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Whitehill Business Services Ltd >> news >> latest news >> Has technology given small businesses an advantages over larger firms?

Has technology given small businesses an advantages over larger firms?

Posted by on December 5, 2014

Research from Coleman Parkesmodern-laptop-computer-isolated-1432157-m.jpg has recently found that 72% of small businesses prioritise technology leadership and a similar number (71%) have a clear vision in place.

The majority of businesses (82%) feel that advancing their technologies gives them the ability to compete effectively with large firms in their sector.

Phil Keoghan, CEO of the UK arm of technology company Rico has previously stated that:

“Small businesses are major employers in the UK and account for 47% of private sector employment. They are responsible for more than 33% of turnover and 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.”

69% of the survey’s respondents expect to see an increase in profits from digital transformation in small businesses.

Whilst larger 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 – this suggests that small businesses grow more rapidly than larger ones. More than 60% of small businesses see digital maturity as a golden opportunity to improve business process and growth.

According to the participants involved within the research, digital maturity will add value to operations. They expect easier access to information and improved business processes (79%), less time required to complete tasks (74%), stronger competitive edge (68%), enhanced company reputation (67%), a more motivated and empowered workforce (59%) and better talent acquisition (54%).

Despite the advantages their agility brings, small businesses are said to be more likely to struggle to resource technology initiatives and 50% of people agreeing that this will be an issue for them.

In the research, small companies are said to be less inclined to be able to spare senior employees to drive forward digital transformation projects with just over half confident that they can free up this resource.

Additionally, educating the business functions of benefits to technology will pose a challenge for 46% of small businesses; changing the way in which employees work will effect 48% and aligning technology and ways of working will be a difficulty for 45% of companies taken into account in the survey.

Phil Keoghan adds, “Despite their agility, small companies may indeed lack the resources available to their larger counterparts to drive associated cultural changes. Making investments within working with external partners at the outset will ensure they implement new technologies effectively and help them to stay competitive and profitable in the long run.”