Verizon Business: Organizations Expressing “Greater Optimism” for Tech Adoption

Verizon Business released findings from its third “Small Business Recovery Survey,” in conjunction with Morning Consult. The company – which collected responses from 600 SMBs – noted a “greater optimism” among business owners who are adopting technology to scale their business, despite labor and supply shortage constraints, heightened cybersecurity concerns and other challenges.

Verizon indicated that 68 percent of respondents predict their business will be “better off in a year,” while 53 percent see their operations as better than in August 2020. Other statistics of note included:

  • 50 percent citing endpoint vulnerability as a risk, with 59 percent planning to institute multi-factor authentication (MFA) practices and 56 percent training staff members on cybersecurity “best” practices.
  • 30 percent of small businesses using tech to compensation for worker shortages.
  • 74 percent indicating that work flexibility is as important as health insurance in attracting and retaining personnel.
  • 52 percent purchasing or upgrading to “high-capacity” internet since COVID-19.
  • 63 percent of decision makers implementing digital tools to enhance customer experiences, up from last year’s 53 percent.

“There is still a long road ahead for recovery but there is an overwhelming sense of optimism; that technology will enable the competitive edge our customers need to scale their business for the future,” said Sampath Sowmyanarayan, Verizon Business Chief Revenue Officer. “As our customers enter their next phase of growth, technology that addresses security, reliable connectivity and enables mobility will be integral to their success.”

“There is still a long road ahead for recovery but there is an overwhelming sense of optimism; that technology will enable the competitive edge our customers need to scale their business for the future,” the exec continued. “As our customers enter their next phase of growth, technology that addresses security, reliable connectivity and enables mobility will be integral to their success.”

The full report is available via the Verizon website.