Three-quarters of SMEs with restrictive budgets are struggling to grow and compete with bigger organisations due to a lack of access to innovative technology.
The Gridfox survey found that 84% of SMEs can’t keep up with larger sized firms when it comes to budgets for technology innovation and digital transformation. Forty-nine per cent admitted it was restricting growth and 48% said it had impacted their ability to recruit.
Of the 500 SMEs surveyed, a third still rely on spreadsheets to carry out certain tasks, such as tracking invoices (34%), projects (29%) and customer data (30%).
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Email JaimeWorryingly, 32% of the firms surveyed said they felt they were exposed to cyber security risks by storing critical information on spreadsheets, and a further 21% are worried about how information is stored on existing software.
Philip White, founder at Gridfox, said, “Our research shows that SMEs, many of whom have already had to rapidly adapt to change due to the recent impact of COVID-19 and Brexit, are feeling trapped between managing data in programmes like spreadsheets or moving to products that aren’t fit for purpose.
“Historically, they just couldn’t compete with the big digital transformation budgets larger organisations have to tailor and adapt systems.”
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