According to a recent study by technology company HP, while millennials (27 to 42-year-olds) and Gen X (43 to 58-year-olds) are optimistic about the power of technology in advancing their businesses, the opposite is happening to baby boomers (59 years and above) and Gen Z (19 to 26-year-olds) entrepreneurs.
The “HP Smart Where IT Matters Study,” analyzed the attitudes of microbusiness owners toward technology adoption among different generations in the Asian markets of Indonesia, Malaysia, Thailand, and the Philippines.
The findings highlight a significant generational gap when it comes to embracing technology in business. While 56% of millennials and 55% of Gen X believe that adopting technology is a wise choice for the future, Gen Z microbusiness owners and baby boomers exhibit high levels of skepticism and resistance.
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Across the region, 77% of microbusinesses acknowledge the critical role of technology in addressing business challenges. However, 69% of baby boomers fail to see clear benefits from technology investments. Also, 57% of digital-native Gen Z also share similar doubts about the advantages of technology in business.
In the Philippines, almost 60% of Gen Z and 71% of baby boomers express skepticism about investing in technology. Only 36% of Gen Z and 22% of Gen X strongly believe that technology is a key solution to business challenges. In contrast, over 50% of millennials believe in the relevance of technology in business, with 66% agreeing that adopting technology for business is a smart choice for the future.
Responsibility of Gen X and millennials
The study, conducted by research firm Kantar and commissioned by HP, surveyed approximately 1,200 microbusiness owners in Southeast Asia. The results suggest that Gen X and millennials must lead the way in dispelling the lingering doubts and fears about technology in microbusinesses, as over 70% of them fear the complexity and security of emerging technologies.
HP recognizes the significance of thriving micro businesses for the growth of the Philippine economy and aims to provide simple, smart, secure, and sustainable technology solutions.
“Technology simply has to work, be seamless, secure, and today it must also be sustainable,” said Christian Reyes, managing director of HP Philippines. “HP is committed to building technology that is smart where it matters most and builds trust while empowering businesses of all generations and sizes to thrive in the emerging digital economy with confidence and ease.
Despite the doubts, microbusinesses have not shied away from technology where the return on investment is clear. The study shows that 85% of microbusinesses in the region use smartphones and tablets, while 59% use printers for business.
Business owners in Southeast Asia value simple, smart features, such as the ability to print and scan directly through mobile (55%) and the ability to scan and share documents instantly on the cloud (56%).
In the Philippines, microbusinesses seek printers with multi-function capabilities (36%), speed (39%), and a user-friendly interface (41%).