IT’s Increasingly Critical Role in Small and Midsize Organizations: New Research Study
This is the first of a two-part series that summarizes the results of a survey conducted by Wakefield Research that provides quantitative, qualitative and hybrid market research on the challenges small and midsize businesses (SMBs) face in IT.
Information technology (IT) is more important to small and midsize businesses (SMBs) than ever before. And with the increasingly complex Cloud and On-Premises IT infrastructure and cyber security threats, SMBs are struggling to keep pace with the evolving IT support needs.
To better understand the IT challenges SMBs face, Logically commissioned a survey of 250 business and IT decision makers in companies with an annual revenue between $5 million and $50 million. The results of this survey confirm that companies know IT is more important than ever to their businesses but lack the resources to navigate the complexities of adopting emerging technology and committing the time and money necessary to reach their strategic goals.
The first portion of the study concentrates on technology’s critical role in business. In today’s world, IT is a business-critical component of daily operations for small to midsize businesses (SMBs). 93% of business decision makers (BDMs) say IT is business-critical, either playing a strategic or operationally critical role in their company.
Even while recognizing the vital role IT plays in their operation, businesses are under-investing in IT. 66% of SMBs agree their companies’ investments in IT are not keeping up with the growing technological needs. Here are a few statistics the Wakefield Research team learned about the technology challenges SMBs face and the role IT plays in their organization:
3 in 5 BDMs (60%) would rather lose half their companies’ revenue growth next year than lose half their companies’ data (40%).
Two-thirds of companies (66%) have experienced IT downtime in the last 12 months
Nearly 3 in 5 BDMs in IT roles (57%) report their companies have experienced a cyber security breach in the last 12 months
The cyber security threat BDMs are most concerned about is cloud security (52%)
In just the past 12 months, many companies have experienced major disruptions, including system downtime (66%), system slowdowns (64%) and cyber security breaches (28%).
Companies rely on IT more than ever before, but at the same time struggle to manage its increasing complexity. Most small to midsize businesses have a gap when it comes to IT and are not keeping pace with their technology needs. Take a look at the research study conducted by Wakefield to learn more about IT trends for small and midsize organizations.