More than three-quarters of SMEs with tight budgets are struggling to compete with larger organizations due to lack of access to innovative technology, affecting their ability to grow and recruit talent, according to new research.
The survey found that about 84 percent of small businesses say they cannot keep up with the larger budgets of the largest organizations for technology innovation and digital transformation, and nearly half say it is restricting growth and almost the same number say it has affected their ability to recruit.
Combined with the impact of COVID-19, the lack of appropriate technology options and prohibitive costs could lead many SMBs to lose in the long term if they do not take advantage of the most flexible and cost-effective solutions.
However, the research found that concerns about technology went well beyond operational efficiency. A third of the companies surveyed said they felt they were exposed to cybersecurity risks by storing critical information in spreadsheets, and a further fifth are concerned about how the information is stored in existing software.
The survey was conducted by Gridfox, a recently launched flexible digital workspace that enables SMBs to build bespoke applications to suit their exact needs in minutes, to understand where businesses could save on efficiency.
The platform supports basic business functions such as finance, marketing, sales, HR, and recruiting, and is designed to fill the gap between risk-laden spreadsheets and complex software packages available on the market. Gridfox removes the barriers of existing ways of working, allowing users to create, adapt and scale digital workspaces, allowing them to innovate by developing the software they need. That
Jaron Ghani, Technical Director at Numiko, implemented Gridfox for. He said: “We previously used several different programs, including spreadsheets for invoice tracking and financial management (a sheet that’s almost 18 years old), Trello for new business tracking, and Team Gantt for project planning. With information all over the place, we were struggling to manage multiple users across the system.
“Gridfox is on our street as it does exactly what we need within a centralized project space. It has helped us move beyond a squeaky old Excel sheet and boosted shared access and collaboration across the team. It also gives you a much more structured way of handling client and project information, which in less than a month cut the amount of time we spend managing our daily strategic and financial reports in half. “
Philip White, founder of Gridfox said: “Our research shows that SMEs, many of which have already had to adapt quickly to change due to the recent impact of COVID-19 and Brexit, feel trapped between managing data in programs like spreadsheets or to products that are not suitable for your purpose. Historically, they simply couldn’t compete with the big digital transformation budgets that larger organizations have to adapt and adapt systems.
Gridfox offers that adaptability, hosted in a secure cloud environment, without the significant costs that it normally entails. “