New research from Microsoft suggests that small and medium-sized businesses that are early adopters of technology see faster and higher rates of growth, are more likely to achieve business objectives and are more likely to be confident in their future success.
The research, the Microsoft SMB Voice and Attitudes to Technology Study 2022, shows that the majority of SMBs are planning to increase their IT budgets in the next year, with investments largely focused on increasing operational efficiency, improving sales and marketing and improving customer retention.
According to Microsoft, 70% of early adopters of technology improved brand awareness or grew their customer base, compared to 53% of technology laggards that did the same. In addition, 60% of early adopters said they were able to improve employee satisfaction, compared to just 40% of technology laggards.
Data also shows that early adopters report higher revenue growth, with a third reporting revenue growth of over 5%, compared to less than a fifth of tech laggards, Microsoft says.
In addition, 80% of SMBs expect to have a hybrid workforce for at least the next two years, and they need the necessary technology to support their employees and business goals in a reliable and secure way.
Microsoft’s research also found that SMBs are increasingly leaning on technology partners to help them grow, as nearly half choose technology partners, with 33% favoring managed service providers or cloud solution providers.
This is a result of the impact of the COVID-19 pandemic and the need for more cloud-based collaboration technologies and cybersecurity tools, Microsoft’s research suggests.
Rather than simply deploy and manage technology to customers, those technology partners are expected to proactively recommend technology solutions to accelerate their organization’s business goals, the research finds.
In what is perhaps a major driver of SMBs investing more in technology is the fact that millennials hold 41% of technology decision-making roles, and nearly a third of millennials identity as technophiles in their personal lives, which Microsoft says bleeds into their professional decisions.
If you enjoyed this article and want to receive more valuable industry content like this, click here to sign up for our digital newsletters!
Leave a Reply