Business

Why SMEs need to embrace technology for survival

By March 28, 2017 No Comments

I’ve seen a lot of reports recently about how SMEs are failing to adapt to the changing technological landscape and this isn’t just a problem in the UK, it’s a problem all over the world. I even read one report that said almost half of Asia’s smaller businesses are digitally illiterate and unable to keep up with the lightning pace of technological change.

In the UK, SMEs are the backbone of the economy, contributing £473 billion a year and making up more than 90% of all the nation’s businesses, but shockingly, according to the UK’s Cabinet Office, a third of SMEs do not even have a website capable of selling their product!!!

To put it simply, SMEs that embrace technology grow faster than those that haven’t. In fact, a 2016 International Data Corporation report showed 39% of SMEs surveyed said that active participation in the digital economy would be essential to future survival.  This shows that SMEs can’t afford to stay on the sidelines of the digital economy.

As an investor, I personally wouldn’t invest in a company that appeared reluctant to embracing new technology to improve their business opportunities. So, if you’re part of an SME and fear you may be losing out to your more tech-savvy competitors, it is essential that you take action and embrace the digital revolution now, because you could be missing out on investment opportunities.

It doesn’t have to be scary or complicated. Do your research and find the best technology solutions that are simple and easy to implement into your business. Embracing the digital revolution can add both value and longevity to your business. After all look at me, P2P lending has been driven by the digital age and has given people like me the opportunity to connect at the click of a button and do business with people all over the world.