Four in ten Scots SMEs value tech more than people

More than four in ten small companies in Edinburgh and Glasgow believe that technology is more important to their businesses than people, new research from Yorkshire Bank suggests.

Gavin Opperman, group banking business director at CYBG, cites the huge adoption of tech by SMEs. Picture: Alan Harvey

The lender, part of CYBG, found that 45 per cent of small and medium-sized enterprises (SMEs) in the Scottish capital and 40 per cent of those in Glasgow value tech more highly than people.

This compares to a nationwide average of 46 per cent.

Edinburgh is ranked in the top three cities investing the most in technology (60 per cent), behind Birmingham and London (68 per cent and 62 per cent, respectively).

Just over half (53 per cent) of business owners in Glasgow are actively investing in tech.

The study also hints that technology may be the winning factor for SMEs trying to secure funding, with 36 per cent of tech-led businesses across the UK finding it “easy” to access funding for growth, while only 19 per cent of all other business types feel the same.

Gavin Opperman, group banking business director at CYBG, said ‘’We’ve seen a huge adoption in the SME world of many technologies from digital marketing and social media to AI [artificial intelligence] and the IoT [internet of things].

“However, we shouldn’t forget the importance of people in a digital economy.

“It is the personal element that helps to build a rapport, creating the long-standing relationships necessary for a trusting and efficient connection between business and customer.”