A survey of 5,000 UK small to medium enterprises (SMEs) conducted on behalf of the Business Banking Insight (BBI), an initiative supported by the British Chambers of Commerce (BCC) and the Federation of Small Businesses (FSB), shows mid-sized businesses have seen greater savings in their business from investing in digital innovation. Two fifths of mid-sized firms (39%) believe digital innovation has led to real cost savings, compared with just a quarter (25%) of sole traders.
Companies working internationally tend to be more positive about digital innovation. Well over a third (36%) of international companies said it has resulted in cost savings, compared to just a quarter (25%) of firms who do not trade across borders.
Professional, Scientific and Technical firms have seen the greatest benefit from digital innovation. 38% of SMEs in this sector think that digital innovation has saved them money.
Smaller businesses understand the potential benefits of investing in new technology, but they may need greater advice and support to choose the solutions that best match their individual business needs.
John Longworth, BCC Director General and spokesperson for the BBI “In order to encourage digital advances and capabilities, we would like to see more firms trusting in the benefits of this investment and perhaps looking to their banks for advice and support in this area. The BBI’s findings demonstrate the areas in which different SMEs have received the most support from their banks, which may be of assistance to those considering how best to harness digital developments for their business.”