British companies are falling behind their developing economy competitors when it comes to taking calculated risks, according to a new study from BT Global Services.
The report said 90% of Indian companies view risk as a means of increasing competitive advantage, compared to just 44% in the UK, who tend to shy away from risks.
The research, conducted by Datamonitor on behalf of BT Global Services, reveals a startling gap between developing economies and the UK when it comes to making profitable business decisions based on their calculation of the risk involved.
The key to the difference in attitudes seems to be the role of risk in enabling business development. The report said 85% of Indian companies see risk management as a tool to foster innovation and creativity, whereas only 34% of UK companies share that sentiment.
The research suggests that a more proactive attitude towards risk is leading to a fuller understanding of opportunities for originality and resourcefulness in India and other developing economies.