British business is set to fully embrace the internet revolution
over the next two to three years, according to a survey of almost
1,000 UK companies published today by the Confederation of British
Industry (CBI) and KPMG Consulting.
British business is set to fully embrace the internet revolution over the next two to three years, according to a survey of almost 1,000 UK companies published today by the Confederation of British Industry (CBI) and KPMG Consulting.
According to the report, "The Quiet Revolution", 76% of companies currently generate less than 5% of their turnover from e-business. But this trend is set to change dramatically with 58% expecting to derive at least 10% of their revenue directly from e-business within the next two to three years.
The report also shows that 93% of UK companies have already addressed e-business in their corporate strategy in some way. 41% of firms are finding that e-business is already having a real impact on all aspects of the organisation with only 17% reporting a limited impact. 99% expect e-business to have some impact in the next two to three years.
KPMG and the CBI say the report dispels the notion that the internet revolution has ground to a halt. It claims that the rise and fall of the dot.coms may have dominated the first wave but the second is now being led by traditional organisations across the UK of all sizes in every sector, with all companies expected to step up their e-business activity over the next two to three years.
Alan Buckle, Chief Executive Officer of KPMG Consulting, commented:
"In the heady days of the first wave, there were companies that adopted a wait-and-see strategy, and frankly it has paid off for some of them - though by no means for all. In the second wave, over the next couple of years, I do see the danger of a digital divide developing. However, it won't be a divide based on geography or on size of company, but between businesses that embrace web-based technologies to transform themselves and their markets, and those that don't see it or who get their strategies wrong. For many of the latter, there won't be a second chance."
