Bosses in the UK may be overestimating the speed at which their business is able to keep up with technology.
This is the claim made by a new report, which reveals there are strong misperceptions within companies regarding response times to new ways of working.
Published by the Economist Intelligence Unit, The Challenge of Speed report was sponsored by Ricoh and found a gap between perception and reality when it comes to the pace of transformation.
Almost all (92 per cent) the respondents to a poll claimed speed is part of their culture, but just 24 per cent reported they are able to swiftly take advantage of new opportunities or embrace unexpected changes.
Challenges and bottlenecks within firms appear to be stalling transformation, with the inability to link technology platforms the most often cited problem, followed by cultural barriers and bureaucratic processes.
There was a clear disconnect identified by the research between tech-savvy employees and more traditionally-minded managers, with just one in ten workers stating there is clarity regarding the direction of change from leaders.
Commenting on the findings, Ricoh chief executive Phil Keoghan said: “The reality is that as businesses seek to change faster, they are often immobilised by various and sometimes competing factors.
“These include a rapidly evolving workforce, technology-led disruption and reengineering underlying core business processes.”
He explained that while change is having a positive effect on organisations, many are uncertain about how to bring this about.
Mr Keoghan emphasised the need for Europe to catch up with the US, Japan and Canada when it comes to knowledge, innovation and organisational agility, insisting that adopting new technology needs to be coupled with an alteration of business processes in order to prove successful.
Such advancements like video conferencing are increasingly facilitating employees to operate more flexibly and improving their work-life balance.
A study by Virgin Media Business discovered that not only does working remotely make staff happier and more productive, it also delivers financial benefits for businesses and could reduce absenteeism by ten per cent.