Companies are pouring money into information technology but failing to exploit the advantage that it gives them, according to a new British survey.

The report said it was a worrying trend that groups were not making the best of their investment and competitive edge.

The latest research backed up recent findings by the Institute of Directors and Oracle that board-level personnel were also failing to exploit and understand the technology.

Mr Tim Melville-Ross, IoD director general, said: "It is desperately important that businesses invest in IT and IT training."