Bridging the Business Digital Divide
Technology plays a crucial role in business. It can be used to optimise operations and to enhance security. It can be used to improve communications – something that’s proved vital as companies switched to working from home this past year – and to boost productivity. Innovating with technology is how businesses can adapt and improve, how they can find better ways of working and achieve better results.
The benefits of emerging technologies are clear. However, there is a disparity in the way different types of businesses approach new technologies. Compared to large corporates, small businesses have been found to be much less likely to adapt new technologies. This is known as the digital divide – a gap in the ability of businesses to take advantage of digital technology.
The reasons for this divide might seem obvious. Technology can be expensive, and bigger companies are in a better position to invest in digital solutions to make improvements to their business. But the value new technologies can have is universal. With the rollout of 5G well underway and the use of IoT technologies on the rise, understanding how new technologies can work for you is an important step towards longevity.
A study conducted last year reported that nearly one third of businesses would have had to close all or part of their business during the pandemic without digital technology.[1] Access to and investment in digital solutions has become a lifeline for businesses worldwide. The digital divide is shrinking. A recent report found that 70% of small businesses are accelerating their digitalisation.[2] With such a widespread focus on digital solutions, it’s never been more important to understand how they can work for you.
Small businesses are the backbone of the British economy. They account for 99% of the business population[3] and as such, the country’s economy relies on small businesses continuing to thrive. Digital development is a key component of that. The solutions are there: for hyperconnectivity, improved workflow efficiency, data management, enhanced productivity, and more besides, digital technologies exist to help us achieve their best results. Interpreting what that means for your business, and how that can translate into your best results, is the best way a company can prepare for the future.
[1] ‘How Digital Tools Power Small Businesses Amid COVID-19’, Digitally Empowered
[2] ‘2020 Small Business Digital Maturity Study’, Cisco.
[3] ‘UK Small Business Statistics’, The Federation of Small Businesses.