During the cost of living crisis, 65 per cent of business leaders from medium-sized UK businesses say technology is the biggest driver of growth, according to research by Virgin Media O2 Business.
Despite this, 33pc of those surveyed said tech is their biggest internal challenge.
The research also highlighted that 87pc of business leaders noticed an increase in productivity when supplying employees with new technology, while 77pc believe it helps boost morale.
Virgin Media O2 Business’ report Medium businesses: Fuelling the UK’s economic engine found 28pc of medium business leaders believe the biggest benefit of technology is that it improves efficiency, while 23pc say the main benefit is boosting collaboration.
However, 48pc of those surveyed say they need better IT support to realise their company’s ambitions and 24pc say IT security is one of the biggest internal challenges.
Get More Fund
Through the Get More Fund, current Virgin Media Business or O2 Business customers with 11 – 249 employees that extend their contracts to take internet connectivity (broadband or leased lines) and mobile products will get 10pc of the value of their new plan to spend on a range of tech for their teams.
New customers that take out both internet connectivity and mobile products will receive 10pc of their total monthly contract value in a Get More Fund.
Catherine Amran, Director of Small and Medium Business (SMB) at Virgin Media O2 Business, said: “With around 250,000 medium businesses operating across the country, employing more than 7.5 million people, and turning over around £1.4 trillion a year, they are a huge contributor to the UK’s growth – which is even more important during these uncertain economic times.
“That’s why it’s important that medium businesses aren’t left behind and can make the most of tech to enhance their productivity, performance, and prosperity.
“Our Get More Fund helps to provide medium businesses with access to valuable tech to support their connectivity, productivity, and collaboration, enabling them to work smarter and thrive. If medium businesses are the UK’s economic engine, then tech can be a fuel for recovery.”