Credit: Ricoh Europe
According to a new study by Ricoh Europe, over half of 3,300 European small and medium-sized entreprise (SME) managers believe that innovation is now a top priority.
The study, commissioned by multinational imaging and electronics company Ricoh, which has a branch in Luxembourg, highlighted the way in which European SMEs are re-evaluating their offer to customers as they try to keep up with the demands of consumers in the digital age. According to the study, 24% of the 3,300 SME executives surveyed in 23 countries revealed their expectations to sell completely different products and services over the next five years.
As change is dictated by the increased demands of customers, 59% of SME managers similarly cited innovation as a top priority. Value-for-money, the need for greater choice, and a focus on quality of experience were considered the most influential factors in how supply can stay current and relevant. As a result, 91% expect to change their products and services in a certain way. In addition, 34% think that without innovation, they will have gone bankrupt by 2020.
According to Eric Gryson, CEO of Ricoh Belgium/Luxembourg: "Today's SME leaders have the task of charting their way through increasingly uncertain times. The positive side is that it forces companies to reconsider the direction they are taking and help them find a more efficient path to the market. In particular, advances in technology allow for gradual change over a wider range of sectors."
Indeed, technology is seen as playing a key role in the innovation process while 45% of SME leaders plan to use information to shape their products. However, some concerns persist with 59% calling for access to improved technologies in the workplace, 42% wanting simpler ways of financing and 39% identifying complex regulations as one of the main challenges.
