British small and medium-sized enterprises (SMEs) are fully aware that they need to explore and invest in new technology in order to achieve their growth ambitions – but many are struggling to do so, a new study suggests.
According to research carried out by the 2018 International Business Festival, SME leaders are quickly realising the benefits and value of new technologies.
However, for almost half (45 per cent) of SMES, upgrading to new and innovative tech is simply “out of their reach” financially, the report reveals.
The survey, which quizzed more than 500 SME leaders and decision-makers, found that a staggering 83 per cent believed that their business would need to adapt and change to modern tech trends in order to meet future market demands.
Yet just 40 per cent of SMEs said that they were planning on investing in new technology in the next three years – while a further 42 per cent openly admitted that they felt their company would struggle to remain competitive in the near future as a result of this.
Max Steinberg, Chair of the 2018 International Business Festival, said: “As this research shows, many UK SME leaders clearly understand the value of new technologies, but see them as expensive and out of reach.”
Nevertheless, he insisted that it was “absolutely crucial” for businesses to find ways to bolster their growth by investing in new innovations “like blockchain and autonomous vehicles” in order to “revolutionise their businesses.”