A recent survey of 1600 small and medium businesses (SMBs) revealed just how much they are investing in technology annually to improve their company's efficiency.
Here's the breakdown of how much SMBs are spending on technology based on finds from a survey conducted by business printer vendor Oki Data:
- 58.5% spend up to $5000
- 29.3% spend between $5000 and $15,000
- 9.8% spend between $15,000 and $50,000
- 2.4% spend $100,000 or more
Most of the money is going to IT and online business systems, digital marketing and e-commerce. Just over 80% of respondents said that cost is a critical component in deciding suppliers of technology and equipment.
While 31% of SMBs said they have saved money through efficiencies that came from implementing new technology solutions, 51% of survey respondents noted that investing in additional technologies is not the most beneficial way for their business to increase efficiency.
"The survey clearly shows that Australian SMBs believe cost-effective technology is a critical factor when trying to achieve efficiency improvements," Oki Data Australia marketing manager Antonio Leone said. "However, many are finding themselves restricted by budget limitations and frustrated by not having achieved expected returns from money already invested. "