Tech executives remain confident to continue digital investment, finds new report

Steve Fisher
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Tech executives remain confident to continue digital investment, finds new report

Despite the challenging economic landscape, businesses are accelerating their investment in digital, according to the findings of a new KPMG global technology survey.

The survey of 2,200 tech executives, including 100 in the UK, has highlighted that despite rising costs, economic uncertainty, geopolitical turmoil, and a global talent challenge – businesses are advancing their digital transformation journeys and plan to invest heavily in the next few years.

Sixty-seven percent of those surveyed globally expect to embrace emerging technology platforms in the next two years. Other headline findings from UK respondents to the survey by KPMG include:

  • 79 percent say their organisations are currently migrating strategic workloads to the cloud.
  • Over the next 12 months, customer and user experience is the key focus area of investment for 52 percent.
  • 74 percent believe that technology debts do not inhibit their firm’s future IT investments and are in fact, pivotal for their organisations to grow and evolve.

Ian West, head of technology and alliances at KPMG UK said: “The findings from our new survey indicate that despite global headwinds, businesses still see it as critical to invest in new and emerging technologies to drive transformation and growth in their businesses.”

Businesses are already making plans to embrace the technologies of the future

Organisations are poised to invest heavily in emerging technology and digital transformation, despite tense operating conditions. Survey respondents expressed a bold vision for what they could do across a broad expanse of new technologies: crypto, the metaverse, Web3, NFTs, quantum computing, VR/AR, 5G, and edge computing.

In the next 6-12 months 39 percent of UK respondents said that they plan to invest in cryptocurrencies, whereas in the next 1-2 years, 43 percent plan to invest in VR/AR technologies, followed by Web3 with 42 percent of UK respondents planning to invest. Looking more long-term, 47 percent of UK respondents are planning to invest in NFTs and the Metaverse in the next 3-5 years.

Over two-thirds (70 percent) of UK respondents indicated that they plan to outsource and/or partner with technology companies to build and deploy Metaverse and Web3 technologies. The majority of UK firms (54 percent) are waiting to invest in the Metaverse, with the primary trigger being when the technologies are more developed and more widely adopted.

“A revolution of emerging technology is set to unfold over the next several years. Proficiency in new and emerging technologies will be paramount to defending market share by enhancing customer experience and business resilience,” said Paul Henninger, head of data, AI and emerging technologies at KPMG UK. “Successful businesses of 2022 and beyond will be digital to the core.”

“While many companies remain hesitant to adopt some of these emerging technologies in their infancy, 2024 looks poised to be an inflection point for new technology acceptance.  And after five years, it will be the rare company that has not invested in every one of these tools that—while are still in the early days—look poised to reshape the business world,” Henninger added.

Amplifying customer centricity is the primary goal for investing in enterprise technology according to 51 percent (45 percent globally) of UK survey respondents.

Businesses planning to invest the most in customer experience, AI and Machine Learning 

Over the next 12 months, customer and user experience is the key focus area of investment for 52 percent of respondents in the UK (57 percent globally). This is closely followed by AI and machine learning at 48 percent. However, there is a shift expected in the next three years with AI and machine learning becoming the topmost priority for UK firms.

Henninger said: “As the amount of data accessible to businesses grows, adoption of AI and machine learning does too as businesses look at the best ways of processing and learning as much as they can from the data at their fingertips. Establishing a platform that can make data truly useful is central to improving customer experience and business efficiency.” 

Companies report high digital confidence and returns

The survey found that respondents are upbeat about what their business will achieve through transformation. Specifically, 68 percent of UK respondents (66 percent globally) say their organisations are very or extremely effective in using digital to support their businesses.

Meanwhile, nearly every single respondent reports a positive impact on profitability or performance from digital transformation over the past 24 months and a notable number are making serious gains. One in five respondents (20 percent) say their efforts have achieved profitability or performance increases of 11 percent or higher.

West said: “Digital transformation is less of a differentiator than it was. Nearly all organisations achieved some form of return from digital transformation in the last two years. It’s important to make sure that the success achieved so far doesn’t breed perfectionism that stifles innovation.”

“Digital investment and transformation strategies must always continue to adapt to new conditions and opportunities, or digital leadership won’t last long,” added Ian.

Enterprises are investing heavily in cloud, but face cultural resistance

Businesses of every size and sector are accelerating their move to the cloud to enhance the speed, agility, security and value of their IT investments.

