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IMPORTANTLY LEADERS SHOULD RECOGNISE THE WIDER BENEFITS OF CONTINUOUS IMPROVEMENT .

He said : “ With SMEs accountable for over 50 % of the £ 111 billion revenue opportunity between 2021 and 2023 , effective digital investment across SMEs could create a significant positive impact on the economy .

“ SME business leaders can gain an advantage over competitors by investing in digital technologies . If all SMEs were to spend just 4 % more on digital , they could boost revenue by 11.9 % and job creation by 6.5 %, representing 313,000 potential new jobs .

“ However , while SMEs ’ potential for digital growth is massive , there is work to be done to realise this potential . SMEs lag 3 % behind larger organisations in developing a strong digital culture . Even when organisations believe their digital culture is working effectively , our findings show that many companies may be overvaluing their perceived strengths . With three in four organisations not significantly increasing their digital usage since 2021 , digital stagnation is creating a credible risk for all organisations of falling behind in a rapidly digitising society .”

Pearson does point out that this isn ’ t unique to SMEs as nearly all businesses face challenges in Digital Transformation , with 92 % of organisations admitting to struggling with it .

But he said SMEs should be looking to leverage their size and agility to overcome barriers and accelerate change processes that may require more time to implement at larger organisations .

Pearson added : “ Introducing targeted training to upskill staff as new tools are rolled out will accelerate the benefits of new tech helping to embed a digital culture throughout the organisation by ensuring understanding of the tools value across the team .

“ Importantly leaders should recognise the wider benefits of continuous improvement . Providing more effective digital training and tools can immediately improve business efficiency , staff skillsets and workforce happiness . Yet , with digital capabilities constantly advancing , regular horizon scanning is crucial to identify emerging opportunities for further growth .

“ As organisations move into a continuous improvement cycle , the knock-on impact of more effective digital tools and higher-skilled staff is increased growth and job creation . This not only benefits the organisation you ’ re in but also your customers and the local communities in which you work . With a constantly expanding opportunity to boost the wider economy through digital adoption , SMEs should seize the opportunity to accelerate digital change . Why wait ?” �

32 Intelligent SME . tech