Leaders at small and midsize businesses (SMBs) in North America are gearing up to take on larger competitors and enter new markets – and they see technology as the driver. A recent study by Oxford Economics (see link below) shows that SMBs are thinking and acting globally, competing with rivals of all sizes and aggressively investing in technology.
Check out these survey questions and responses to see how you compare with other North American SMBs.
Technology helps my firm achieve longevity and sustainable growth
For the overwhelming majority of SMBs, technology is more than a necessity – it’s a business enabler. In the survey, three-quarters of North American respondents agreed or strongly agreed with this statement.
Our CEO believes that technology is critical to our firm’s future success
Today’s business leaders are embracing technology as a strategic competitive advantage, especially in North America. More than 70% of respondents on this continent agreed or strongly agreed with this statement, compared to only 56% in the Asia Pacific region.
Mobile technologies are transforming my business
The survey found that, across the board, SMBs will increase their use of technology over the next three years. Mobile technology ranked second in the list of most commonly-deployed tools. Of the North American respondents, 59% agreed that mobile technologies are transforming their businesses.
Technology is a key differentiator for our firm
We are, once again, at the front of the pack when it comes to seeing the strategic business value in technology. In North America, 64% of people affirmatively responded to this statement – a close second to Latin Americans at 69%.
Technology is at the heart of our business transformation efforts
In the survey, transformation is defined as a major change in approach to a firm’s business model, technology, products, and markets (not simply upgrading or adding technology). If you agree with this statement, you’re in good company – 64% of survey respondents did too.
The top 5 tech priorities
According to the report by Oxford Economics, when it comes to investment strategy, SMBs are prioritizing technologies that enable them to gain better insights into their operations. Business management software (50%) is the top focus, followed by business analytics (43%), mobile (37%), social media (36%), and cloud computing (34%).
One contributing factor is that technologies like business management software, which previously were too expensive and complex for many SMBs, are now inexpensive and easy to adopt. And newer tools like mobile, social media, and cloud, are readily available to support international expansion and provide the capabilities needed for growth.
Takeaway – Think about HOW your company will do business in three years
Don’t just plan what your company will do in the next three years; think about how it will do it. Technology is an ever-evolving area of your business that can provide a strong competitive advantage. To thrive, your business should adapt the way it engages customers, manages business functions, and collaborates with suppliers and partners. This means thinking strategically about the technology that drives your business plan.
Relevant links:
> Whitepaper (Oxford Economics): How Successful SMEs are Reinventing Global Business
> Article: Why are SMB’s Flocking to Business Management Software?
> Article: 3 Telltale Signs that it's Time to Outsource IT
Image source: Transformation and Technology by Oxford Economics