79 percent of UK respondents say their organisations are currently migrating strategic workloads to the cloud. The benefits of cloud transformation are being seen by those businesses with 76 percent (80 percent globally), being satisfied or highly satisfied with the success of their cloud transformation programmes.

However, one of the top challenges being faced by respondents is cultural resistance to cloud migration, with this being faced by 35 percent of UK respondents in their cloud journeys.

“Most respondents are well into their cloud journey but there is still much to do. Satisfaction with cloud transformation to-date is largely positive, but value realisation has taken the form of cost reduction and efficiency gains and these don’t result from a pure technology shift. Rather, organisations need to focus on their ‘ways of working’ as they reach critical scale in their cloud journey,” said Priya Raju, director, cloud transformation – financial services at KPMG UK.

Raju added that tomorrow’s businesses will operate primarily on cloud infrastructure.
“As more companies transform with cloud at their core, the next competitive challenge will be accelerating migration, scaling up platforms, and maximising value of cloud,” she said.

Technology investment seen as pivotal for growth and evolution

Despite the global headwinds that businesses are having to navigate, there is a positive future outlook for technological investments and advancements. 74 percent of UK respondents believe that technology debts do not inhibit their firm’s future IT investments and are in fact, pivotal for their organisations to grow and evolve.

West added, “Businesses are understanding the importance of using technologies to retain customers and improve their market share. Technology looks to be an area of investment that will stay a priority because of the benefits it can have throughout an entire organisation; it is absolutely central to growth. Businesses must now look at how they can innovate and lead the way. The future will be won by businesses that find new ways to push the envelope with digital.”

 

Deloitte Midlands M&A team complete eight deals in six months

Michael Fisher
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Deloitte Midlands M&A team complete eight deals in six months
The M&A Lead Advisory team at Deloitte Midlands has reported a successful six months in which it completed eight significant deals across a range of sectors including industrials, manufacturing, and technology. Over half of the transactions involving overseas investors and buyers, including European finance provider Kartesia’s investment into the Darwin Group and the acquisition of global manufacturer Uni-Pol by high precision components manufacturer Doncasters. The team also completed a number of deals in the technology sector including Livingbridge’s investment in automotive retail software group CitNOW; the sale of geospatial mapping specialist GeoSLAM to US digital solutions group FARO Technologies, and advising the management team of advertising technology business Blis Group on the sale of the company to LDC. Whilst completing eight deals in six months was an exceptional result given current economic and geo-political uncertainty, the Midlands M&A Lead Advisory team is confident that mid-market deal activity will be robust and has invested in new talent to support and sustain future growth with the appointment of three new team members. An experienced manager and two new graduates will join the now 15-strong team of transaction specialists, which provide corporate finance advice to a range of clients including corporates, owner managers, management teams and private equity investors. Darren Boocock, partner and head of Deloitte Midlands M&A team, said: “We are delighted to have advised a range of fantastic clients to successfully complete important deals at a challenging time. Transactions invariably involve unexpected issues and clients look to experienced advisers, with an intimate knowledge of their sector, who can provide solutions and work closely with them to help deliver on their strategic objectives, whether that is value-enhancing acquisitions, raising funds to grow or more general planning for the future. “The expansion of our M&A Lead Advisory team across the Midlands will allow us to continue to support our clients with their most critical and strategically important decisions, and reaffirms our unwavering commitment to both Midlands’ economy and investment in future talent.”

