SAP AG and Oxford Economics have jointly revealed the findings of the Oxford economics research programme. According to the survey, small and midsize enterprises (SMEs) across the globe and across industries are making major changes to their business models, products and go-to-market strategies.
SMEs are also competing with larger companies by investing in technology to improve operations and become more efficient. The survey of 2,100 executives from SMEs in 21 countries shows they believe they are equipped to compete with larger firms and have some clear advantages over them. The survey looked at SMEs with an annual turnover of US$20 million–$750 million across the globe.
Eric Duffaut, President, Global Ecosystem and Channels, SAP AG, said, The overarching finding of the study was that successful SMEs are going outside of their home market to accelerate growth. And by doing so, they face fierce competition from large multinational corporations and more empowered customers in new markets. In their new international or even global landscape, business network and latest technology innovations are more and more required by SMEs to evolve their business models and effectively compete.
Investing in new technologies as another finding appeared as top strategic priority by SMEs to rebuild their businesses for the global marketplace, including business management software, data analytics, mobile, social media, and cloud computing.
Other key findings of the survey showed that over half of the SMEs are making partnerships with suppliers and vendors located in countries outside their home markets. Nearly half (46 per cent) of the respondents are actively hiring employees to support their growth activities. SMEs believe that innovative technology is the key to help enter new markets and create strong customer relationships.
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