Lack of advanced tech slows growth of UK's medium-sized firms

Research by ANS, a British technology firm, revealed that approximately half of the UK's medium-sized enterprises believe that their growth is curbed due to the lack of access to the most advanced technology. The data jointly sourced by the company and YouGov formed part of the inaugural Business Blockers report.

The study presented interesting statistics, with almost 48% of mid-sized British enterprises agreeing that the lack of the latest technology is a factor limiting their business growth. Additionally, a whopping 81% of businesses reported that insufficient technology investment hinders the broader growth of British businesses.

Increasing concerns were also demonstrated in the report. A little over a quarter (27%) of the surveyed enterprises voiced concerns of falling behind competitors, and 35% expressed worry about meeting their internal growth targets.

The findings also indicated that amid the economic instability due to a technical recession and global conflicts, business face significant challenges to stay abreast of technology's rapidly advancing pace. The lack of technology investment was deemed a significant roadblock as such economic turbulence continues to impact the country.

The study comprised a survey involving IT decision-makers across 240 medium-sized enterprises with a headcount of 250 to 999 employees. The report aimed to delve into factors hindering UK business growth, in a collaborative effort between ANS and YouGov.

Richard Thompson, ANS CEO, felt that the predicament facing mid-sized businesses is that they are often left on the backfoot trying to catch up with the latest technology. He said: "All too often, mid-sized enterprises are left playing catch-up when it comes to accessing the best tech, while big corporations with greater financial resources continue to keep the advantage. Lacking budget, tech recruitment challenges and the need to keep prices competitive are just some of the barriers holding UK enterprises back."

Thompson firmly believes that technology can be accessible, cost-effective, and easy to manage in the long-term for businesses. He continued: "Our first Business Blockers report highlights an undeniable link between technology access and growth, but for every business, tech can be accessible, cost-effective and easy to manage long-term. Streamlining, simplifying and automating enterprise-grade technology ensures enterprises get rapid time to value, and accelerate their digital transformation."

The objective of ANS, as outlined by Thompson, is to "level the playing field so that all businesses, regardless of their size, can embrace the latest technology and take their business to the next level."

The Business Blockers report is regarded as a temperature check on UK enterprises, indicating prevailing concerns like cybersecurity threats or sourcing the right staff. Furthermore, it delves into enterprises' attitudes towards current technological advancements like artificial intelligence (AI), low code and cloud migration.