Many UK businesses are set to invest heavily in technology and practices to ensure they become complete digital enterprises, according to a new report.
Research from PricewaterhouseCoppers (PwC) concluded firms around the world plan to spend $900 billion (£625.5 billion) as they embrace the so-called fourth industrial revolution.
PwC found 74 per cent of UK-based companies involved in the survey are set to make use of high levels of integration and digitisation by 2021, with them planning to invest approximately 2.5 per cent of their turnover in digital transformation.
Bjorn Johansson, director of strategy and part of the PwC network in the UK, explained: “Through our interviews it is clear that our industrial leaders are already shifting gears as they look to digitise essential functions within their internal vertical value chain.”
The PwC study also examined potential barriers to the implementation of digitalisation, with many raising concerns about the potential cost and admitting they needed to increase in-house skills to make full use of data analytics.
Last month, a study commissioned by Barclays bank concluded that around 50 per cent of business believe strong digital skills would increase productive in the workplace.
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