How digitisation and connectivity powers medium business

A new era of opportunity has arrived for medium-sized businesses (50-250 employees). Last year, nearly three quarters (73%) of medium-sized business leaders said they had to adapt to survive in the previous two years*. Many have encountered shifting customer behaviours and adapted to offer remote and hybrid services. They have also been grappling with tighter budget constraints, economic uncertainties, the need for digital transformation, and fluctuating workforces.

Through all of this, digital tools, new technologies and reliable connectivity have helped businesses like yours move forward rather than back  – helping to power operations on an even bigger scale. But when it comes to growth, what challenges remain today and in the years to come? From real business examples of technology-aided growth to tips for success, let’s explore the outlook for the UK’s medium-sized businesses.

Stepping out of the pandemic into rising inflation and high interest rates created a widespread sense of business uncertainty. As the cost-of-living crisis escalated, spending power reduced – meaning many businesses have been caught on the precipice of growth. Now, with the 2024 Spring Budget labelled ‘the budget for long-term growth’, as well as inflation looking set to fall below 2% in the coming months – business leaders are seeing the light at the end of the tunnel.

In fact, when compared to overall business optimism in 2023, medium-sized business leaders are feeling more optimistic this year, rising from 60% to 76%*. While uncertainty and rapid change has delayed large strides forward, it has armed many businesses with a newfound resilience, as well as the tools they need to grow. And though the upcoming political election may be creating a slight reluctance to move strategically, the general outlook is positive.

On the back of increased tech adoption, medium-sized businesses are realising the synergy between investment in digital tools and projecting growth. According to the new Three Business Delivering Growth (2024) research report, with 400 medium-sized UK businesses, 84% are expecting an increase in revenue, employee, and bottom-line growth for the next two years. Even more (86%) are intending to increase their investment in technology. Unsurprisingly, three in four respondents said tech helps them achieve their goals, while nearly all (96%) said connectivity is important.

Across different business sectors, reliable connectivity is specifically enhancing areas such as customer service, decision-making, innovation, and agility. For facilities management business 3RiO, 5G connectivity has drastically improved services. Due to rapid video processing and upload speeds, teams have saved months of time that would otherwise be spent on the road making physical SD card deliveries. At the same time, connectivity is empowering employees with faster decision-making. This is the case for West Atlantic UK, where pilots can not only stay connected across continents, but access critical flight information to ensure safety and efficiency.

At a time where the next step truly counts, medium-sized businesses today are connecting their investments in technology with business growth. While 70% said they had experienced setbacks from poor connectivity, 93% of businesses that experienced revenue growth in the last two years are planning to invest even further in tech.

While a sense of optimism is in the air, it’s the tools brought to the table – and the connectivity powering them – that will aid growth. And when it comes to making the right investment decisions, business, IT and operations leads should consider:

The next step looks positive for medium-sized businesses. With digitisation and reliable 5G connectivity, these businesses can unlock new growth opportunities, empower their workforces, and enhance agility. Embrace the digital transformation and see your business reach its full potential.

Not only can rapid and reliable 5G connectivity supercharge the benefits of tech investment, but it can empower workforces, create opportunities, and increase business agility. As our outlook demonstrates, digitisation is showing medium-sized businesses their untapped potential. Connectivity is helping them to put it into action.

Read more about the UK’s Fastest 5G Network for business

*Three Business Ambition Index Research 2023

**Fastest 5G – Based on analysis by Ookla® of Speedtest Intelligence® data for Q1-Q2 2024. Ookla trademarks used under license and reprinted with permission. To verify, visit: www.speedtest.net/awards/fastest-5g.

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