A new study from HSBC UK has revealed that SMEs intend to prioritise investment in technology and innovation during the next five years.
The research showed that 67 per cent of UK SMEs expect technology to increase flexible working practices, including the use of new cloud-based platforms.
With many firms having to adjust to remote working during the last six months, many SMEs also see other technological assets, such as video conferencing tools and high-speed internet, as essential elements of their future survival.
The survey also showed that 52 per cent of SMEs expected to make changes to products or services as a result of the pandemic, identifying enhanced online journeys and self-serve capabilities, as key areas of improvement to their operations.
Additional research from HSBC UK, which surveyed business leaders from 49 tech firms, showed that 74 per cent of respondents believe their company will have to work more remotely than before the Covid-19 crisis.
Despite the move to remote working, just one in three believed that productivity levels had suffered due to a move to remote working, with many citing advances and uses of technology as a key driver to change and growth going forward.
Commenting on the results of the studies, Roland Emmans, Head of Technology at HSBC UK Commercial Banking, said: “As firms look to build further resilience, investment in tech is at the forefront of their plans. Business leaders are looking to change their traditional ways of working and find ways that they can innovate to adapt their existing office spaces.
“This reliance on technology has softened the impact of the pandemic on the tech sector and provided growth opportunities for firms that have adapted quickly to provide continuity in their services.”
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In fact, our work is being supported with specialist COVID-19 grant funding from the Government-backed Innovate UK. To find out how we can assist you and your business, book a demo today!
