77% of entrepreneurs expect to use more technological solutions to further grow their company

77% of Latvian medium and large companies in the coming years anticipate the wider use of planning and management technological solutions to achieve business development goals and eliminate problems, according to the technology company “Digital Mind” and the leading research and consulting company “Kantar” Entrepreneurs mention the improvement of customer service and staff development as the most topical development issues – employee attraction, training and development – in the next two years.

According to the study, the vast majority or 90% of the surveyed companies already use planning and management technologies for accounting and financial data management, 71% for logistics planning and management, 49% for customer data and sales planning and management.

It is positive that Latvian companies understand the importance of digital solutions in future business and are ready to introduce new solutions to ensure better management. According to a number of studies, the wishes and needs of customers have changed significantly over the last 5 years – they want to receive the service much faster, to get more personalized approach, simple and convenient service. To meet these customer needs, digital solutions are almost the only solution. The generation that is currently entering the labor market also demands a more technologically advanced work environment, which is an important factor in a limited workforce,” says Rinalds Sluckis, CEO of Digital Mind.

The biggest concern with the deployment of cloud solutions is data security. 49% of surveyed entrepreneurs indicate that they would not opt for cloud services for this reason, 23% are concerned about the lack of control, while 20% are concerned about the high costs, and 9% are concerned about the availability of data in case of internet interruption.

“While large software companies are now able to provide very high security standards and data security is a top priority alongside performance, businesses are still cautious about cloud solutions. Admittedly, data security and availability is a very important element, but such concerns are unfounded, as large technology service providers are able to invest significantly more resources in systems and personnel, providing a much higher level of protection and compliance than individual Latvian companies” continues R.Sluckis.

The survey was conducted in January and February 2021, interviewing the top managers or IT directors of 154 Latvian companies. This is done in companies with at least 90 employees, excluding state-owned companies.