SMEs Urged To Make Better Use Of Tech To Aid Recovery

By 16th July 2020Blog

Small to medium-sized enterprises (SMEs) are being encouraged to make better use of the digital technologies available to them in order to help them boost productivity and bounce back faster and more effectively after lockdown.

A report carried out by thinktank The Entrepreneurs Network shows that there are many SMEs failing to make use of the tools they have, with 38 per cent currently not adopting technology that has proven to help.

It was found that if the 1.1 million micro businesses in the UK doubled their uptake of key technologies, it would give the economy a £16.6 billion boost. But according to the EU’s Digital Intensity Index, many SMEs in the country lack a website, fast broadband or social media presence.

In all, three barriers to digital adoption were identified – knowledge, skills and finance. Policies recommended to help identify and adopt possible digital solutions include prioritising peer-to-peer learning initiatives, allowing tax relief for self-funded training and improving awareness of and access to digital training.

Research director and author of the report Sam Dumitriu said: “Recent events have highlighted the importance of digital technology in enabling businesses to continue trading in the most difficult of circumstances. It is now time to take advantage of a massive opportunity to boost productivity by increasing the rate of digital adoption.”

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