Yet only a fifth believe change needs to happen faster to respond.
Half of British senior executives believe their firms are being threatened by disruptive rivals, according to a survey from the enterprise software vendor NetSuite.
Despite this, only a fifth of those questioned from the UK said they believed change needed to happen much faster than in the past, with other results showing slow uptake in the use of digital technologies to respond to competition.
Mark Woodhams, managing director, EMEA for NetSuite, said: "The reality of fast-changing market conditions is that businesses need to stay ahead to generate future revenue and remain relevant."
More than half of British businesses believed the impact of digital was significant to their industry, but only a third expected to change their distribution channels within the next year.
A mere sixth of those asked were found to be taking orders over the internet, with 11% selling directly to consumers, 27% selling to consumers via another firm, and 56% selling directly to other businesses.
Alexander Michael, director of consulting for Frost & Sullivan, who conducted the survey, said: "Given industries are changing so quickly in such an unpredictable way, companies need to have the ability to adapt extremely quickly to launch new products and services, come up with new revenue or business models and access new geographical markets."