Digital transformation might be the buzz-phrase for big businesses keen to exploit the changes fuelled by the Covid pandemic but tech is also the biggest driver of growth for medium-sized businesses, and worryingly their biggest internal challenge.
That is according to a new study by Virgin Media O2 Business, “Medium businesses: Fuelling the UK’s economic engine” which also highlighted that 87% of business leaders noticed an increase in productivity when supplying employees with new technology, while 77% believe it helps boost morale.
Meanwhile, 65% say tech is the biggest growth asset but 33% said tech is their biggest internal issue.
More than a quarter (28%) of medium business leaders believe the biggest benefit of technology is that it improves efficiency, while 23% say the main benefit is boosting collaboration.
However, nearly half (48%) said they need better IT support to realise their company’s ambitions and 24% say IT security is one of the biggest internal challenges.
Virgin Media O2 Business director of small and medium business Catherine Amran said: “With around 250,000 medium businesses operating across the country, employing more than 7.5 million people, and turning over around £1.4 trillion a year, they are a huge contributor to the UK’s growth – which is even more important during these uncertain economic times.
“That’s why it’s important that medium businesses aren’t left behind and can make the most of tech to enhance their productivity, performance, and prosperity. If medium businesses are the UK’s economic engine, then tech can be a fuel for recovery.”
Current Virgin Media Business or O2 Business customers with between 11 and 249 staff that extend their contracts to take Internet connectivity (broadband or leased lines) and mobile products are being offered 10% of the value of their new plan to spend on a range of tech for their teams through the Get More Fund.
New customers that take out both Internet connectivity and mobile products will also receive 10% of their total monthly contract value in a Get More Fund.
Related stories
‘Turn on, tune in, and win’: SMEs urged to run radio ads
Data failings put half of SMEs at risk of violating GDPR
Age-old issues hit new surge of digital transformation
Digital transformation drives UK tech to hit $1 trillion
