Yorkshire Bank has released new figures highlighting the importance of technology within business – and the awareness of entrepreneurs that digital transformation is vital to growth.
According to the research, 46% of small business owners in the UK believe technology is even more important to their business than people, with the figure rising to 56% in the capital city of London.
71% of companies agreed that technology is a key driver of growth. This was most prominent in Birmingham, Leeds and Edinburgh. The figures also indicated that investors are increasingly funding technology transformation, with 36% of tech-led businesses reportedly finding access to funding “easy”.
Group Banking Business Director Gavin Opperman told FinTech Magazine exclusively: “To me, the most surprising thing is that SMEs – the most people-centric of all business – are now entering a time where technology feels more important. Small businesses often grow through the help and support of their personal relationships and key team members, rather than tech.
“However, as technology contributes ever more value to the world of business, its influence also extends, no matter how big or small the revenues are. Crucially though, leaders must make sure that it doesn’t come at the expense of the talent and creativity that remains the beating heart of British SMEs.”
Opperman also commented that companies are looking to use technology to improve their impact on the environment. “It’s great to see there are so many businesses in the UK aware of the environmental impacts that their business may be having and are aiming to take steps to combat those impacts.”