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SMEs are dragging their feet over digital transformation

SMEs are dragging their feet over digital transformation

Digital transformation promises higher revenues, but SMEs are hardly rushing to change.

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.

This article was first published by ITProPortal.

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