// INFOGRAPHIC //
TECHNOLOGY AND TALENT INVESTMENTS critical for business transformation
“
COMPANIES ARE PLANNING
TO UPGRADE
BUSINESS TECHNOLOGY TO INCREASE EFFICIENCY .
USINESSES ARE INVESTING
B in technology to expand online operations and facilitate remote work during the pandemic . But many of those same businesses are also eager to see their employees return to the workplace in greater numbers over the long term .
Those are among the findings of a new survey of SMBs leaders , conducted by The Harris Poll and sponsored by CIT , a division of First Citizens Bank .
Nearly one in three small businesses ( 31 %) indicate they are planning to invest in technology over the next year to facilitate work on-site or in a physical workplace .
When planning to have employees working in-person , business executives are most commonly thinking about employee productivity ( 42 %) and vaccine mandates ( 36 %). Another key factor business executives consider is a new business or customer needs ( 33 %).
Middle-market companies are pursuing many of the same business objectives but are showing more flexibility about hybrid work schedules ( 34 % of middle-market executives plan to have their employees split their time between in-person and remote in the longterm vs . 22 % of small business executives ).
But ‘ lessons learned ’ from the pandemic continue to evolve as half of the business executives surveyed ( 50 %) said they ' ve reassessed improvement opportunities at their company since the pandemic hit .
" Leaders continue to discover new strategies to advance their growth and are focused on using the intersection of technology and talent to drive business transformation ," said David Harnisch , President of CIT ' s Commercial Finance & Real Estate group .
Looking at the year ahead
Most businesses ( 78 %) expect their company ' s revenue to grow and plan to make investments in their company over the next 12 months ( 87 % of small businesses , 92 % of middle-market businesses ).
Among those planning to invest , they plan to allocate the greatest proportion of their investment in :
• Small businesses – equipment upgrades ( 22 %, on average ) and marketing and advertising ( 20 %).
• Middle-market companies – tech / software upgrades ( 18 %), research and development ( 14 %) and marketing and advertising ( 13 %).
" We ' re committed to delivering technologydriven solutions to meet the unique needs of business owners ," said Ken Martin , Managing Director of CIT ' s Business Capital group . " It offers a seamless lending experience that transforms business buying by providing speed and convenience when purchasing equipment ."
To adapt to an increasingly digital-first marketplace , companies are planning to upgrade business technology to increase efficiency and / or productivity ( 56 %) and increase e-commerce opportunities for customers ( 48 %).
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