CLOUD COMPUTING SEEN AS TOP OPPORTUNITY TO GROW SCOTTISH MID-MARKET BUSINESSES
Scottish businesses with 50 employees or more view cloud computing as the biggest innovation opportunity for growth, with over three quarters (77%) viewing the technology as an opportunity for growth, according to new research commissioned by independent Scottish law firm Morton Fraser.
According to Morton Fraser, the study demonstrates that businesses across Scotland are optimistic about the potential growth opportunities provided by a number of technological innovations.
Over half of these mid-market businesses surveyed also identified technology such as data analytics (73%), artificial intelligence (66%) and biotechnology (62%) as offering potential growth opportunities along with robotics (55%), driverless vehicles (55%) and blockchain (52%).
Morton Fraser sees the results as an indication of how many of the UK’s most rapidly digitising sectors, including healthcare, financial services and manufacturing, are evolving in Scotland.
Iain Young, Partner and Head of the Corporate Growth team at Morton Fraser, said: “Regardless of sector, Scottish businesses are embracing a digital future as a variety of innovations are viewed as an opportunity for growth by the mid-market. Now more than ever, digital connectivity is critical for Scottish businesses to grow and digital innovation is a natural next step for businesses seeking to make the most of that connectivity.”
Morton Fraser’s findings also show a significant proportion of mid-market businesses view new technologies as a potential threat to growth, with the likes of robotics (27%) and artificial intelligence (23%) polarising mid-market businesses as they also top the list of most negatively perceived innovations.
Iain Young added: “Scottish businesses need to mitigate any potential negative impacts of innovation by adapting business models to the future economy through upskilling existing staff and making strategic investments in technological innovations.”