Silico, the business process simulation platform, has launched a new report titled ‘Forewarned is Forearmed,’ exposing the need for intelligent planning to navigate challenging global economic headwinds.

Research conducted by 3Gem on behalf of Silico found that almost all UK businesses (94%) are comfortable with technology taking charge of decision-making and autonomous planning with little or no human involvement, indicating that UK business leaders no longer appear to trust ‘gut instinct’ or ‘intuition,’ according to the report.

Technologies which can augment or make decisions autonomously, such as artificial intelligence (AI) and digital twins, are now seen as integral to decision-making and business planning efforts.

A majority (93%) of UK businesses surveyed feel AI will be ‘very important’ for making strategic business decisions over the next 12 months, whilst over two thirds (69%) claim to already use digital twin technology to inform their business planning.

One in five (22%) are planning to introduce digital twin tech to their business over the coming years to guide their planning.

Increased trust in technology to make decisions and support planning efforts appears to follow a similar rise in anxieties around business performance and survival within a deeply turbulent global economic landscape.

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When asked about how current market conditions may impact
business performance, just under three quarters (74%) of UK businesses stated they are extremely concerned by how well their business will deal with pressures stemming from the current global economy.

This is particularly resonant in the IT and Communications sector, where three in four (73%) businesses said that current planning is extremely challenging. Almost nine in 10 (89%) say that current UK inflation rates make strategic planning extremely or very challenging.

John Hill, CEO at Silico, said: “In the face of an increasingly difficult macro environment, it’s little wonder that businesses are becoming more risk-averse, leading to a reluctance to innovate and improve. But this hesitance stifles growth and leads to stagnation. Business Process Simulation offers a solution to this challenge.

“By allowing companies to test and analyse various scenarios in a controlled environment, process simulation can help businesses overcome their fears and embrace change. This powerful tool encourages continuous improvement and innovation, ensuring that businesses not only survive but thrive, even in the most uncertain times.”

The survey interviewed 525 technology decision makers in the UK from companies of over 251 employees, with 11% of those surveyed from companies with over 5,000 employees, across all sectors.