Small and medium-sized businesses are tapping into the digital boom by increasing their investment in technology, according to accounting firm RSM Bird Cameron.
The group’s latest Think Big study revealed 50 per cent of SME owners surveyed have increased financial investment in the digital space over the last 12 months.
A further 46 per cent said they intend to increase their spend in the future.
“Competition for customers and share of wallet is intensifying and now, more than ever, business owners need to be better connected to customers with a real focus on sales planning as part of their overall business strategy,” RSM Bird Cameron director Andrew Sykes said.
The study also found that 13 per cent of respondents are aiming to launch web or mobile applications, while seven per cent hope to launch mobile tools for employees.
A further eight per cent are looking to implement ERP (enterprise resource planning) or CRM (customer relationship management) systems, and a similar number aim to implement a cloud-based accounting system.
Mr Sykes said SMEs should also look to take advantage of social media platforms.
“Organisations can leverage off social media by actively asking customers for their feedback,” he said.
“This can help drive a stronger relationship with the customer, as well as informing the company’s overall strategy.”