Companies could lose ground on their competitors if they fail to make use of modern technology, experts have warned.
According to PricewaterhouseCoopers (PwC), it is necessary for firms to understand the value that the latest innovations can offer and incorporate them into their operations.
John Sviokla, spokesman for the group, said those that fail to do so will end up lagging behind their rivals and becoming "increasingly irrelevant" in their sector.
"The core of the ecosystem for innovation has moved from inside the firm to out in the marketplace," he commented.
Mr Sviokla said the expectations of both workers and customers are being "shaped by this new, dynamic and exciting environment".
Using social media to measure data was flagged up as one option businesses should pursue, along with using business intelligence in innovative ways.
PwC added that embracing cloud computing would also increase a company's digital IQ, as well as making greater use of mobile technology.
Posted by Paul Newton