In the current era, small and medium-sized businesses in Spain find themselves in the midst of a digital revolution that is transforming the way they do business . Digitalization has digital transformation become their primary focus, and companies like Holded have conducted studies to understand how SMEs are adapting to this new era.
This study was based on a 23-question questionnaire in which employers and employees shared their perspectives. With more than 1,500 responses collected, it revealed how Spanish SMEs are approaching digitalization.
Current state of digital presence
According to the respondents’ responses, 18% consider their company to have an acceptable online presence , while 13% rate it as good. However, 9% reveal that their organization has not yet taken the first steps online.
Despite the ubiquity of digitalization, many entrepreneurs face challenges when trying to implement it in their businesses. Furthermore, there is widespread ignorance about the Create and Grow Law and the upcoming mandatory e-invoicing in 2024. This context leads us to explore how Spanish SMEs are facing this digital transformation.
Investments in digitalization by Spanish companies
The Holded study revealed that 58% of respondents are primarily investing in developing their online presence (website), while only 9% focus on cybersecurity. Furthermore, it is essential how to create an attractive to understand which digital resources these organizations are investing most in.
The digital resources in which companies invest the most are:
- Website (58%).
- Presence on social networks (47%).
- CRM and other software (34%).
- Digital accounting (29%).
- Process management (23%).
- Electronic invoicing (19%).
In contrast, the digital resources in which organizations invest the least are:
- Cybersecurity (8.7%).
- Business intelligence and analytics (9.2%).
- Virtual office (9.3%).
Despite these investments, 48% of the companies surveyed still do not sell online. However, 70% do not consider online sales as part of their business strategy. 20% say they cannot invest seo: how do i rank my website on google? online due to a lack of resources and knowledge, while 8% cite financial limitations.
The impact of gender on digital investment
It’s interesting to note that gender plays an important role in digital investment decisions. Women tend to invest more in websites, social media, and e-invoicing , while men prefer to focus on digital accounting, CRM and management software, and e-invoicing.
However, 28% of women surveyed do not sell online due to a lack of resources , a challenge shared by 16% of men. Although 43% of women consider digital investment and online sales essential, another 43% cannot do so due to resource limitations.
The role of the Create and Grow Law
The Create and Grow Law, implemented by the Spanish government, seeks to provide financial support to SMEs to mobile lead start and grow their businesses, in addition to combating fraud and late payments. Despite its importance, surprisingly, 86% of respondents are unaware of this law . Similarly, only 19% of respondents are aware of the upcoming mandatory e-invoicing starting next year, which aims to standardize commercial transactions in Spain.
The challenges of digital presence
Digital transformation poses significant challenges for Spanish SMEs, which must acquire knowledge, information, and resources to boost their businesses in an increasingly digital world.