Study finds tech connectivity drives leadership in business

Recent research by TeamViewer reveals that 33 per cent of global businesses with excellent technology connectivity consider their financial performance to be among the leaders in their industry.

This contrasts starkly with the 16 per cent of businesses with good connectivity which report similar levels of financial success. The study, conducted in collaboration with FT Longitude, aimed to uncover 'The Real Value of Technology Connectivity'.

In the Asia-Pacific (APAC) region, 56 per cent of businesses indicated that excellent technology connectivity provided them with a competitive edge. Additionally, 90 per cent of APAC respondents believe that seamless technology connectivity allows more time for considered decision-making and is essential for talent retention within their companies. Furthermore, 86 per cent stated that such connectivity enhances customer interactions and satisfaction, while 88 per cent said it facilitates better innovation.

Globally, 34 per cent of businesses with excellent connectivity reported that their operational performance was on par with industry leaders. In contrast, 19 per cent of businesses with merely good connectivity could say the same. The study emphasises that seamless connectivity, which allows staff to operate and connect without interruptions, increases organisational resilience and supports better risk management.

Notably, 36 per cent of APAC businesses with excellent connectivity also felt they were among the leaders in their sector concerning cybersecurity performance.

Mei Dent, chief product and technology officer at TeamViewer, noted, "It’s clear from the research that connectivity isn’t just about driving workforce productivity and efficiencies. The approach of shifting connectivity from a supporting role and cost centre to one that empowers the business has an impact on growth, and ultimately revenue."

"Fragmented systems blunt competitive advantage so just being good is not good enough when it comes to connectivity. Businesses need seamless integration and harmonization of data to fully realise the opportunities that technologies like augmented reality (AR) and artificial intelligence (AI) bring," Dent added.

The research indicates that only one in 20 businesses have achieved seamless technology connectivity. This suggests that 95 per cent still need further improvements to reach this level. Globally, organisations with good but not excellent connectivity are often held back by inter-departmental discrepancies (30 per cent) and challenges in demonstrating the return on investment (ROI) of technological connectivity (27 per cent). Among organisations that had achieved excellent connectivity, cybersecurity concerns were the most prominent impediment (24 per cent).

There is a prevalent lack of trust in internal data within organisations worldwide. The principal reasons include multiple versions of the truth based on different data sets (38 per cent), conflicting data management practices (32 per cent), and unreliable hardware (31 per cent).

This mistrust of internal data varies by company size, with smaller organisations more likely to experience a lack of data literacy. Specifically, 40 per cent of employees at companies generating USD $10 million to USD $49.99 million annually reported data literacy issues, compared to 21 per cent at companies generating USD $10 billion or more.

According to the research, better connectivity within an organisation can significantly impact performance by allowing efficient use of existing data and enabling smarter operations. Whether it involves logistics or remote technical guidance, the ability to access necessary information from any device helps teams work more effectively and mitigates data integrity issues.

Dent concluded, "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. 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."

TeamViewer's research encompassed 500 business leaders across six countries, including Australia, Canada, Japan, Germany, the United Kingdom, and the United States. The survey spanned various sectors such as automotive, industrial manufacturing, IT, logistics, financial services, retail, public sector, and utilities.