Research released today shows that 33 percent of businesses with excellent technology connectivity say their financial performance is among the leaders in their industry. Just 16 percent of businesses with good connectivity say the same.
In addition, 61 percent say that excellent technology connectivity gives them a competitive edge. TeamViewer, a leading global provider of remote connectivity and workplace digitalisation solutions, undertook global research conducted by FT Longitude to uncover ‘The Real Value of Technology Connectivity’.
In addition, 34 percent of businesses with excellent connectivity say their operational performance is on par with industry leaders but only 19 percent with good connectivity say this is the case. Seamless connectivity, the extent to which staff can operate and connect without interruptions, and what all businesses should be aiming for, also increases resilience and supports risk management. In particular, better connectivity helps organisations to withstand the growing threat of cyberattacks. 38 percent of those with excellent connectivity, those one step below achieving seamless connectivity, are among the leaders in their sector for cybersecurity performance, compared to 22 percent of those with good connectivity.
“It’s clear from the research that connectivity isn’t just about driving productivity and efficiencies amongst the workforce. By taking the approach of shifting connectivity from a cost centre and a support role to one that empowers the business has an impact on growth, and ultimately revenue. Fragmented systems blunt competitive advantage and the ability to make the most of the opportunities that technologies like AR and AI bring, so just being good is not good enough when it comes to connectivity,” said Mei Dent, Chief Product and Technology Officer, TeamViewer.
The research found that only 1 in 20 businesses said their technology is seamless across their organisation. This means that 95 percent know they still have some way to go to reach seamless connectivity.
The need to close this gap is clear to organisations:
- 80% of respondents state that the impact of seamless technology connectivity allows for better customer interactions and increases customer satisfaction
- 81% say it enables better innovation
- 82% believe it allows more time for considered decision making
- 86% consider it an important aspect of working at their company increasing talent retention.
What is holding organisations back?
Organisations with gaps in connectivity (those who say they have good connectivity but not excellent or seamless) are more likely to be held back by differences between departments within their organisation (30 percent) and the inability to show the ROI of tech connectivity (27 percent). Whereas those who say they have excellent connectivity are most likely to be held back by concerns about cybersecurity (24 percent). So, cybersecurity is both a benefit and a hindrance to better connectivity.
There is also a lack of trust in internal data in almost all organisations. The top reasons undermining trust in data are multiple versions of the truth within the company based on different data sets (38 percent), conflicting data management practices (32 percent) and too many instances of poor hardware reliability (31 percent).
Interestingly this mistrust of internal data varies across company size. It is more likely to be driven by lack of data literacy in smaller organisations. 40 percent of respondents working for companies generating US $10 million - US $49.99 million in yearly revenue report a lack of data literacy among employees, compared to 21 percent of companies generating US $10 billion and above.
A company’s ability to connect to any device, application and system in its infrastructure, and to make use of existing data, has an outsized influence on performance. Whether it is smarter logistics operations or remote technical guidance, access to knowledge from any device, at any time, helps people work smarter and reduces the mistrust that there are multiple versions of truth in data.
TeamViewer’s research found that 38 percent of respondents rate their data and system access as average or poor outside company premises, even at home. In addition, 36 percent have the same concerns about company facilities other than their usual base.
“There is a long way to go for companies to achieve seamless connectivity, but the benefits far outweigh the initial investment of time and resources," continued Dent.
"Doing nothing also has a cost. With many struggling with increased competition and a lack of skilled labour available, organisations need to do all they can to attract and retain the best talent. And one way to do this is to offer a working environment with integrated systems and connectivity that makes it a great place to work and thrive in their careers.”
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