How medium-sized businesses are gearing up for successful digital transformation
Director, Small and Medium Business
Virgin Media O2 Business
04th November 2022
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To say we’re in uncertain economic times would be putting it lightly. With a looming recession and rising costs, it can be difficult to look to the positive, but if the right steps are taken then there is an opportunity to forge a better tomorrow.
Medium-sized businesses (11-249 employees) play a crucial role in the UK economy. They employ over 7.5 million people and turn over nearly £1.4 trillion a year. They are a huge contributor to growth, and it’s important they’re given the support they need to thrive.
We worked with Census wide to survey 1,000 medium business leaders to understand what role tech and connectivity play in the positive momentum of these businesses. If our research unearthed anything, it’s that technology is an essential part of what comes next.
“When you look at medium businesses, we might not always make the biggest, headline grabbing strides, but collectively we're the backbone of the UK economy.”
Lynsey Barron, CEO, Volume Innovate
Technology is the single biggest driver of medium business growth
An overwhelming number of respondents identified technology as a key driver of business growth. Medium-sized businesses also recognised the other benefits of technology, too, such as increasing productivity in the workplace and boosting morale.
Decision-makers recognise the power of technology and are looking to embrace digital transformation to deal with the challenges ahead. To do this, they will need the support of their IT teams and digital partners.
This is where there is more work to be done. While tech is clearly critical for growth, it was also chosen as the number one internal challenge faced by medium businesses. What’s more, nearly half of our respondents told us they wanted more support from their IT team to help drive their business ambitions forward.
Rethinking the focus of IT teams
“From someone who'll be left doing the administration for it internally, if someone else can do some heavy lifting (on the cloud), then it's a no-brainer. It allows us to focus on supporting our team even better.”
Alexander Dixon, Head of IT, Pollard Thomas Edwards
IT teams know their businesses inside out. This kind of knowledge could transform what medium businesses can do with their technology, so long as these team members have the bandwidth to apply this expertise. This is where specialist support comes in.
Technology problem-solving shouldn’t be the burden of a busy IT team dealing with day-to-day issues. Instead, it could be your tech partner who is there at the end of the phone, freeing up your team’s time and helping to forge an IT strategy that powers your business’ growth.
Helping medium-sized businesses reach their goals through the power of partnership
Agility, adaptability, resilience — these are the defining characteristics of medium-sized businesses. Decision-makers at these companies need partners who share these characteristics.
It's time for leaders to expect more from their suppliers, partners, and IT teams. As we look towards an uncertain future, it’s vital medium businesses challenge these partners to help them overcome any obstacles in their path.
Where do leaders feel tech can support them the most?
- 28% of leaders say by improving efficiency
- 26% say improving productivity
- 23% say increasing revenue
- 23% say improving collaboration amongst teams
Virgin Media Business and O2 Business joined forces to offer a new standard of consultancy that will help businesses achieve more with their technology. Whether you’re a tech expert or someone in need of a little more support, we take the job of problem-solving out of your hands, so you can take your business on its digital transformation journey with confidence.
Medium-sized businesses expect more from their connectivity partners. At Virgin Media O2 Business we’re here to meet those expectations.
To see the full research findings and read digital transformation stories from other business leaders, read our latest report ‘Medium businesses: Fuelling the UK’s economic engine’.
Want to boost productivity, security or collaboration? Get in touch to organise a free digital review with one of our experts on 0800 298 8848
These findings were taken from a Virgin Media O2 Business and Census wide survey of 1,000 medium business leaders in August 2022.
The 7.5 million employee figure and £1.4 trillion turnover figure were taken from the table data found on Gov UK.