SMEs reap competitive rewards from adopting new technology, study shows

Software is one of many technologies for small retailers that can help to overcome competition from big firms.

A survey studying the effects, implications and of a move to digital maturity has found that 79% of small business leaders believe they can adopt and implement technology and software more quickly than their larger competitors, giving them a competitive advantage.

Digital maturity is where an organisation shows a long-term commitment to using tools and technology to manage processes and drive performance improvements, according to Ricoh Europe. Nearly 80% of small business respondents said that reaching digital maturity would improve access to information, while the same percentage thought it would improve business processes. Three-quarters of respondents thought that software and technology would reduce the time it took to complete tasks. 68% said it gave them a competitive edge, and two-thirds thought that it would enhance their reputation.

72% of small businesses prioritise technology leadership, with 71% of small businesses having a clear vision in place of where they’d like technology to take their company. 70% of the survey’s respondents (both in large and small businesses) said that adopting technology is expected to improve profit.

The research shows that software is now just as important (and attainable) for small businesses as for large firms. With SMEs boasting an inherent flexibility and adaptability that isn’t present in most large companies, small businesses can adopt new technology quickly and effectively.

There are software solutions out there for every company in every industry. Generic software won’t cut it for builders’ merchants, hardware stores and independent retailers. Integrity Trader is EPoS software built with smaller retailers in mind. We can tailor the software’s modules to your needs and help you make the leap to digital maturity. Contact the team to arrange a free software demo.