Day: January 9, 2023

Small and medium businesses (SMBs) in the country are steadily shifting towards widespread technological adoption.  According to a study by Microsoft, 35% of SMBs in India are already spending more than 10% of their revenues on technology while 26% have been early to embrace newer technologies.  At the same time, 35% are planning to shift towards the cloud over the next 2-3 years. These insights were showcased as a part of the Microsoft SMB Voice and Attitudes to Technology Study 2022.  This Microsoft study covered more than 3,000 entities with 1-300 employees across the five leading industry segments throughout 10 leading global markets, inclusive of India. 27% of SMBs are already based in the cloud, which is anticipated to be a worldwide average over 2-3 years as per the study.  At the same time, SMBs in India are also leaders globally in terms of technology spends. 22% of SMBs are also forecasting an increase in technology spends of 10% throughout the coming year in 2023.  Some Other Vital Insights The study also reveals other figures which clearly indicate the technological adoption of SMBs and its overall impact. These include the following:  Innovation and technology adoption are essential for the survival of small industries. Hence, their technology adoption and its impact are vital factors that are worth considering in this regard.  Impact Of Technological Adoption- Crucial Facts And Figures SMBs perceive technological adoption and its impact in multifarious ways.  Some other facts and figures that one should note include the following:  What Early Technological Adoption Can Do For SMBs Earlier adoption of technology can do wonders for SMBs and some key insights include the following:  Hurdles Towards Technological Adoption  Yet, the road ahead is not as easy for SMBs. There are several hurdles to adopting technologies. These include the following:  Technological Decision-Making There are several influences that stimulate technological decision-making at SMBs. These include the following:  Core Takeaways SMBs desire technology for greater help with business goals, although they require assistance for developing this connection. 39% and 38% of SMBs in India want technology to help them scale up their customer base and customer retention as well.  Deployment of cloud solutions will go up over the next 2-3 years, while SMBs will increase their technology budgets as well.  Security and reliability are key parameters for choosing technological solutions, while solution costs are still the key hurdle toward embracing newer technologies.  At least half of SMBs want their technology partners to suggest newer technologies, while CSPs and MSPs still continue to be preferred picks for most SMBs. These are the core trends that indicate the impact of technological adoption on SMBs and what the way forward looks like.