By embracing digital skills, UK businesses could generate an additional £85billion in turnover according to the report. Yet only 14 per cent of businesses in the East of England are gaining a transactional benefit from trading online domestically, significantly below the UK average of 21 per cent. This figure falls further when it comes to targeting international markets, with just six per cent of East of England businesses using online channels to trade overseas.
The report also found that only six per cent of businesses in the East of England use digital channels to search and discover growth opportunities for their business.
Worryingly 43 per cent of SMEs in the East of England have no interest in developing their cyber security capability.
For those businesses embracing advanced technologies including cloud IT, online accounting software and digital training tools there is the opportunity to generate more than £100,000 in extra annual turnover compared to those who have none.
The benefits can go beyond finances too, with 2.5million businesses saving time through digital, more than twice as many compared to 2014. Small businesses and charities with advanced digital capabilities are able to save a day a week according to the report.
Gareth Oakley, Lloyds Banking Group’s Ambassador for the East of England, said: “The East of England has the highest number of privately owned businesses of any English region outside London and the South East, the majority of which are SMEs. Our latest Index makes it clear that by improving the digital skills of those SMEs we can help them to unlock more growth potential, providing an added valuable contribution to the local economy.
“With around 2,000 specially trained digital champions in the East of England, we are helping the region’s businesses and charities develop their skills to facilitate growth, as part of our Helping Britain Prosper plan. Over the coming 12 months we will continue to provide free to access training events for SMEs to help them close the digital skills gap.”