10 Technology Statistics That Your Small Business Needs to Know

Posted on December 23, 2019

Topics: Technology Trends

Investing in your company’s IT strategy is more important now than it ever was before. An excellent IT infrastructure is now the foundation of any business, driving improvements to your internal operations as well as your customer-facing processes.

This is particularly true in Canada, where the small to medium-sized enterprise (SME) market is highly competitive. According to the Business Development Bank of Canada (BDC), there are almost 1.1 million SMEs in the country.

In fact, most of those are small businesses. More than half (55 percent) of all Canadian companies have fewer than four employees, and 98.2 percent of all Canadian businesses have fewer than 100 employees. When you add in medium-sized businesses (100 to 499 employees), that percentage rises to 99.8 percent.

To stay ahead of this competition, and continue to drive new growth and innovation within your organization, investment into state-of-the-art is crucial. A successful IT strategy will improve employee engagement, set your company up for future business growth, improve your internal processes, enhance the customer experience (CX) that you offer, as well as many other benefits.

The best news? A modern technology strategy will offer your company significant cost savings, drive additional revenue and, most importantly, boost your profits.

Here are 10 technology statistics that emphasis why progressive businesses are putting a successful technology and IT strategy at the forefront of their strategic planning.

Small businesses are increasing the amount they spend on technology:

1 - SaaS market revenues will grow to $113.1 billion by 2021 (Gartner).

2 - Worldwide spending on public cloud services and infrastructure will more than double over a 2019-2023 forecast period. Public cloud spending will grow from $229 billion in 2019 to nearly $500 billion in 2023 (IDC).

3 - 44 percent of businesses plan to increase tech spending in 2020, up from 38 percent in 2019 (Spiceworks). 

4 - 28 percent of spending in key IT segments will shift to the cloud by 2022 (Gartner).

Technology solutions are helping SMEs to become more efficient and profitable:

5 - Mobile apps save small business employees 725 million work hours per year (CNBC).

6 - Companies that invest in big data, cloud technology, mobility and security can realize up to 53 percent faster revenue growth than their competitors (Dell).

7 - Companies that switch to VoIP can save up to 40 percent on their local phone costs, as well as up to 90 percent on international calls (Tech.co).

Some companies are still lagging behind when it comes to their IT strategy:

8 - Cybercrime will cost the world in excess of $6 trillion annually by 2021, up from $3 trillion in 2015 (Cybersecurity Ventures).

9 - On average IT downtime costs businesses $1.55 million every year, with companies spending an average of 200 minutes to resolve an incidence of IT downtime (ERS IT Solutions).

10 - Large enterprises, which tend to place a greater priority on IT, and have more resources than SMBs, are adopting emerging technologies up to five times faster than small businesses (Spiceworks).

In need of help? Outsource your IT strategy to an expert

Whether you’re a small business, a company that’s growing rapidly or an already well-established business, developing a successful IT strategy is no easy task.

There are a wide range of questions you need to answer when implementing new technologies, such as:

  • Is this cost-effective for my business?
  • Can I get my employees to adopt these new tools?
  • Will these technologies improve the way my company operates?
  • Will the use of these technologies minimize downtime?

Small to medium-sized businesses can significantly cut costs, streamline their processes and stay competitive by outsourcing their IT strategy to a renowned technology expert such as OT Group.

In fact, here at OT Group, our core business is working with clients to recommend, implement and train staff in a series of new technologies that can significantly enhance the way your company operates.

By conducting an assessment of your IT infrastructure, we are able to ensure your company is competitive and saves money - all while improving your bottom line. Sometimes we may need to completely transform your company’s existing IT infrastructure at the most cost-effective price possible, or it may just involve showing you how to use your current system in a more efficient and effective way.

Are you looking for more information about how we can design a successful IT strategy for your company’s specific needs? Contact our team of tech experts today. We would be more than happy to answer any questions you have.

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