefits reaped."
"Smart technology investments – whether on something as mainstream as a printer or projector, or on something more high-tech such as a wearable device – cannot go amiss in today’s competitive environment. There is no one-size-fits-all approach for European businesses looking to increase efficiency, but with clear benefits on offer, there is a need for businesses to better understand the efficiency and productivity gains that the right new technologies can deliver."
An overwhelming 88% of European businesses agreed that technology improves productivity after a bedding in period. What was revealed by the research was how the question of how long this takes varied depending on the country and sector.
Overall, German and Italian businesses were the fastest, with an average 12 week lead-time between implementation and productivity improvements being seen. French businesses were the slowest, averaging a four and a half month lead-time.
Looking at sectors, the Retail industry ranked the fastest, taking only 12 weeks to generate productivity improvements from new technology, followed by Education (at 15 weeks) and Healthcare (at 16 weeks).
Clark adds, "At this time of year, when 2015 budgets are likely being discussed and allocated, EU businesses must carefully consider how IT budgets are strategically spent. The return on investment in terms of the enhanced efficiency and accelerated productivity should be a key priority for EU businesses looking to maintain that competitive edge."
