Companies could save a total of £5.6 billion in the next 12 months by adopting smarter technologies, according to a new report by Samsung.

The Smart Society Barometer suggests firms could save an average £81,000 each by adopting more efficient products and systems in every part of their business.

Research for the report also found that one in 10 businesses are yet to adopt any smart tech. Samsung calculates that, taken together, the figures add up to a £10 billion deficit in the UK economy.

Andy Griffiths president of Samsung UK & Ireland, said: “Smart technology adoption is happening and where it is being used most effectively, the benefits are already being felt both by individuals and businesses.

He added: “If we are to accelerate as a smart society, we need to fully understand how to get the most out of this technology.”

In other findings from the research, more than one in four businesses said they had lost out on business because they lacked the necessary technology. The figure rises to more than one in three four businesses in the financial sector.

The research quizzed 1,000 businesses and 2,500 members of the public.