- The United Kingdom average SMB now invests 36% of its annual income in new technology
- Finance and payments are common use cases
- Only 1% of companies remain technology users
The small and medium enterprises of Great Britain are investing more than a third (36%) of their annual income in new tools and technology, according to the new WorldPay data, and the majority (90%) also agree that technological investments have already significantly increased efficiency.
Among the most popular areas for new technological investments in all types of SMEs of the United Kingdom are financial management (54%), marketing and sales (49%) and payments processing (47%), with employee management, inventory control and CRM also seeing a healthy impulse.
On the other hand, only 1% of SMEs now do not use any technology, compared to one in five (20%) a decade ago, marking a great deviation in the old ways.
The SME of the United Kingdom are mainly technological
“This digital transformation is not just a trend: it is a vital evolution that improves productivity, efficiency and customer satisfaction,” said GM of WorldPay for SMB International Chris Wood.
Several factors could have contributed to the increase in spending on digital platforms, but the change in behavior after the pandemic could lead them. Customers now expect services without contact and omnichannel that are fast and instantaneous.
Then, there are the regulatory obstacles, for example, the HMRC Digital Tax Mandate that requires that accounting is completed using some report software.
“Worldpay is in a mission that provides SMEs with the right technology, training independent companies to compete in a level and prospering field,” Wood added.
