New report reveals South West businesses’ changing use of technology since pandemic
The attitude of South West business leaders towards technology underwent a major shift in the pandemic, according to a new survey.
South West IT and technology support specialists Timewade carried out the ‘Time to Deliver’ survey, in partnership with leading South West accountancy firm Bishop Fleming.
The findings reveal how the pandemic changed business leaders’ view on the role of technology, with 85 per cent now believing that investing in technology is vital for business success, compared to just 56 per cent in 2020.
The main drivers for decisions on investing in technology are improving the user experience (40%), return on investment (28%), affordability (20%) and future potential (11%).
The annual regional survey, in its third year, also found that around half of companies now have a technology strategy in place, to help them invest in, develop and implement technology solutions. Those companies with a technology strategy are expanding fastest, with 50 per cent set to move into international markets, compared to only a quarter of those lacking a strategy, in the next 12 months.
Julian Wills, Managing Director at Timewade, whose head office is in Exeter, said: “In every sector companies now recognise that technology is not just a basic necessity but actually a driver for increased growth.
“The need for improved productivity, efficiency and usability is leading to more companies focusing on developing a clear and strategic approach to their use of technology, including the projects to invest in and finding the right trusted partners to work with to realise opportunities.”
South West businesses taking part in the survey are optimistic about growth, with half expecting up to 10% growth, a third 11-20%, 1 in 10 25-50%, and 1 in 20 over 50% over the next three years.
Pippa Clarke, Head of Technology, Innovation and Growth at Bishop Fleming, said: “The report makes it clear that companies are optimistic about recovery and growth as we come out of the pandemic. It’s fantastic to see many ambitious South West SMEs using technology to drive their business forward, and having significant growth and international plans.
“Companies across every sector should have a clear business strategy. As an integral part of the overall business strategy a company can benefit from a strong technology strategy which aligns with their business goals. We encourage every business to ensure they have a strategy in place, and to ensure they take advantage of every opportunity to access any available tax benefits for innovation.”
The survey reveals that a lack of technical skills in the workforce and not fully understanding what the business needs as the main challenges to maximising the benefits of technology. This, coupled with staff shortages, is leading more companies to outsource, with 55 per cent of SMEs planning on outsourcing some or all of their IT and tech functions.
Julian Wills at Timewade continued: “It’s good to see business leaders recognising the importance of technology in driving business success, but many are still making ad hoc decisions based on specific problems. Half of SMEs still lack a technology strategy. It’s essential to drive better decisions and achieve better outcomes for customers and employees, improving productivity and the user experience, and generating new business.”
The full report is available at: https://technologyforsuccess.co.uk/benchmark-your-sme
