London SMEs are committing more than half of their annual revenue to tech investments, according to new research.
Data collected from Barclays found that the majority (64%) of firms in the capital are significantly ramping up their tech spending to increase productivity. This compares with just 45% across the rest of the UK.
Steven Mooney, CEO of FundMyPitch said: “While it’s encouraging to hear that SMEs are putting tech investment at the top of the agenda, the reality is that many ambitious companies are still struggling to get access to the investment they need to take their business to the next level.”
Barclays found that on average, London SMEs were putting 54% of annual revenue towards tech investments, such as artificial intelligence tools and data analytics.
According to Colin O’Flaherty, head of SME at Barclaycard Payments said retail SMEs in particular are spending big on adopting emerging technologies.
Mooney, said: “From securing a credible valuation to getting a chance to pitch their proposition to investors, far too many entrepreneurs are missing the big chances that could turbocharge their organisation. This culture has to change if we want to unleash the true potential of our SMEs and create a business culture that backs the next generation, rather than ignoring it.”