Small businesses see tech as key to their advantage over large firms

Four fifths of small companies believe their ability to optimise processes quickly gives them a distinct advantage over large firms when implementing technology-led programmes .

80 per cent of small companies say that the ability to enhance processes quickly gives them a unique head-start over larger firms when implementing technology-led programmes.

Bespoke research provider Coleman Parkes has found that 72 per cent of small businesses prioritise technology leadership and a similar (71 per cent) have a clear strategy that they aim to move forward with.

Some 82 per cent of businesses feel that advancing their technologies enhances their ability to compete with larger firms effectively.

Managing Director of the Wolf Group, Marc Fowler said: “In the UK small businesses account for almost half of all private sector employment. They are also responsible for more than 33 per cent of turnover, so gaining a more precise understanding of what this sector’s technology needs are, and how its leaders plan to move their companies forward, is key.”

While most large companies believe that it will take five years to achieve digital maturity, more than a quarter of small firms think that this will happen within one to two years and of those surveyed 69 per cent expect to see an increase in profits from digital transformation.

According to the small businesses surveyed, advancing technology will add value to their operations. They expect easier access to information and improved business processes (79 per cent), greater time efficiencies (74 per cent), stronger competitive edge (68 per cent), enhanced reputation (67 per cent), a more motivated and empowered workforce (59 per cent), and better talent acquisition (54 per cent).

Despite the advantages their agility brings, small businesses are more likely to struggle to resource technology-led initiatives, with 50 per cent saying this will be an issue for them. Resource constrained small companies aren’t as likely to have the labour force required to drive digital transformation forward

In addition, demonstrating all functions of the business how these transformations will be beneficial will pose a challenge for 46 per cent of small businesses; changing the ways in which employees work will affect 48 per cent; and aligning technology and ways of working will be a difficulty for 45 per cent of companies surveyed.

Marc Fowler adds, “Despite their ability to move quickly, small companies lack the resources available to their larger counterparts to drive the associated cultural changes. Making the investment in working with external partners at the outset will ensure they implement new technologies effectively and help them stay competitive and profitable in the long run.”

For more information about how Wolf could help your business through its tech-transformation visit our Consultancy pages.

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