Gaining digital maturity pays off!

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What are the effects of digital maturity on business performance? The Seize the Technological Advantage study examined this question. To answer this, BDC surveyed 1,500 Canadian SMEs to determine their level of digital maturity, their innovative practices, their investments in technology and the effects of these factors on their performance.

Digital maturity is the combination of two dimensions: digital intensity and digital culture.

Digital intensity measures the extent to which digital technologies are used in a company’s operations. It includes customer experience, processes and collaboration, data and analytics, and digital technologies (digitization of processes, integration of technological systems, etc.).

Digital culture, on the other hand, is the ability of a company to adapt to increase its digital maturity. This capacity must be present in leadership and strategy, but also in the area of staff and expertise.

The BDC study found a strong link between an SME’s digital maturity and its performance. As part of the study, performance was assessed using a series of indicators including, among others, sales growth, obtaining financing, resiliency and exporting.

 

“Digitally advanced businesses perform better; they are more likely to grow quickly, be resilient, export and get the financing they need. In other words, they are more competitive.”

– Pierre Cléroux, VP, Research and Chief Economist, BDC

 

What are the characteristics of businesses that are more digitally mature?

They grow faster

The BDC estimates that 52% of the most digitally mature companies have experienced a revenue increase of more than 10% by 2021. This compares to an average of 23% of all SMEs responding to the survey who experienced such growth.

They are more resilient

Increasing the resilience of your business means improving your ability to adapt to a changing environment and to absorb disruptions to your business. 55% of companies with an advanced level of maturity are considered highly resilient. Achieving this level of resilience is not easy: on average, 32% of all businesses surveyed have achieved it. 

They are more likely to export

Businesses that are digitally advanced export in a proportion of 60%. This is almost twice as high as the average for all SMEs surveyed, which stands at 32%.

They are investing more in digital technology

100% of companies with an advanced maturity profile invested in digital technologies in 2021. While this figure seems self-evident, on average only 9% of SMEs in the study invested in digital technology in the past year.

They value innovation

The most digitally advanced businesses consider innovation as a differentiator. This can be seen in the adoption of new technologies, changes in marketing strategy, or the introduction of new goods or services.

 

How can you assess your company’s digital maturity? Read the article Digital maturity: Where does your company stand?

 

You want to increase your company’s digital maturity?

Contact our experts, they’ll be happy to discuss it with you!

 

Reference:

BDC, Seize the Technological Advantage