School children all over Europe are enjoying the long-awaited summer holidays. But this is typically a time for a quieter period for the corporate world, particularly for southern Europe, where many offices shut down completely in August. Often, these slower summer months are termed the 'silly season' - a time when productivity, and our focus on achieving it, is limited. But at a time of ongoing economic recovery, can European businesses afford to sit back and let these valuable weeks slip by?

The summer period provides an excellent opportunity for businesses to review internal processes and prepare for the year ahead. IT and communications, for example, is pivotal for business success in today's digital networked economy. It is crucial that companies take the time to reassess their systems infrastructure to ensure that IT strategies fully support the future direction of the business. Too many European businesses fail to see this as a priority and too few recognise that the best time for integrating IT into their business model is now.

According to the World Trade Organisation, there was a 2.5 per cent increase in global output in 2003, prompting a 4.5 per cent increase in world trade. But this is not uniform across the globe. Asia and the transition economies, the former USSR and satellite states, recorded the most dynamic trade performance, with imports and exports growing 10-12 per cent. The economy in Europe remains sluggish, however, with growth of less than two per cent during last year.

Europe is at risk of falling further behind more aggressive economies if its businesses do not follow the example of the US where many companies such as Wal-mart have invested in the connected world, using technology innovatively to streamline business processes and keep them one step ahead of the competition.

As the economic recovery starts to bite, two types of business will emerge: those that are held back, limited and unable to change; and those that are 'unbound' and open for new opportunities. IT enables companies to become unbound businesses; it gives them the power to reach new markets and new targets. So why aren't more European businesses investing in it? Are enterprises energised by new technologies or is technology refresh bogging them down? Or is it simply because many are still unaware of the benefits of IT and have a fear of the unknown?

A recent survey carried out by Omnetica found that 41 per cent of UK companies do not know what convergence is. This backs the notion that a lack of understanding is holding companies back from investing in IT. But that is not to say that businesses should rush out and buy the latest and greatest technology that's receiving most media attention. Sometimes it is just a case of looking at what you already have and assessing the ways in which you can use it more effectively.

Many businesses still talk of 'new' technologies - as though they are some way off in the future, when really they are 'now' technologies - available today and in every organisation's grasp. It is this old-fashioned and risk-averse mindset that is holding European business back. The summer offers a great opportunity to think rationally about how technology can help to drive businesses forward, and to put this thinking into action. A lot can happen in eight weeks.

Technology is enabling change at a faster rate than ever - by 2010 we will be living in a world of 'ambient technologies' with advanced functionality built into everyday objects. We're starting to see this already with the emergence of microchips that can be built into clothing and other goods, so that retailers can perform instant and accurate stock-checks on the shop floor. This generation of ambient technologies is only a few years away. Can businesses really afford to lose momentum during the coming couple of months?

Companies need to take the time to look at how they can improve the running of their enterprise and achieve 'unbound business', and the time to do it is now. The summer can be a time for thoughtful consideration, not just a silly season.

Andy Green is the chief executive of BT Global Services