57% believe global giants such as Amazon, which is expected to commence operating in Australia next year, are forcing the local market to embrace innovation
Key findings from a survey of more than 1000 business owners and directors, by MYOB’s Business Monitor
Four in five SMEs believe new technologies will impact their business within the next ten years
One in four SMEs (76%) have invested in technology over the last 12 months to boost their innovative capacity
Other insights included
- Almost a third of respondents had acquired computer software and hardware, making it the dominant form of technological investment, followed by the acquisition of machinery and equipment.
- 78% believe technological advancements will impact their business in the next decade, while 40% expect this impact to be significant.
- 57% believe global giants such as Amazon, which is expected to commence operating in Australia next year, are forcing the local market to embrace innovation.
- 29% thought the biggest barrier to introducing and developing innovation was the cost associated with this undertaking. Other barriers included excessive government regulation (26%) and inadequate government support (25%).
- Gen Y business owners were more likely to nominate big data and machine learning as having an impact on their business – citing efficiencies, better targeting and providing better service (replacing jobs???)
SMEs can derive huge value just by making small changes.that are not major costs
- Upskilling you and your team through continuos education – this can be done with government and industry support (see www.bbg.business and http://ift.tt/2vjAX2s for 2 examples on what you can do)
- Social Media Presence – Only 22% of businesses surveyed have a social media presence. Those using it saw an increase in enquiries and, in 54% of cases, greater interaction with customers. The survey iindicated that half of the businesses on social media said it made doing business easier.
- Improved connectivity and collaboration with clients should be technology that SME’s will give most impact to their business into the future,
- Move to cloud software is a simple innovation -. “businesses are embracing online accounting solutions over old, desktop software which can often be onerous to use.
How will Amazon , Artificial Intelligence and technology effect your business ?
What are you going to do about it?
Are you ready to change and learn?
Posted on August 2, 2017