British SMEs to spend 54% more on technology this year

Small and medium enterprises across the UK are set to spend £8 billion more on technology this year than they did during 2013, a survey of more than 2,000 businesses by GE Capital was able to reveal.

SMEs will spend £22.8bn on technology in 2014, up 54% on their collective tech expenditure last year according to the report. As a result, sales in IT hardware, software and office equipment are poised for growth.

The paper points out that the increasing importance of harnessing big data, the value of social media to customer engagement and an increasingly mobile consumer and workplace environment is driving demand for the latest technology and forcing organisations to assess the suite of legacy IT at their disposal to determine whether it can support the necessary innovation.

IT contracts law specialist Clive Seddon of Pinsent Masons commented on the announcement: "Businesses need to review their legacy IT and the underlying contracts and decide which applications and functions are core, which are flexible and which should be discarded before seeking to introduce new technology into their organisation. This review, which should accompany a wider assessment of the financial impact and legal risks associated with the shift to new technology, will help businesses understand costs and risks associated with digital transformation projects and ensure the technology in use by the organisation is aligned to the wider business objectives".

Time & Attendance UK constantly strives to constantly keep up with the latest developments in technology and the most serious requirements. Moreover, our specific position within this market segment, as well as proven experience in the field enables us to thoroughly customize our systems in order to meet and exceed all of your needs, whether you’re an enterprise customer with multiple sites or a smaller business.

If you want to find out more about the range of affordable, reliable solutions provided by Time & Attendance UK, just contact our dedicated product team, they’ll be more than happy to answer any question you might have.