Three quarters of SMEs struggle to innovate because of obsolete technology

More than three-quarters of SMEs with tight budgets find it difficult to compete with large organizations due to lack of access to innovative technologies, which has an impact on their ability to grow and recruit talent, according to a news report. study.

The survey found that some 84% of small businesses say they are unable to cope with larger organizations’ larger budgets for technological innovation and digital transformation, with almost half of them saying this is restricting growth and almost the same number stating that it impacted their capacity. recruit.

Combined with the impact of COVID-19, a lack of suitable technology options and prohibitive costs could lead many SMEs to lose out in the long run if they do not take advantage of more flexible and cost-effective solutions.

The research, however, revealed that technological concerns extend far beyond operational efficiency. A third of the companies surveyed said they feel exposed to cybersecurity risks by storing critical information on spreadsheets and a fifth worried about how information is stored on existing software.

The survey was carried out by Gridfox, a newly launched flexible digital workspace that allows SMBs to build custom applications that exactly match their needs in minutes, so they understand where businesses could be saving efficiencies.

The platform supports essential business functions such as finance, marketing, sales, human resources and recruiting and is designed to bridge the gap between risk-laden spreadsheets and complex off-the-shelf software packages. employment. Gridfox removes barriers to existing ways of working, enabling users to create, adapt and scale digital workspaces, enabling them to innovate by developing the software they need. He

Jaron Ghani, Technical Director at Numiko, implemented Gridfox for. He said: “We used to use a number of different programs previously, including spreadsheets for invoice tracking and financial management (one sheet that’s almost 18 years old), Trello for new activity tracking, and Team Gantt. for project planning. With information everywhere, we found it difficult to manage multiple users across the system.

“Gridfox is perfectly suited to our needs because it does exactly what we need in a centralized project space. It helped us move beyond an old, creaky Excel sheet and boosted access to sharing and collaboration within the team. It also offers a much more structured way of dealing with client and project information, which in less than a month has halved the time we spend managing our finances and strategic reports on a day-to-day basis.

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 moving. to products which are not suitable for use. Historically, they simply couldn’t compete with the big digital transformation budgets that large companies have to customize and adapt systems to.

Gridfox offers this adaptability, hosted in a secure cloud environment, without the significant costs typically associated with it.

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