Morley Hayes plays host to international training programme

Michael Fisher
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Morley Hayes plays host to international training programme
Award-winning Derbyshire hotel and golf complex, Morley Hayes has just played host to delegates from 13 different nations who visited the region for a special equipment training event. The four-day event was organised by Dennis Mowers and Sisis Equipment and attracted distributors from across the world who came to Morley Hayes to learn more about the Dennis and Sisis range of cylinder mowers and grounds maintenance equipment. Dennis Mowers and Sisis Equipment are both part of the Howardson Group, a leading British manufacturer, which supply professional grounds maintenance equipment to groundsmen, greenkeepers and gardeners across the globe. Delegates travelled to Derbyshire from as far afield as Australia, Mexico, Oman, Dubai, Saudi Arabia, Columbia, South Africa, North America, Italy, Denmark and Iceland. Around 36 distributors attended each day of the training programme and were able to see demonstrations of the latest Dennis and Sisis equipment. The nine-hole Tower golf course was also used to demonstrate the key daily maintenance of an active golf course. During their down time, delegates enjoyed Morley Hayes’s extensive golf facilities, which also includes its championship length 18-hole Manor Course and a 17-bay all-weather floodlit driving range. They also dined in a private room within Morley Hayes’ Rooster Bar and held BBQs during their stay. Commenting on being selected to host the training programme, Andrew Allsop, managing director at Morley Hayes said: “We were delighted to have been chosen to host the training programme for Dennis Mowers and Sisis Equipment. The programme is considered a prestige event of the grass and turfing calendar and it was a pleasure to host our global visitors and give them a taste of Morley Hayes and Derbyshire.” Toby Clarke, international business director of Howardson, added: “Every year we stage a training programme for a group of distributors and this year’s was our biggest event to date. “Morley Hayes was the perfect venue and provided a great opportunity to get worldwide distributors together in one place to demonstrate our latest equipment. A lot of great networking and learning took place over our four day stay in Derbyshire. “Thanks go to Robert and Andrew Allsop and all the staff at Morley Hayes for providing us with the facilities and support to deliver this type of training. The quality of the hotel and the staff are absolutely first class and we wouldn’t go anywhere else now.” Morley Hayes is set in the stunning Derbyshire countryside overlooking parkland golf courses. It boasts a luxury four star, 32-bedroom hotel and a choice of three restaurants, including the award-winning two AA rosette Dovecote restaurant, Roosters and Spike Bar. Golf facilities include a championship length 18-hole Manor course, 9-hole Tower course, a newly refurbished 17 bay, all weather floodlit driving range, golf pavilion and a highly respected Golf Academy.

Local businessman plans nationwide expansion following franchise buy-out

Michael Fisher
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Local businessman plans nationwide expansion following franchise buy-out
A Long Eaton entrepreneur has bought the national franchise that he joined as a start-up business nine years ago with ambitious plans for UK-wide expansion. Liam Hobbs was the second franchise holder of More Than Loft Ladders when he took on the Nottinghamshire area in 2013. Since then, he has built up his business and added the Derbyshire and South Yorkshire areas, and now employs nine people at the Meadow Lane site – operating six vans across the area. The company, which has won several awards for customer service and feedback, will continue to provide loft storage conversions for homeowners across the three counties under the leadership of his Mr Hobbs’ wife, Kelly. Meanwhile, Mr Hobbs will support the seven More Than Loft Ladders franchise holders who cover a wide area from Liverpool to Northampton and he plans to expand the network with an enhanced package of business support. Mr Hobbs explained: “I have learnt a great deal about running and growing a business in the past nine years and I now want to focus my efforts on supporting the current and future More Than Loft Ladders franchise owners across the UK to achieve their goals. “We are developing enhanced support packages ranging from accounting to marketing that will be available to franchise holders and I will be actively recruiting hard working and ambitious tradespeople who are keen to take the plunge and start their own business supported by us. “I have also learnt how to deal personally with juggling business and family life and am keen to support other franchise holders on a personal level to ensure their mental wellbeing.” He continued that loft storage conversions was a growing market with homeowners keen to put wasted space at the top of their homes to good use either for storage or, for example, a hobby space. “It also makes financial sense to insulate a loft rather than see money on heating bills literally fly through the roof. “Furthermore, the volatile mortgage market also means that many people are more likely to expand the living space they have now at an affordable price rather than moving and taking on bigger payments. “As a franchise business, we have built our reputation over the years by offering the full service and, as the name suggests – we are more than a loft ladder company.  Although this is obviously an important feature, we also install hatches, part or full loft boarding insultation, lighting and smoke alarms to transform dark and forgotten lofts into usable space. “With a solid reputation and growing customer demand, I am confident that our growth plans will be achieved, and I look forward to providing personal and practical support to the franchise holders across the UK.”

