Home topics technology Emerging Tech Tech Emerging Tech Amazon’s impending entry into Australia is forcing SMEs to adopt innovative technology James Harkness August 2, 2017 Three in four SMEs (76%) have invested in technology over the last 12 months to boost their innovative capacity, according to research undertaken by cloud accounting provider MYOB. Other key findings from MYOB’s latest Business Monitor, which involved a survey of more than 1000 business owners and directors, also found that: Almost a third of respondents had acquired computer software and hardware, making it the dominant form of technological investment, followed by the acquisition of machinery and equipment. 78% believe technological advancements will impact their business in the next decade, while 40% expect this impact to be significant. 57% believe global giants such as Amazon, which is expected to commence operating in Australia next year, are forcing the local market to embrace innovation. 29% thought the biggest barrier to introducing and developing innovation the cost associated with this undertaking. Other barriers included excessive government regulation (26%) and inadequate government support (25%). MYOB CEO Tim Reed said that while the findings indicate SMEs understand the need to make innovation a core component of their business, this doesn’t necessarily mean SMEs have to invest in expensive, cutting-edge technology – instead, they can derive huge value just by making small changes. “Making the move to cloud software is a simple innovation that is easy for small businesses to adopt,” he told Dynamic Business. “Over the last 12 months