Global research shows tech savvy businesses grow better when they commit to technology
According to new research almost one third of small business, who commit to technology, show demonstrable growth.
The whitepaper titled Tech-Savvy Businesses do it better was commissioned by Sage and conducted by IDC. The research shows that 56 per cent of all small businesses interviewed have yet to adopt digital technologies, preferring to maintain their business with traditional methods, despite the rewards shown in the findings, which show:
Automation Drives Innovation:
Small business owners that are digitally mature dedicate more time to innovation–32 per cent of small business that have a significant focus on digitally innovating their business reported growth of more than 10 per cent last year; despite innovation featuring in the top three challenges overall, only eight per cent of small businesses indicated that they spend quality time on innovation; despite innovation featuring in the top three challenges overall, only eight per cent of small businesses indicated that they spend quality time on innovation; in contrast looking at tech-savvy businesses, this jumps to around 29 per cent; and overall, 79 per cent of small business owners very much enjoy working for their own business; with this percentage rising to 94 per cent among those that use IT very well.
Digital Focus Enables Opportunity:
With tools to automate and free up time easily available, many small business owners are seeing an opportunity–57 per cent of the respondents see new digital business models as an opportunity for their business with 25 per cent of the total calling it a "significant opportunity". Also, over 57 per cent are focused on digitally innovating their business
Getting on Track with Technological Adoption:
Some small businesses feel they have fallen a little behind their peers in terms of their use of technology–13 per cent of business owners feel they are ‘a bit behind’ their peers in their use of technology with an additional 2 per cent feeling that they are ‘far behind’, while 30 per cent say they need to improve on their IT skills to make full use of the IT tools they have.
“With the stakes high for business owners, Sage are solving for our customers’ needs with the following outlook. We want to make the cloud a reality for businesses of all sizes, without the need for them to migrate from their much loved Sage business management solution. We want to give our customers mobility choices and enable them to work from wherever, whenever in a way that that suits the way they run their business. Above all, these solutions need to be cost effective and part of the journey that our customers experience as they grow their businesses – we don’t want growth to be prohibited by difficult choices,” said Jennifer Warawa, EVP of Product Marketing, Sage.
Nick Goode, EVP of Product Management at Sage added that this second round of new cloud products releases in 2017 has seen customers move closer to a professional environment for entrepreneurs where admin is invisible by 2020, freeing up business builders to follow their dreams.