Only 6% of Businesses Invest in New Technologies, but 73% Want to Grow
Most business owners usually talk of growth and plans for expansion or increased profit margins without acknowledging the pivotal role of technology in their growth plans. Recognizing the role of technology in your business growth involves realizing that opportunities are accompanied by the advancement in technological trends. A company that plans to grow and does not include how the latest technology will be adopted in the growth strategy is oxymoronic, to say the least.
Utilizing the latest technology is the same as embracing change. Organizations that embrace change often survive while those businesses that ignore change realize when it’s too late that they should have done something. In the current business environment, the cloud has proved to be of tremendous significance on how businesses boost efficiency in their operations.
Small and medium-sized businesses can achieve growth if they adopt new technology, including the cloud, in their day to day business processes.
ITProPortal reported a survey of small and medium-sized businesses conducted by software provider Exact and below is a summary of the findings:
38% acknowledge digital disruptors will put them out of business if they don’t adapt, but only 2% are trying to avoid being shoved aside.
This finding is a clear indication of how businesses fear to embrace change. Even tough the business owners see that the digital disruptors are coming to run them over, very few take the initiative to move out of the way by joining the revolution. Those who accede to the digital revolution get opportunities to survive while those who don’t; well, it becomes a matter of time before they pack up and leave.
However, let’s not heap all the blame on the businesses. Most small and midsized businesses operate on shoestring budgets and therefore have little room to maneuver with the times.
64% are competing against digitized businesses, yet only 6% chose to invest in new technologies to keep up.
That over two-thirds of businesses are feeling the heat of digitization is a clear indication that as a business you cannot avoid technology and prosper in your field. Customers are warming up to companies that have digitized processes and have adopted technology because of the efficiency and convenience that technology provides.
The type of technology to apply and the level of digitization depends on your business processes and the value addition. For example, a retail store would do well placing an alternative option to cash as the mode of payment. The alternative could be technology that can be offline or online, e.g., swiping a card or paying virtually online. And who would have thought that the biggest brands associated with taxis do not operate a single taxi? Cab companies that hesitated to adopt taxi- hailing have been crying foul because their historic clients are being lost. There is no such thing as a loyal customer because users will always seek alternative solutions that offer both convenience and low cost. We all know how Uber has disrupted taxi services globally and how disgruntled cab companies have become, but they are all now towing the line.
73 % of SMBs are planning to grow.
It might sound nuts but yes, not all businesses are targeting growth, only 73% of those surveyed are planning to grow. It gets more absurd that only 6% of these companies are investing in technology as a catalyst for growth. Growth in your business might be stagnated simply because you lack the technological infrastructure that will help you become more efficient in your operations.
For most companies, using ready-made solutions that are readily available and more affordable have enabled them to implement technology in their organizations. For example, cloud computing offers scalable solutions to suit your present business needs. From the survey, 58 percent of SMBs are exploiting cloud computing for their day-to-day activities. The convenience and reliability of the cloud allows your business to utilize the latest business solutions in a cost-effective manner, giving you a double competitive edge to grow your business.
To learn more about cloud computing solutions and other latest flexible business technology that can help your business grow, contact us at 1-888-245-9926 or by clicking here.