Recent research has shown that Australian small businesses may be failing to adapt to the evolving technological landscape, thereby risking a detrimental impact on their efficiency and capacity. The study, conducted by Telstra, disclosed that only 48% of small to medium enterprise (SME) owners anticipate increasing their technology use within the next one to two years. Despite this, 58% of these businesses concurred that the implementation of digital technologies to boost efficiency is a critical concern for them.

Moreover, the Business Tech State of Play report by Telstra shed light on another significant finding. About 58% of the surveyed business owners consider utilising digital technologies crucial for amplifying their efficiency, while 69% agreed that technology furthers not only their working efficiency but also their competitive edge. This is in conjunction with a stark rise in pressures concerning time, finances, and managing growing costs, making business operation comparatively more challenging today than it was five years prior.

Amanda Hutton, Group Executive, Telstra Business, commented on the situation, “The pressure being felt by small business owners today is reaching boiling point. There is a real untapped opportunity for businesses to use technology in the right ways to help improve efficiency, attract and retain customers, and reduce cost pressures.”

Interestingly, the top priority for nearly 57% of the surveyed businesses in the upcoming one to two years was access to fast, reliable, and secure internet connectivity. This was followed by cyber security solutions (34%), digital payment technologies (28%), cloud-based communications services (27%) and Artificial Intelligence (27%).

However, the study also revealed potential pitfalls in these businesses’ approach to technology. There seems to be a substantial gap in cyber security, as nearly half of the businesses lack even the basic cyber security safeguards, while data and privacy risks remain a persistent worry for 61% of them. Yet, only 7% of the businesses actively employ Artificial Intelligence, despite almost half of them admitting to considering it for future application.

Furthermore, digital technologies play a pivotal role in appeasing customer expectations, one of the primarily technology-related concerns highlighted by the businesses. As customer investment diminishes by 72% for businesses with out-of-date websites, it becomes evident that such digital avenues are crucial for maintaining a competitive stance. Nevertheless, website updates still remain a secondary concern for many businesses.

Nonetheless, Telstra has already taken initiatives to alleviate these complications for businesses, armed with expert teams at 26 Telstra Business Technology Centres across the nation, offering strategic advice for businesses to make informed technology-related decisions.

“Businesses need good support and advice to adopt technology that will deliver the highest returns for their business,” Ms Hutton further added, emphasising the importance of reliable counsel in navigating the complex technological domain.

Indeed, as technology propels further development, it is imperative for Australian SMEs to harness its potential to combat rising pressures and achieve optimal business performance, while ensuring a secure digital presence.