Despite the various benefits of digital transformation, small- and medium-sized enterprises (SMEs) in the UK are dragging their feet, new research suggests.
According to a report from UK-based bank NatWest, based on a survey of 1,000 SMEs, only a fifth are open to the idea of digital transformation.
However, similar companies that have already undergone transformation report a range of advantages. These companies are 2.5 times more likely to experience a 20 percent (or more) increase in revenue, while SMEs that use two or more technology solutions or tools can expect a 25 percent increase in productivity.
Almost half (42 percent) of “tech-open” SMEs reported higher productivity, while a similar percentage (43 percent) reported higher confidence in their ability to set the right business strategy, as compared with just 11 percent of “tech-closed” firms.
For Lynne Darcey Quigley, CEO and founder of credit management platform Know-it, there’s also a hidden benefit that should not be neglected: the ability of digital transformation to pick up momentum.
"[With digital transformation], it becomes not only easier to introduce, adopt and embed new tech innovations in the future, but also becomes more exponentially beneficial," she said.
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