RESULTS from a survey commissioned by Virgin Money show a high portion of small and medium-sized enterprises (SMEs) in Yorkshire and the Humber said they were likely to adopt new technology in the next five years to support business performance and growth. 

However, though figures reflect a desire to take on new technology in businesses, there are common barriers among SME decision-makers holding back their progress in this area.

43 per cent of respondents cited lack of time to implement as the main factor preventing them from using advanced technology; followed by a lack of understanding of what tech can do and a lack of funding.  More than a quarter said advanced technology was not relevant to their business. 

Dave Coplin, one of the UK’s most prominent futurologists said: “AI is going to be a game-changer and it will impact every area of our lives.  SMEs will not be immune, and they need to be on board this journey. SME leaders should focus on building their capacity now to adapt their business in response to the changes coming down the line.”

Graeme Sands, Head of Business Products and Lending at Virgin Money, said: “There is a clear gap between what SMEs want to do with technology and what they have the means to do, so small businesses in Yorkshire and the Humber need additional support and assistance to bridge the gap and ensure they keep up with digital transformation.”