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UK business is lagging behind in its readiness to implement innovation. The key to catching up is right under its nose…

The 2017 edition of the Deloitte Global Human Capital Trends survey found that business leaders in the UK acknowledge the challenge to commercialise innovation inputs and hence benefit from the associated productivity gains. Only 16 per cent of UK business leaders surveyed considered themselves ready to exploit innovative technologies like robotics, cognitive computing and artificial intelligence. This was lower than both the Global and West Europe average. In contrast, business leaders in rapidly emerging economies were most likely to consider themselves ready to implement innovation.

Readiness to implement innovation

There are many reasons that might contribute to UK business’s sluggish adoption of innovative technology, including a ready supply of cheap labour (which reduces the pressure to invest in automaton), institutional risk aversion and access to capital.