Study: Innovations hurting small UK firm profits

A recent study by Zunicore revealed that inadequate technologies are impacting revenue generated by entrepreneurs and other small businesses in the U.K. Some companies have experienced a 50 percent loss in profits because supposedly innovative solutions are not delivering on their promises.

Although cloud hosting services may help these companies, the technology is being adopted at a slower rate due to several concerns. In fact, only 8 percent of survey respondents said they have implemented the cloud, largely due to security fears or worries about being drawn into long-term contracts, the study noted.

Small and medium-sized businesses need to overcome these fears, however, if they wish to remain competitive.

"It's crucial for business to buy into the latest technology to help their companies to compete in the modern age," SMB industry expert Sally Lynskey said in the report. "Businesses should look to technology partners who can support them with the latest digital breakthroughs to stay innovative."

According to a recent Techaisle report, smaller firms should be able to improve employee productivity by nearly 40 percent by deploying cloud computing automation technologies.

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