UK SMEs are growing spending on know-how, with devoted IT groups set as much as allow them to maintain tempo with tech change
By
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Karl Flinders,
Chief reporter and senior editor EMEA
Published: 23 Aug 2023 11:15
UK small and medium-sized enterprises (SMEs) are investing practically half of their annual turnover on know-how to counteract rising prices and retain competitiveness, in line with the most recent Barclays Business Barometer.
According to the financial institution’s analysis, probably the most revolutionary SMEs within the UK are spending 48% of annual income on know-how, with 45% doing so to extend productiveness and 44% to future-proof their enterprise.
Barclays stated that 57% of the SMEs it screens reported a rise in income within the newest monetary quarter, which is probably the most for 18 months. The financial institution additionally stated analysis of its bank card and debit card transactions confirmed a rise of simply over 1% within the quantity of transactions to SMEs within the second quarter of this 12 months in contrast with the identical interval final 12 months.
Colin O’Flaherty, head of SME at Barclaycard funds, stated: “It’s promising to see that SMEs are feeling more optimistic about revenue growth and are eager to invest in cutting-edge technology to future-proof their companies.”
Retailers within the are assured about development over the subsequent 12 months, with 85% reporting a optimistic outlook, in line with Barclay’s barometer. It additionally revealed that 66% of retailers are open to embracing new know-how. Dedicated IT groups have been arrange by 41% of the SMEs surveyed by Barclays, with a median of 13 individuals in these groups.
“Retail SMEs in particular have displayed a remarkable agility in adapting to evolving consumer behaviours by adopting emerging technologies – setting the stage for a brighter year ahead,” stated Barclays.
Separate Barclays analysis revealed the significance of retail SMEs utilizing know-how to achieve prospects. It discovered that 70% of shoppers use the web to tell how they store and make financial savings, with on-line grocery web sites seeing a rise of 54% in on-line visitors, with visitors to non-grocery up by 42%.
It additionally revealed that 93% of retailers imagine that harnessing knowledge is vital to their future success.
The previous 12 months has seen retailers actively investing in cutting-edge applied sciences to boost operations – 18% of the SME retailers surveyed have invested in knowledge analytics, and 12% in synthetic intelligence and machine studying.
According to a latest report from SME-focused fintech SumUp, UK SMEs take the lead in Europe in relation to adopting the most recent applied sciences. For instance, 90% of UK SMEs now settle for near-field communications (NFC)-based card funds, in contrast with 85% in Switzerland, 78% in Italy, 68% in France and 67% in Germany.
Nina Etienne, world vice-president of advertising at SumUp, stated UK SMEs have taken strides in embracing innovation. “The uptake of digital payment tech highlighted in this data demonstrates the adaptability that puts UK SMEs at the forefront in terms of using technology to improve user experience,” she stated.
“While the economic landscape has created difficulties for small businesses, these statistics offer some insight both into the resilience of SMEs, as they find new ways to improve their business, and an increased trust in digital payments amongst the public, as more transactions take place through contactless methods.”
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