Hucknall manufacturer welcomes slice of £700m funding towards sustainable aviation

Steve Fisher
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Hucknall manufacturer welcomes slice of £700m funding towards sustainable aviation
ITP Aero, the Hucknall-based aviation propulsion manufacturer welcomes the decision of the European Union’s Clean Aviation programme to proceed with over €700m of funding for 20 aviation research and innovation programmes from across the industry. Following the evaluation of first Call for Proposals, a proportion of this funding, subject to successful completion of grant preparation, will enable ITP Aero and partners, to carry out ground-breaking research that will accelerate sustainable propulsion and decarbonisation research.
The Clean Aviation Joint Undertaking is the European Union’s leading research and innovation programme for transforming aviation towards a sustainable and climate neutral future. The four projects in which ITP Aero participates (HEAVEN, HE-ART, CAVENDISH and TheMa4HERA) will focus on three main technology pillars: Ultra-efficient aeronautical architectures to address short and medium haul needs with innovative gas turbine configurations to help reduce emissions. Hybrid and electric architectures by promoting research into new hybrid electric engine architectures and their integration. Disruptive technologies for hydrogen-powered aircraft. To enable aircraft and engines to exploit the potential of hydrogen as an alternative fuel. The four Clean Aviation programme projects in which ITP Aero participates are in addition to the ENGRT (EU Next Generation Rotorcraft Technologies) project of the European Defence Funds (EDF) awarded on July 2022.  The ENGRT project will focus on the next generation EU military rotorcrafts. The project will include the analysis of future needs, key future rotorcraft features and capabilities, alternative rotorcraft platforms, flight demonstrators and simulators. The project will also produce a military rotorcraft technology roadmap, strategies for modularity and manufacturing, life-cycle analysis and maintenance concepts. Erlantz Cristobal, Executive Director of Technology and Engineering at ITP Aero, said: “ITP Aero is focused in spearheading the transition towards sustainable propulsion systems and this milestone will build on our existing know-how to help accelerate technological breakthroughs in line with our commitment to be a carbon neutral company in 2050″.  

Midlands businesses hit with highest level of late payments

Michael Fisher
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Midlands businesses hit with highest level of late payments
Latest monthly research from the local branch of national insolvency and restructuring trade body R3 reveals that the Midlands is the UK region with the highest number of companies with late payments outside Greater London. R3’s figures for September, which are based on an analysis of data from business intelligence provider Creditsafe, show that 78,601 Midlands companies had invoices on their books last month which were overdue for payment. The R3 research also indicates that local entrepreneurs are becoming more cautious, with the number of East Midlands start-up companies falling to 2030 in September from 2279 in August. In the West Midlands, the number of start-ups in September decreased to 5032 from August’s figure of 5726. R3 Midlands Chair Eddie Williams, a partner at PwC in the East Midlands, said: “This research indicates the negative impact of the current economic climate on local businesses. “Trading conditions are proving to be extremely challenging, not least because we are heading into the winter with rising supply and energy costs on top of a market which is still recovering from the effects of the pandemic. “For those business owners with significant concerns about their situation, the sooner professional advice is sought, the more opportunities may be available for finding the best possible outcome. Many R3 members offer a free initial consultation to those who are looking for such help and want to explore their options.”

The merger of two leading accountancy practices is a welcome boost to Colchester and the surrounding area

Michael Fisher
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The merger of two leading accountancy practices is a welcome boost to Colchester and the surrounding area
Streets Chartered Accountants, a top 40 UK accountancy practice, is delighted to announce the founding of Streets Whittles Chartered Accountants. The announcement follows the merger of the Colchester and Mersea island practice of Whittles with Streets Chartered Accountants, a mid-tier multi regional practice. When asked about the merger, Rachel Skells the lead partner for Whittles, said: “This merger is a great match, both in terms of client focus and cultural fit and we are very much looking forward to working with, and getting to know, our new colleagues. “Myself and my fellow partners made the decision to merge the firm with Streets because we believe it is in the best interests for all concerned. In terms of size, a three-partner firm has the benefits of a boutique firm but also a number of underlying challenges. Now that Whittles is part of a wider thriving practice, we can confidently promise greater continuity of service to our clients and greatly improved career prospects for our team. “We also believe our clients may potentially benefit in that the combined firm will also be able to offer a wider range of services including areas of specialist corporate and private client tax planning, international advice and personal financial planning.” Commenting on the merger and what it means to Streets, the firm’s Managing Partner, Paul Tutin, said: “With Streets’ existing offices across the East of England, including Cambridge and Newmarket and further south in Stevenage and London, we have been looking to establish a presence in Essex. “Whilst we considered opening a new office in the county, we really wanted to join up with another liked minded firm. We were therefore delighted to enter into a conversation with the Whittles partners, Rachel Skells, Michael Greene and Dan Insley. Very early on in our discussion it was clear that we shared by the same vision and values for the profession and for supporting our clients. This certainly made the process of merging much easier, even enjoyable. A great start to our new future together.” “By coming together both Whittles and ourselves will be able to capitalise on our respective expertise and will be better placed to grow and develop to support the needs of both existing and future clients. We also feel that the merger brings exciting opportunities for our team members and for new recruits who can join a progressive and expanding practice. With Streets Whittles offices in Colchester and Mersea, we now have 19 offices from Manchester in the north to Brighton in the south. “Whilst many large firms have moved to more regional models, Streets remains committed to and focused on looking after clients that live, work and operate businesses in the local area. This approach is very much at the heart of our strategic focus for growth, which is likely to include further mergers of likeminded firms. Our aspiration is to become a top 20 UK practice by 2030.”

