‘Arrogant’ firms shun net threat

UK companies think they are smarter at IT than their peers, but are blind to the competitive threat posed by internet trade, a survey has found. Research for the Institute of Directors (IoD) and software firm Oracle claims to have uncovered an ‘arrogance gap’ about half of the UK board directors polled said their company […]

UK companies think they are smarter at IT than their peers, but are blind to the competitive threat posed by internet trade, a survey has found.

Research for the Institute of Directors (IoD) and software firm Oracle claims to have uncovered an ‘arrogance gap’ about half of the UK board directors polled said their company was innovative in its use of IT, but only around 15% thought the same of the UK as a whole.

The survey also reveals that companies in the US, Scandinavia and Germany are most likely to see the internet as a competitive threat. Nearly one in four company bosses in Norway regarded the web as posing a risk to business, compared with just 2% in the UK.

‘Weve got the benefit of English the language of the internet,’ said Tim Melville-Ross, IoD director general.

But this could become a disadvantage as US firms target the UK. A survey by Fletcher Research showed that in electronic retailing, US companies already have 33% of the UK market.