Almost half of all small and medium-sized enterprises (SMEs) believe that technology is more important to their business than people, according to new research.
The data shows that 46 per cent of SMEs think technology is more important than people, with London revealing the highest average figure at 56 per cent.
The research was conducted by Yorkshire Bank, with 2,000 small business owners from the 10 largest cities in the UK contributing to the survey.
High-growth businesses are more likely to be driven by technology, with 71 per cent citing technology as a big driver of growth.
According to the research, successful high-growth businesses are also the most aware of their environmental impact, with 57 per cent caring deeply about their environmental footprint, more than 10 per cent higher than the overall average.
Technology may be a significant factor for SMEs attempting to gain funding, with more than one-third of technology-driven businesses finding it easy to access funding for growth, which is nearly double the figure for all other firms.
Angela McClelland, Co-Founder of The Extraordinary Club, said: “Technology, of course, helps with digital skills, productivity and processes within the workplace, but I don’t think we should lose focus on the importance and power that people have.
“People and tech need to be complementary. Tech-led businesses are pushing boundaries with regards to innovation, products and services, and that’s exciting from an investment point of view.”
The survey also showed that there are some regional differences, with Leeds, Edinburgh and Birmingham at the forefront as cities in the UK where technology is a key driver of growth.