Many businesses might be missing out on productivity improvements and greater profits for themselves and the broader economy by not measuring the right factors, a survey has revealed.
A recent survey of 397 business leaders, commissioned by Spark and conducted by Clemenger Group, has found that while two-thirds of respondents identified productivity as a national challenge, 75% believed their own organisations were ahead of competitors in adopting efficient processes.
“This suggests we might be measuring ourselves against the wrong benchmarks, or perhaps we’re not measuring the right things at all,” Spark chief technology and AI officer Matt Bain said.
33% relied on profit and customer satisfaction as measures of productivity. 24% associated productivity gains with time savings and enhancements in operations.
Bain said using the appropriate technology can enable businesses to operate more efficiently.
“We’ve witnessed firsthand how the right digital tools, properly integrated, can unlock remarkable productivity gains,” he said.
“But we also know that technology alone isn’t the complete answer – it needs to be paired with the right mindset, skills and expertise, and willingness to improve in the right areas.”
Although 75% of businesses believed new technologies could drive substantial productivity improvements, only 46% had fully or partially adopted cloud infrastructure, and just 29% were exploring AI tools.
42% cited a lack of knowledge or expertise as their main challenge in adopting new technologies, 38% considered limited access to capital, and 36% are still resistant to change.
Meanwhile, 45% acknowledged the importance of external expertise to fully leverage technology benefits.
“The tools exist, and the expertise is available,” Bain said. He said it is crucial to have a collective transition from merely “getting by” to actively “getting ahead,” along with the boldness to take decisive steps.