The UK must seize the opportunity to become a leader in the use of technology to drive better business outcomes and create inclusive workplaces that support employees’ mental wellbeing, by accelerating investments in digital skills. That’s according to the CBI/Microsoft Tech Tracker 2020.

Amid the ongoing uncertainty around Brexit and the COVID-19 pandemic, the report celebrates companies’ efforts to rapidly accelerate technology adoption. Addressing digital skills gaps is key to building on this momentum and enhancing competitiveness, enabling organisations to harness the value of their data.

Firms innovated at pace to deal with the immediate challenges presented by COVID-19, with technology investments largely focused on a need to improve efficiencies and competitiveness. Video conferencing solutions (91%) and cloud computing (79%) tools that allowed for greater agility and productivity were the most common technologies respondents had applied to their operations.

However, while organisations have increased their investment in technology, more than half (56%) of respondents stated that they lack the right skills to extract value from their data. A third (33%) of respondents went further and said that they are unable to make full use of their data to achieve critical goals.

While organisations have struggled to use data to drive strategic decision-making, they have been able to use it to support employees through this unprecedented time. Nearly two-thirds (65%) of firms said they are making good or full use of their data on employee satisfaction and engagement to support employee welfare.

Rich Ellis, Small, Medium and Corporate Business Lead, Microsoft UK, said: “In 2021, the UK’s competitiveness will be put to the test like never before. While this report highlights the role technology has played in helping navigate these turbulent times, it has also unearthed new challenges. ”

Although organisations have access to more data than ever before, many lack the skills to extract true value from it. This must change if the UK is to thrive in a post-COVID, post-Brexit world. Microsoft is committed to working with the CBI, organisations of all sizes and the Government to up-skill the UK’s workforce in a fair and inclusive manner that creates broad opportunity for everyone.

Without question, these challenges are daunting, but the path to rebuilding the economy is also an opportunity to build a better economy and future for all.