Microsoft research: Small and medium-sized companies rising quick by embracing digital applied sciences
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Small and medium-sized companies (SMBs) are the cornerstone of each group. With an estimated 400 million SMBs working worldwide, they account for 99% of world organizations. SMBs are the principle supply of job creation, making up between 60%-85% of employment. [1] [2] And in accordance with the Worldwide Labor Group, by some estimates, SMBs contribute as much as 70% of GDP.[3]
With that form of scale and impression, SMBs want the flexibility to innovate to achieve success and thrive in a digitally enabled financial system.
Throughout the pandemic, we noticed that companies in a position to speed up their digital transformation fared higher than people who didn’t. Many reported development by means of their give attention to tech depth.
Beneath such unprecedented circumstances, Microsoft was curious to learn the way SMBs view the present realities of their companies, to know their targets and priorities, and to evaluate whether or not know-how is seen as a catalyst to future success.
Analysys Mason was commissioned to conduct analysis with over 3,000 SMBs from 10 completely different areas of the world, representing the worldwide footprint of SMBs.
At this time, we’re releasing our findings with the Microsoft SMB Voice and Attitudes to Expertise Examine 2022.
High insights
Digital know-how adoption contributes to sooner development
The research confirms that almost 70% of companies contemplate development as their main driver, and know-how “early adopters” noticed sooner and better development. Companies recognized as early adopters are twice as more likely to have achieved their previous enterprise aims plus increased income development over the previous yr and are additionally 4 instances extra more likely to be extremely assured of their future enterprise success. At this time, companies are specializing in sustaining development regardless of geopolitical uncertainty, excessive inflation and power costs. For 51% of companies, the continuing impression of COVID-19 stays a priority.
Safety and reliability type the muse
Greater than two-thirds of SMBs plan to extend their IT budgets within the subsequent yr, prioritizing investments within the following methods:
Eighty p.c of companies anticipate to have a hybrid workforce for at the very least the following two years and require the know-how to assist their enterprise targets in a dependable and safe approach.
Companions assist drive technique and SMB development
Whereas nearly all of SMBs acknowledge the significance of know-how in reaching enterprise targets, 16% see it as important. Nevertheless, many SMBs want companions to map the appropriate know-how to their enterprise technique. Virtually half select know-how companions, with 33% favoring Managed Service Suppliers or Cloud Resolution Suppliers whom they anticipate to proactively suggest know-how options to speed up corporations’ enterprise targets.
The millennial issue
Millennials maintain 41% of know-how decision-making roles. They have an inclination to work for newer corporations and 13% usually tend to see know-how as necessary or important to enterprise success. Almost one-third of millennials establish as technophiles of their private lives, carrying a few of their shopper traits into how they analysis and buy know-how, inserting excessive worth on peer rankings and opinions when making buying choices. In 2016, Gallup flagged that millennials favor goal over paycheck of their How Millennials Work and Live report. Millennials as enterprise house owners apply these values to their enterprise and know-how priorities.
Environmental, Social, and Governance (ESG) targets – now not only for the enterprise
Two-thirds of SMBs within the research report having ESG evaluation and monitoring frameworks in place. Millennials are main the best way, being the most probably to have an annual report devoted to their ESG progress. By way of focus areas, 37% cited decreasing their environmental impression, 30% wished to enhance their variety and inclusion, whereas 30% have been targeted on job creation. The research factors to a hyperlink between an ESG focus and attainment of enterprise aims – with each these traits being most prevalent amongst early adopters.
Ninety-nine p.c of the world’s companies are actively looking for options to handle present challenges and generate new alternatives. This group impacts economies worldwide and the livelihoods of billions. They do that to not simply be resilient and survive, however to thrive and convey innovation to their industries and worth to their clients. Microsoft continues to take heed to and be taught from our SMB clients, aligning to what’s their prime of thoughts.
Collectively, the probabilities are countless, and alternative abounds for all.
Obtain the complete Microsoft SMB Voice and Attitudes to Technology Study 2022.
For extra sources to assist along with your digital journey, go to the Microsoft Small Business Resource Center
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[1] Small & medium-sized enterprises | National Action Plans on Business and Human Rights (globalnaps.org)
[3] The power of small: Unlocking the potential of SMEs – InfoStories (ilo.org)
