Britain's small to medium-sized enterprises (SMEs) are not taking advantage of the latest benefits of information communication technology (ICT), a report reveals.

According to a study by the Centre for Future Studies (CFS), although 83 per cent of Britain's small businesses recognise that ICTs are vital to long-term success, many business owners are unable to implement the latest technological advances, reports bCentral.

The report notes that ICT is important to ensure good levels of customer service and the ability to remain competitive within e-commerce.

"The Centre for Future Studies explores the geography of time," states CFS on its website.

"We scan the horizon to identify the contours of change and their likely consequences, five to 50 years ahead," it adds.

The report also found that many businesses are unable to identify where the latest developments in ICT may be beneficial.