Delays in decisions are causing financial harm as the average business lost an average of £1.2m this year, according to research by Samsung Electronics.
Surveying 1,000 business executives across the UK, the research highlighted that 65 per cent of businesses are frustrated about having to invest more capital due to avoidable delays in decision-making.
In fact, 26pc say decisions take five months or more longer to get over the line compared with just one or two weeks longer in 2018/19.
The survey showed that 43pc of business leaders say they believe the chief financial officer (CFO) holds more power this year compared to 2018/19.
This is more than the chief executive officer (CEO), chief operating officer (COO), and chief technology officer (CTO) with 36pc, 36pc and 31pc respectively.
With more executives believing the CFO holds more power, this is in line with research that 34pc are worried about budgets and 33pc are worried about inflation.
However, 55pc of business leaders suggested they want to find ways to prioritise greater optimum and business prosperity this year.
Businesses are also looking at ways to save money as 30pc say they would like to slash the number of vendors they work with and 36pc are looking for a ‘one stop shop’ fix to researching and buying tech solutions.
The findings come as Samsung announced the expansion of its ‘Work Wonders’ B2B platform which brings together business-focused products and solutions to help grow British businesses.
As 94pc say complex decision-making processes are stopping them from making better investments and decisions, Samsung aims to offer a ‘one stop shop’ approach to its technology purchasing.
Mark Seaman, Head of New Business Development, Samsung UK said: “Our research clearly shows that business decision-making continues to stagnate in 2022 as leaders struggle to shrug off decision-making fatigue in favour of more simplicity, streamlined purchasing and an all-round more collaborative experience.
“That’s why through our Work Wonders One Samsung platform, we’re focused on giving companies a more singular touchpoint to access Samsung’s entire suite of technology products and services.
“Whether it’s equipping an entirely mobile workforce with the latest Samsung Galaxy smartphone or talking to housing developers about the very latest in smart home appliances, Samsung wants to help businesses take a more holistic, value-driven and longer-term view of their purchasing requirements.”
