A recent study by expense management solution TripActions has found SMEs could be losing up to ?25m in extra revenue due to a lack of technology.
The study harvested opinion from 250 UK SME CFO, with 82% of respondents saying that the pandemic delayed their adoption of new digital technologies.
Furthermore, 94% – nine in 10 agree that if their team fully adopted the digital technologies on offer, their business would be able to grow its revenue faster.
What is holding these firms back? Over half said a lack of budget allocated to adopting new technologies, while 41% cited their firm lack of understanding of new technologies.
As for priorities, 41% of CFOs said streamlining their tech stacks was key, while more than one-third plan to implement a new corporate card programme. Up to 45% of respondents said they were keen to boost visibility of spend across a company, while 41% want to be able to better control budgets and going expenses.
If their tech budget for the new year was doubled, more than half of respondents would allocate their additional funding to security, while 52% would allocate it to data and analytics.
?The biggest concerns for CFOs included, at 52%, financial turbulence. This was followed by meeting ESG requirements at 46% and addressing skills gaps in teams at 36%.
TripActions general manager of Europe Michael Riegel said, ?SMEs risk missing out on huge revenue opportunities by not deploying new digital technologies. In a time when budgets are tight, greater spend and expense management control can be the difference between a thriving and surviving business.
“Successful businesses will prioritise investment in digital transformation to unlock revenue growth, while boosting business productivity and saving costs.p>
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