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Picking Up Speed: Digital Maturity in Canadian SMEs and Why Increasing it Matters

Many small and medium-sized Canadian businesses don’t take advantage of digital technologies, impeding their productivity. Here’s how to fix that.

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Many of Canada’s small and medium-sized businesses (SMEs) do not effectively leverage new digital technologies. They often fail to adopt new tools or lack an innovative digital culture – altogether referred to as a business’ “digital maturity.” 

Digitally mature SMEs are more resilient to market disruptions, such as the COVID-19 pandemic, and are 62% more likely to have high sales growth and 52% more likely to have greater profits. Despite this, many SMEs still fail to implement basic digital innovations. 

Major barriers to SME digital maturity include a lack of qualified employees, excessive costs for modernization and an unclear return on investment. Infrastructure is a factor, too, with a lack of fibre optic internet being a standout concern. 

Canada should invest in better understanding the economic impacts of digital maturity, while also providing supports that help SMEs navigate their digital transformation. 

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Learn about how Canada’s small and medium-sized businesses could benefit from embracing digital technology.
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