Technology is posing both a challenge and an opportunity to the Australian small to medium enterprise (SME) market, new research has claimed.
BankWest’s Business Challenges Survey, which surveyed some 800 SMEs across Australia, found that 41 per cent viewed technology as a challenge, while 36 per cent looked at IT developments as an opportunity.
BankWest’s business chief executive, Ian Corfield, said the more mobile and tech-savvy consumer is forcing SMEs to stay on top of technology trends.
“It can be difficult for SMEs to stay on top of changing consumer demands and progresses in technology can help small business owners to become increasingly mobile and also expand their customer base,” Corfield said.
“However, developments in technology can also increase consumer expectations and it is not always easy for SMEs to stay ahead of the game.”
Corfield said a mixed view on technology showed the SME market was going through a challenging phase with mixed opportunities.
“Whilst SMEs have told us that they are facing more challenges compared to a year ago, the fact that almost half also see more opportunities indicates that whilst the current environment is tougher, it also presents a number of prospects for small business,” he said.
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