Samsung study points to £9-bn UK ‘smart deficit’ from smart technology adoption lag

The UK economy stood to lose in excess of £9 billion over the next 12 months unless more was done to increase the adoption of smart technology, new findings by electronics giant Samsung have suggested.

Speaking at the technology firm's second Insights Club meeting in London, Samsung UK president Andy Griffiths said there was a "smart deficit" in the UK, and that businesses and consumers were losing out by not using devices like smartphones and tablets in better ways.

He said, "The smart deficit that we have identified through the Smart Society Barometer should act as a wake-up call for the technology industry and its partners.

"Smart technology adoption is happening and where it is being used most effectively, the benefits are already being felt both by individuals and businesses.

"If we are to accelerate as a smart society, we need to fully understand how to get the most out of this technology.

"At Samsung, we understand that in order to help achieve this, we must play our part in educating businesses and consumers in unlocking the true potential that smart technology can bring to the UK."

The Smart Society Barometer evolved from a study of over 1,000 business and 2,500 consumers on how they used technology.

The report said over a quarter of businesses had lost a client as they did not have the correct smart technology in place.

Griffiths, who presented the findings to journalists at the Samsung Experience store in Westfield Shopping Centre, Stratford yesterday, says, ''As a nation, we are missing out on nearly £10 billion in savings.

''Our results clearly show that businesses in particular need to realise the necessity for proper investment in technology and training to ensure they maintain a competitive advantage but also that they remain attractive as an employer.''

According to the research, the two main barriers that were slowing smart technology adoption rates were - lack of investment and lack of time.

According to the figures, only 11 per cent of annual IT budgets were going towards smart technology, a figure that fell below 10 per cent in some parts of the country, including Yorkshire, the North West and Scotland.

According to 20 per cent of businesses, the time investment needed to train people on the new technology was not available.

Consumers were also missing out smart technology benefits to the tune of an estimated £3.6 billion, with 24 per cent blaming a lack of understanding about the technology.