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Established companies are struggling to adapt to developing digital trends, which is putting them at risk of being replaced by young start-ups.

36 per cent of UK businesses do not have a mobile website or app, according to a survey by digital transformation company Squiz. 47 per cent said they did not think that the ability for customers to contact them via mobile was important.

Businesses polled agreed that the UK digital transformation is the key to future success. However 44 per cent of those questioned said they feel their businesses are similar, if not the same as they were ten years ago, and that they have not adapted to the digital age.

60 per cent said they felt they needed to innovate their systems in order to keep up with and understand consumer behaviour.

98 per cent said that they saw innovation through digital technology as a key way to remain competitive in their respective markets and to drive business forward in the 21st century.

38 per cent said they needed more technologists in their company if they are to secure contracts and clients.

This was the case for 44 per cent of London-based businesses, despite the city’s reputation as a tech hub. This has led to fears by senior members of established businesses that they will be displaced by more tech-savy, up and coming businesses.

36 per cent said they were concerned that within five years start-ups would be taking their custom. The co-founder of Squiz, Stephen Morgan, said: “It’s worrying to see that a staggering 44 per cent of businesses believe they are either the same business they were 10 years ago, or similar.

“With the rate of digital transformation accelerating more than ever, this cannot be the case if these businesses want to survive.

“However, I am glad to see that businesses have recognised that innovation will be the key to their survival, giving them time to change their approach.

“For the 40 per cent of businesses that said they are slow to innovate, it is vital that they find the point of vulnerability within their business and act to bridge the gap it presents, before another business swoops in to do it for them, offering a better alternative to customers.

“Rather than fear the emergence of industry disruptors and established competitors, the opportunity lies within identifying the potential point of disintermediation that could exist between them and your customers.

“Businesses are experiencing ‘do or die’, but implementing a steady approach to digitisation will mean that they can win the race just as easily as the next fastest start-up, or a bigger industry player.”

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