# What does the future hold for UK SMEs? Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2022-09-16 Category: FINANCE Category URL: https://financedigest.com/category/finance Meta Title: Interview with Chirag Shah: Main Financial Challenges Meta Description: Discover how Pulse, a free and powerful data tool leveraging Open Banking, can help UK SMEs make informed decisions and navigate financial challenges. URL: https://financedigest.com/what-does-the-future-hold-for-uk-smeshtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/img3381-754-1736815207963-compressed.jpg) ![](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/chirag-shah-450x359-1736815207921-compressed.jpg) _Interview with_ **_Chirag Shah,_** _Nucleus Commercial Finance_ **What are the main financial challenges facing UK SMEs this year?** The environment for UK SMEs is undoubtably tricky. The [supply chain](https://www.financedigest.com/how-to-bring-immediacy-back-to-the-supply-chain-with-faster-payments.html "How to Bring Immediacy Back to the Supply Chain With Faster Payments") issues that emerged during Covid remain unresolved for many. Businesses have also suffered by not being able to recruit staff and [significant wage inflation in order to bolster](https://www.financedigest.com/hermes-bolsters-sme-service-with-significant-investment.html "HERMES BOLSTERS SME SERVICE WITH SIGNIFICANT INVESTMENT") retention. Combined with that you’ve got increasing interest rates which will further reduce [businesses’ cash](https://www.financedigest.com/europe-burns-cash-to-help-businesses-in-deepening-energy-crisis.html "Europe burns cash to help businesses in deepening energy crisis") flow. Crucially though, these are not insurmountable. They require not just [access to fast and reliable financing](https://www.financedigest.com/what-needs-to-happen-to-improve-the-landscape-for-smes-trying-to-access-finance-options-in-the-uk.html "What needs to happen to improve the landscape for SMEs trying to access finance options in the UK"), but actionable data to help them make the right business decisions. **What role can data tools like Open Banking play in enabling [SMEs to face](https://www.financedigest.com/smes-facing-an-uncertain-future.html "SMEs facing an uncertain future") up to these challenges?** All [SMEs have data and many of them are well aware of how to access](https://www.financedigest.com/55-of-uk-smes-unable-to-access-all-funding-needed-to-grow.html "55% of UK SMEs unable to access all funding needed to grow") it. All too often, however, the data is in a bad and opaque format. It doesn’t give actionable intelligence unless a lot of time and effort is put [behind that data](https://www.financedigest.com/outthink-raises-10-million-to-tackle-human-errors-behind-data-breaches.html "OutThink raises million to tackle human errors behind data breaches"). This is where AI driven tools such as Pulse can be transformative. Once access is granted to the data, Pulse’s cutting-edge [technology can go to work](https://www.financedigest.com/what-is-5g-technology-and-how-it-works.html "What is 5G technology and how it works") in the background, quickly analysing data from across the business to deliver a concise snapshot of the company. This then enables decisions to be made confidently and quickly. **Who does Pulse aim to serve – and in what capacity?** We see ourselves as being able to [deliver valuable insight](https://www.financedigest.com/research-delivers-insight-into-the-road-marking-equipment-market-poised-to-expand-at-4-1-cagr-by-2021-to-2031-persistence-market-research.html "Research Delivers Insight Into The Road Marking Equipment Market Poised To Expand At 4.1% CAGR By 2021 to 2031: Persistence Market Research") for each of the UK’s 5.5 million SMEs. It’s a large [target market](https://www.financedigest.com/insurance-marketing-is-more-targeted-with-the-single-customer-view.html "Insurance marketing is more targeted with the single customer view"), but it matches our ambitions. Truly sector agnostic, Pulse will provide the same [type of insights for all businesses](https://www.financedigest.com/types-of-business-loans.html "Types of business loans"). But as Pulse expands and grows, it will also be able to have a second layer which is sector specific, giving even more tailored insight for [businesses so they are better equipped to seize any market opportunities](https://www.financedigest.com/the-north-heads-south-to-mipim-en-masse-to-corner-new-real-estate-business-opportunities.html "The North heads South to MIPIM en masse to corner new real estate business opportunities") arising. **What was the [main driver](https://www.financedigest.com/99-financial-firms-expect-benefit-open-banking-improved-customer-onboarding-main-driver-adoption.html "99% of financial firms expect to benefit from Open Banking, with improved customer onboarding the main driver of adoption") behind the creation of Pulse?** As a business, we are getting data from SMEs located across the UK and we have built the tools and tech infrastructure to [analyse](https://www.financedigest.com/seenthis-launches-emissions-dashboard-to-enable-advertisers-to-analyse-data-reduction-and-emission-savings-on-campaigns.html "SeenThis launches Emissions Dashboard to enable advertisers to analyse data reduction and emission savings on campaigns") that data. This really benefits us in the lending decisions we make. But this level of insight has the potential to be hugely significant in the [decision-making process](https://www.financedigest.com/gary-mcgaghey-explains-how-cfos-can-strengthen-decision-making-processes-and-reimagine-the-finance-model.html "Gary McGaghey Explains How CFOs Can Strengthen Decision-Making Processes and Reimagine the Finance Model") of the businesses themselves. That purpose sits behind the creation of Pulse. This service – free at the point of use – provides [businesses with real-time insight into all aspects of their business’ health](https://www.financedigest.com/why-investing-in-employee-health-can-be-good-for-business.html "Why investing in employee health can be good for business") and wealth. So [strategic decisions are made](https://www.financedigest.com/uks-made-com-to-cut-jobs-and-launch-strategic-review.html "UK’s Made.com to cut jobs and launch strategic review") looking forward rather than based on outdated insight. **What is the future for Pulse and Nucleus?** In the immediate future, we are laser-focused on helping [businesses navigate the current](https://www.financedigest.com/global-sulfate-free-body-wash-market-business-opportunities-current-trends-growth-market-forecast-global-industry-analysis-by-2029.html "Global Sulfate Free Body Wash Market: Business Opportunities, Current Trends, Growth, Market Forecast & Global Industry Analysis By 2029") environment. That means empowering them by providing access to invaluable and actionable [business intelligence as well as the right financing](https://www.financedigest.com/6-ways-to-spring-clean-your-business-finances.html "6 ways to Spring clean your business finances") to help them succeed and grow. Looking further ahead, our ambition is to unlock ‘open data’ for UK SMEs and enable them to realise its potential to [transform their business](https://www.financedigest.com/the-modern-cfo-at-the-forefront-of-business-transformation.html "The Modern CFO: At the forefront of business transformation"). Embracing the [‘open data’ opportunity will catapult businesses](https://www.financedigest.com/iran-open-for-business-but-caution-remains-the-watchword.html "Iran: ‘open for business’ – but caution remains the watchword") to a new level, not only delivering a more rigorous understanding of their own business, but of their competitors too. It will also enable them to be bolder, more decisive, and crucially, more successful. . We want to be there alongside them helping  every step of the way. --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---