Anyone investment planning in Cheshire’s tech sector might be interested in the findings of a new survey of SME (small and medium-sized enterprise) leaders across the UK.
It found that two in five believe productivity would rise with increased investments in Artificial Intelligence (AI) and other digital technologies.
The research, commissioned by Three Business and based on a YouGov poll of over 2,000 SMEs, found that the economy could receive a £79 billion boost over the next 12 months, which in turn could generate extra tax receipts valued at £25 billion per annum.
The survey also found that 43% of those asked said that greater investment would help them become faster and more efficient.
A further 42% of those asked were worried about how new tech might affect their business’s future growth, with 55% flagging up the impact of additional costs. Additionally, 42% claimed they felt unable to prioritise tech investment, with 43% saying they were not capitalising on emerging technologies.
In contrast, a near unanimous 97% said a reliable internet connection was important for their company, whilst 94% championed a high-speed internet connection. Other cited access to decent local transport links (64%), appropriate office space (69%), and skilled labour (83%).
Connectivity was perceived as a problem by 53% of businesses in their local areas, reflecting the work the UK still needs to do to catch up with other European countries on 5G and general network speed. To address some of these issues, the Government has published a long-term Industrial Strategy to support businesses able to deliver growth and adopt productivity-boosting technologies.
