Almost half of chief executives at medium-sized UK business do not feel they are up-to-date with how their customers and competitors use technology, a survey has revealed.

The claim was made by 46% of respondents in research conducted by CEO-organisation Vistage, which surveyed 492 CEOs, managing directors and business owners in September 2013.

Worryingly, 36% of respondents said their business does not have any senior management who are IT-savvy, and 41% said they do not invest in leading-edge technology to gain a competitive advantage.

This lack of strong senior knowledge in technology is despite CEOs and business owners recognising the potential power of technology – with 61% feeling its had a positive impact on their business’s prospects.

“Someone in the senior team needs to be tech-savvy,” said Steve Gilroy, CEO of Vistage. “If there is no one in their current team who can fulfil this role, the business’s managing director needs to find someone – there are no excuses, it’s just too important and urgent.

“Business owners and chief executives are asleep at the wheel if they and their senior team are not fully up to date with how technology is being used by their suppliers, customers and competitors.  I really cannot see how a business’s board can make sensible strategic decisions without being knowledgeable about this.”