Grey skies for digital investment amid skills shortage and recession fears
65% of UK businesses said they either do not have the skills or cannot risk investing in digital platforms in 2023 given the economic climate, according to London app developer Studio Graphene.
In a recent survey of more than 750 UK businesses, the developer found that more than half (52%) believe their digital platforms such as websites, apps and customer-facing tech fail to stand out against competitors.
In the new year 46% of these businesses said they intend to update, refresh or rebuild entirely new digital platforms, yet almost the same number (48%) said a “damaging” lack of skills within their company may hamper this investment.
“Our research exposes two significant obstacles,” said Ritam Gandhi, founder and director of Studio Graphene. “The current economic climate and the digital skills crisis. With tight budgets and limited internal expertise, businesses must be extremely savvy in the way they plan and execute digital projects next year.”
While 66% of businesses believe their digital platforms are more than effective for their brand, 44% said they do not do their product or service justice.
Gandhi reassured businesses that “creating great digital products needn’t require huge investment”, however he warned it is a timely procedure as they must have “razor-sharp” understanding of the user and how to best capture their attention.
In a separate survey, more than nine in ten firms said they struggle due to outdated tech – it seems that businesses may have a bit of a balancing act to perform in terms of investment.
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