Business digitization has been one of the main goals of SMEs during the pandemic. This is evidenced by the European Payments Intrum report. According to him, digital transformation was one of the main measures implemented by small and medium-sized companies to overcome the crisis caused by Covid-19. However, Spain still lags behind the rest of European countries in this regard.
The Payments report reflects that 34% of SMEs have sought to digitize their businesses. The figure exceeds 22% of large companies that have chosen to strengthen this aspect as well.
Despite these data, Spain still lags behind other European countries in terms of digitization. Specifically, the country ranks third to last, and only ranks first above countries like Denmark and Latvia, with 33% of companies opting for digitization.
Above Spain are countries such as Germany, with 42% digitization in these companies; France, 38% or UK, 37% digitized.
However, this is not the only measure taken by SMEs to deal with the crisis. The report shows that 27% of SMEs have also chosen to cut costs; 21% of SMEs prefer to be careful when incurring debt, the same number as those who want to prevent default.
The pandemic has also helped these companies realize the impact late payments can have on their business. In this sense, customer defaults affect the ability to hire new employees, in 42% of cases, or the ability to meet business goals, in 40% of cases. It also prevents 35% of SMEs from growing as a company.
This highlights the need to take measures to avoid delays in payments and that this circumstance affects the future of the company.