Thursday, August 6, 2020

Midlands businesses allocating most investment towards automation

In the first of a series of CFO surveys, accountancy and business advisory firm BDO spoke to 200 CFOs and Financial Directors across the UK to understand how important automation is to their business.

The report, New Economy: Investing in Automation, shows that senior leaders across the country expect automation to be pivotal to their businesses and employees’ development in the coming year.

Across the UK, 87% have automated a key business process during the last year and one in five (21%) CFOs view automation as their most important investment priority during the next five years.

In the Midlands, senior leaders are already investing in automation, with 11% of total company spend being dedicated to implementing automated processes, the highest of all regions.

88% of businesses in this region have also already automated a key process, such as accountancy and finance processes or customer support, in the last year. In addition, 10% of businesses in the Midlands view automation as the most important investment priority for the next year, and this figure doubles when looking ahead to the next five years.

Around two fifths of finance heads in the Midlands believe that automation will change their workforce. Contrary to prevailing opinion, many finance heads in the Midlands (20%) believe the impact on jobs is likely to be positive increasing the workforce as automation provides growth opportunities. Interestingly, nearly the same number (24%) also think it will lead to negative changes too. CFOs and FDs in the region are also helping increase their employee’s skill set, with 4 in 10 (39%) already investing in training, to help equip staff to make the most of automated processes.

Richard Rose, partner and Head of BDO in the West Midlands, said: “The Midlands has a strong reputation for its entrepreneurial spirit and it’s really encouraging to see businesses with plans for investment in automation which should help to increase productivity, encourage innovation and reinvent roles and sectors which in turn boost the economy. With it being perfectly placed for logistics, the region, the potential for growth for those who embrace these new technologies is huge, and it could definitely result in an increased competitive edge for business across the country.”

A message from the Editor:

Thank you for reading this story on our news site - please take a moment to read this important message:

As you know, our aim is to bring you, the reader, an editorially led news site and magazine but journalism costs money and we rely on advertising, print and digital revenues to help to support them.

With the Covid-19 lockdown having a major impact on our industry as a whole, the advertising revenues we normally receive, which helps us cover the cost of our journalists and this website, have been drastically affected.

As such we need your help. If you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs just £33.60 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the storm and continue in our quest to deliver quality journalism.

As a subscriber, you will have unlimited access to our web site and magazine. You'll also be offered VIP invitations to our events, preferential rates to all our awards and get access to exclusive newsletters and content.

Just click here to subscribe and in the meantime may I wish you the very best.






Latest news

Winvic starts work on £29m contact for Northamptonshire intermodal rail freight terminal

Winvic has secured a £29 million contract to deliver a new Intermodal Rail Freight Terminal at Prologis RFI DIRFT in Northamptonshire. The scheme forms part of Prologis’...

Software firm’s founder steps down after MBO

Leanne Bonner-Cooke MBE, who founded Leicester-based Evolve IT Consulting Limited in 2007, is handing over the reins to co-director and former CTO Colette Wyatt, who...

COVID-19 hit businesses to benefit from Leicester University’s expertise

Small and medium businesses affected by COVID-19 in Leicester are to benefit from the expertise of one of the Midlands’ top business schools, as...

Nottinghamshire nursery lands CBILS funding

A Nottinghamshire children’s day nursery has secured CBILS funding from Barclays. Stepping Stones Day Nursery Ltd, based on Arboretum Street in Nottingham, agreed the funding...

Northampton provider of education IT services secures £90,000 boost

A Northampton-based provider of specialist education IT services is set to create five new jobs after landing a £90,000 boost from Enterprise Loans East...

Related news

Pet food brand secures 150,000 sq ft distribution and manufacturing hub

Tritax Symmetry, the dedicated logistics development company of Tritax Big Box, has agreed a major deal to let its speculatively built 151,388 sq ft...

Winvic starts work on £29m contact for Northamptonshire intermodal rail freight terminal

Winvic has secured a £29 million contract to deliver a new Intermodal Rail Freight Terminal at Prologis RFI DIRFT in Northamptonshire. The scheme forms part of Prologis’...

Software firm’s founder steps down after MBO

Leanne Bonner-Cooke MBE, who founded Leicester-based Evolve IT Consulting Limited in 2007, is handing over the reins to co-director and former CTO Colette Wyatt, who...

COVID-19 hit businesses to benefit from Leicester University’s expertise

Small and medium businesses affected by COVID-19 in Leicester are to benefit from the expertise of one of the Midlands’ top business schools, as...

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close