Study: COVID-19 Spurs Faster SMB Technology Adoption

Share:

Though changes are not uniform, the ongoing COVID-19 pandemic has led many small and medium-size businesses (SMBs) to implement and accelerate technology-based changes, according to a SMB technology adoption study from Comcast Business.

The survey of almost 600 small- to midsize businesses (SMBs) found that despite the costs –86% have lost revenue – 78% feel they are prepared for another spike. About half have made changes: Forty-six percent have rethought how they do business, half have changed how they serve customers and 45% have adjusted how they collaborate and communicate.

The crisis has taken its toll. The survey found that 65% say that they are stressed and an approximately equal portion – 68% – saying that they have lost at least an hour of sleep per night because of the situation.

These firms are working to alleviate these challenges in various ways. Thirty-one percent say that they have deployed technologies that they wouldn’t have implemented otherwise and 23 percent saying they are using technologies now that would have taken one to three years to implement otherwise.

Forty-three percent of SMBs say that they are not turning to anyone for help. Technology companies have made fee solutions and offerings to small businesses, but 82% of businesses have not taken advantage. Among those who are reaching out, 29% are depending on business partners and 22% on industry peers.

A minority – 21% — feel they have resumed normal operation. A majority (53%) say it will take six months to a year to do so — and 23 percent say it will take more than a year. SMBs are adaptable, however: 87% feel more prepared for the future in general and 79% feel their tech savviness has improved.

While changes are not uniform, the sense of the survey is that SMBs recognize that business as usual is a thing of the past. “In a COVID-19 world, resilient small and medium businesses are embracing technology like never before, rapidly implementing key solutions to digitize the customer journey in an effort to improve sales in a difficult customer acquisition environment,” Shari Lavin, Research, IDC’s Director for Small and Medium Business, said in a press release. “While the solutions they need vary by business, reliable connectivity and the ability to collaborate underpin any key digital initiative.”