82% of UK business decision makers are planning transformation projects in the next 12 months, reveals survey

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8th December 2020 20:03 - Business Support

82% of UK business decision makers are planning transformation projects in the next 12 months: A survey of C-suite decision makers at some the UK’s largest companies has found that the majority are planning transformation projects over the coming year.

The Big Business Efficiency Report published by Parseq included the results from a survey, in which 250 companies with 250+ employers and with a turnover of between £1 million and £500million, gave their views and opinions around business efficiency.

When asked about efficiency, 80% said they have identified the function in their business that has the biggest opportunity for effective gains. These were focused on front office activities with sales (17%), customer experience (16%) and marketing (16%) ranking top. Respondents also saw potential for efficiency gains in finance and administration (8%), IT (7%), compliance (4%) HR (3%), and procurement (2%).

Asked about the steps they would need to take to make their business more efficient, almost three in five (59%) said 'investing in people and skills', while more than half (56%) said 'investing in new technology'. More than two-fifths (44%) said 'improved governance', while a third (33%) believed that greater efficiency could be achieved through outsourcing (this increased to 43% amongst financial services executives).

Asked about barriers to efficiency, 35% said 'cost' while slightly fewer cited 'complexity' (34%). A 'lack of time' (29%) and 'lack of knowledge' (29%) were also seen as barriers.

Transformation priorities

When looking at front of office transformation priorities, marketing ranked top (39%) followed by sales (36%) and customer experience (26%). Back office transformation priorities included HR (26%), finance and administration (24%), compliance (24%), IT (22%) and procurement (17%)

A fifth of the respondents polled (20%) said that the value of efficiency is not appreciated by their organisation.

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