UK businesses counting the cost of IT issues

Businesses across the UK are losing out as a result of IT issues as they lack the necessary tools to overcome the problems.

According to a new study by A&O IT Group, the impacts of IT neglect are taking up valuable time and effort to put right, while also eating into profits.

More than two in every five firms reported that they had lost income due to IT issues while a quarter said they had to tackle persistent problems on a weekly basis.

A quarter of businesses said that issues with suppliers had delayed the completion of work and 30% stated that a technology blackout had cost them at least one full working day.

Many small businesses were found to lack adequate technology support, meaning that any issues were taking longer to fix than was necessary.

This only exacerbated the issues and resulted in more lost time and money in the majority of cases – smaller firms can be worse hit in these instances as they can often lack the spare capital to find solutions.

Of the businesses questioned as part of the survey, 54% said they do not carry out annual checks on their systems which may identify issues.

IT and technology suppliers have a role to play too, as 38% of small businesses said they were often kept unaware of new developments.

Having adequate protection for technology systems in key, especially given that cybercrime is estimated to have cost UK firms in the region of £124 million on the last year alone, according to KPMG’s Fraud Barometer.

Forensic accounting services can help to identify fraud within businesses, although it often only comes to light when firms find themselves in difficulty.

Ensuring that IT systems are running smoothly can reduce the risks of any financial difficulties, although it does not guarantee longevity.

Enhancing security and regularly checking on systems should also limit any potential impacts on productivity and profit, even if such services still carry a cost.

By Phil Smith

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