A recent trend for SMEs scaling up their business has been investment in new technologies. As a means of automation and increasing productivity, new technologies are seeing wide scale investment from SMEs, as well as government backing for their purchase.
Last year, reports from investors showed that SME focus was on tech investments that generated growth and strong returns. Allica, an SME bank, reported that its 55% increase in profit growth was attributed to funds being primarily invested in digital infrastructure.
For SMEs, the use of tech, such as AI-powered programmes, is valuable in approaching global competition. Marketing tools work to expand an SME’s audience, and digitalising certain processes can lead to an automation that streamlines a company’s workflow. The improved accuracy and reduction of manual errors using such technologies saves time and resources, ultimately expanding a company’s capacity.
Recently, a government-backed programme that recognises the benefits of digital adoption for expanding SMEs launched a £1 million fund. The Made Smarter programme supports technology projects among SME manufacturers in Greater Manchester. Dozens of companies in the North West will benefit from new technologies aiming to boost productivity and growth amongst building resilient and sustainable futures. The advanced technologies will include robotics, automation, AI and 3D printing.
The aim of technology investments for SMEs is to adapt to and expand within an economic landscape that is rapidly evolving. Therefore, at AJL Finance, we provide SME business loans, including manufacturing business loans, from £5,000 to aid the expansion of SMEs within an increasingly digitalised economy.
