More than three quarters of SMEs with restrictive budgets are struggling to compete with bigger organisations due to the lack of access to innovative technology, impacting their ability to grow and enlist talent, according to new research.
The survey found some 84 per cent of small businesses say they are unable to keep up with the bigger budgets of larger organisations for technology innovation and digital transformation, with nearly half saying it is restricting growth and nearly the same number saying it has impacted their ability to recruit.
Combined with the impact of COVID-19, a lack of fit-for-purpose technology options and prohibitive costs could lead to many SMEs losing out long-term if they do not take advantage of more flexible and cost-effective solutions.
The research found Technology concerns moved way beyond operational efficiencies, however. A third of businesses surveyed said they felt they were exposed to cyber security risks by … Read the rest