Calls for SMEs to embrace new technology

Technology is the key to successful growth for small and medium-sized enterprises (SMEs), new research suggests.

According to the 2016 International Data Corporation (IDC) report, SMEs that embraced new technology last year grew at a much quicker rate than their less tech-friendly competitors.

The study, which quizzed more than 3,000 UK SMEs, also found that more than a third (39 per cent) of firms felt that active participation in the so-called ‘digital economy’ would be essential to their business’ survival in the near future.

Separate research carried out by software provider SAF last year revealed that an increasing number of UK SMEs are growing reliant on social media to attract new clients and customers.

Their survey found that 100 per cent of SMEs now use social media as a tool to aid business growth, while almost a third (29 per cent) of firms use three or more social media channels to target a wider client base with their products and services.

Meanwhile, a study commissioned by Barclays Business, which was recently highlighted in The Telegraph, suggests that the majority of British SMEs believe that embracing ‘better technology’ is essential to business growth.