550 Nottingham City Council assets could come under hammer

Steve Fisher
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550 Nottingham City Council assets could come under hammer
Nottingham City Council is looking to review 550 of its assets by the end of next year with a view to selling them and raising much needed funds to pay off its debts. The council headed off intervention by Government commissioners when it managed to reduce its 1.2 billion debt by £200 m although an Improvement and Assurance Board (IAB) now oversees council improvements and has been given a targeted list of requirements to fulfil. Cllr David Mellen, City Council Leader, believes that selling property and land no longer required by the council is just “one of the ways” it could fill its coffers, stating that such an approach is necessary “at a time when our Government grant is drastically reduced and we are unable to borrow due to the involvement of the Improvement and Assurance Board.” The independent board has been working with the council to help develop and implement a medium-term financial plan. It became even more closely involved in September after the Government decided against appointing commissioners to take over certain decision-making functions at the council. The updated financial plan is to be discussed at a full city council meeting on Monday (October 31) along with documents revealing the cost of the IAB’s findings and continued oversights by the council.

Luxury Derbyshire housebuilder announces new eco development

Steve Fisher
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Luxury Derbyshire housebuilder announces new eco development
Woodall Homes has announced a gated development of nine luxury homes in Derbyshire. Nine two and three-bedroom detached bungalows will be available at the development on Newbold Road, boasting fully-fitted kitchens, luxury bathroom suites, landscaped gardens and all powered by Wondrwall, a world-leading intelligent home automation and heating system coupled with renewable energy generating solar panels and battery storage. As well as allowing users to control all aspects of the homes heating, lighting and security through the Wondrwall app, this complete home energy management system also utilises artificial intelligence and self-learning technology to adapt to the occupant’s daily routine and preferences. Automatically minimising energy bills and the environmental impact of the home by reducing demand and only using the energy that is required at its lowest possible cost and carbon intensity. David Wood, Managing Director at Woodall Homes, said: “We are delighted to announce our new development, The Shrubberies, complete with Wondrwall technology in each home. “Sustainability should be at the forefront of the build process for every developer, and we are proud to deliver an eco-development of this standard.”

Architects reveal designs for firm’s new HQ

Steve Fisher
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Architects reveal designs for firm’s new HQ
Matthew Montague Architects has submitted plans for the refurbishment of the headquarters of a growing Derbyshire IT firm. Proposals have been lodged with Chesterfield Borough Council for a comprehensive revamp of Old Birdholme House, in Derby Road, Chesterfield. The building is the HQ of CCS Media, a technology and supplies reseller, which has been based in Chesterfield since it was established almost 40 years ago. The company, which delivers IT solutions and services to organisations across the UK, is understood to be the largest independent employer in Chesterfield. Matthew Montague Architects was instructed by the firm to prepare a detailed scheme for the sensitive alteration and refurbishment of the Grade II-listed Old Birdholme House, parts of which date back to the late 17th century.
According to Matthew Montague Architects, heritage reports state the building was originally a dwelling and later a mansion house. It said there is still evidence of this as the present-day offices are “quite cellular in nature, with various small spaces, rooms and offices”. The firm said its proposals seek to “strike a balance between functionality and form, creative design and fulfilling the needs of the business while retaining original architectural details and finishes”. Matthew Montague said: “The time, costs and complexity involved in altering and upgrading a Grade II-listed building should not be underestimated. “You can’t cut corners with listed buildings. This project will be a significant investment for CCS Media.” A decision on the planning application is expected early next year.
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