Saturday, June 6, 2020

Report reveals that four in ten East Midlands businesses lack digital skills

The latest Lloyds Bank Business and Charity Index reveals that 40% of East Midlands SME organisations lack the basic digital skills that could drive growth.

By embracing digital skills, UK businesses could generate an additional £85billion in turnover according to the report. Yet only 19 per cent of East Midlands businesses are gaining a transactional benefit from trading online domestically, compared to the UK average of 21 per cent. This figure falls further when it comes to targeting international markets, with just six per cent of East Midlands businesses using online channels to trade overseas.

The report also found that only six per cent of East Midlands businesses use digital channels to search and discover growth opportunities for their business – and a third of them have no interest in developing their cyber security capability.

For those businesses embracing advanced technologies including cloud IT, online accounting software and digital training tools there is the opportunity to generate more than £100,000 in extra annual turnover compared to those who have none.

The benefits can go beyond finances too, with 2.5m businesses saving time through digital, more than twice as many compared to 2014. Small businesses and charities with advanced digital capabilities are able to save a day a week according to the report.

Martin Dodd, Lloyds Banking Group’s Ambassador for the Midlands, said: “While there’s still more to be done to make digital skills accessible to everyone, our region has made great strides towards digital capability. In just three years, we’ve seen a 54 per cent growth in digital skills and the number of businesses who are offline has fallen to just one per cent, compared to 12 per cent in 2014 when the study was first commissioned.

“We know from our work with local businesses that having a strong online presence can attract business both in the UK and internationally. Working closely with East Midlands SMEs, we’re keen to help organisations trade online both here and abroad.

“With almost 3,000 specially trained digital champions in the Midlands, we are helping the region’s businesses and charities develop their skills to facilitate growth, as part of our Helping Britain Prosper plan. Over the coming 12 months we will continue to provide free to access training events for SMEs to help them close the digital skills gap.”

A message from the Editor:

Thank you for reading this story on our news site - please take a moment to read this important message:

As you know, our aim is to bring you, the reader, an editorially led news site and magazine but journalism costs money and we rely on advertising, print and digital revenues to help to support them.

With the Covid-19 lockdown having a major impact on our industry as a whole, the advertising revenues we normally receive, which helps us cover the cost of our journalists and this website, have been drastically affected.

As such we need your help. If you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs just £33.60 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the storm and continue in our quest to deliver quality journalism.

As a subscriber, you will have unlimited access to our web site and magazine. You'll also be offered VIP invitations to our events, preferential rates to all our awards and get access to exclusive newsletters and content.

Just click here to subscribe and in the meantime may I wish you the very best.






Latest news

Union hits out at East Midlands aerospace parts firm as 420 redundancies planned

Aerospace parts firm SPS Technologies "must not exploit the lockdown" to slash jobs and terms and conditions at its sites in Nottingham, Leicester and...

Streets focus on job and employment schemes in latest business update

Streets Chartered Accountants provide details of changes to Coronavirus Job Retention Scheme including the introduction of flexible furlough in its latest business support update. As...

3 business tips for saving money during Coronavirus

Coronavirus has changed every business in the world. Whether you’ve been made to work remotely, put your staff on furlough, or redirected your resources into...

New ownership for Market Harborough ventilation, maintenance & hygiene company

System Hygienics, formerly the service arm of the Hotchkiss group - the largest duct manufacturer and installer in the UK – have new ownership,...

Construction of Kirkby’s new Leisure Destination takes a step closer

Plans to bring a new state-of-the-art leisure centre to Kirkby in Ashfield have taken another step forward. Ashfield District Council is seeking tenders from contractors...

Related news

Shared office spaces cautiously reopen

Many of the UK’s network of 5,000 shared office spaces are tentatively re-opening this month as more businesses return to the workplace as the...

Union hits out at East Midlands aerospace parts firm as 420 redundancies planned

Aerospace parts firm SPS Technologies "must not exploit the lockdown" to slash jobs and terms and conditions at its sites in Nottingham, Leicester and...

Streets focus on job and employment schemes in latest business update

Streets Chartered Accountants provide details of changes to Coronavirus Job Retention Scheme including the introduction of flexible furlough in its latest business support update. As...

3 business tips for saving money during Coronavirus

Coronavirus has changed every business in the world. Whether you’ve been made to work remotely, put your staff on furlough, or redirected your resources into...

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close