Why Mid-market Companies Should Embrace Digital Transformation
Keeping up with the disruptive changes in technology is vital for any company, however, it is especially more important in the mid-market landscape where organizations are competing against each other as well as larger conglomerates. To ensure long-term sustainability and success, it is crucial for mid-marketers to craft a powerful blend of digital transformation strategies to improve business operations.
Technology has often been a key factor to empower mid-sized companies to change the criterion of competition with large businesses. However, a substantial portion of the mid-sized companies have lagged their competitors due to a lack of their digitization efforts.
Deloitte's recent report captures the fact that digital solutions have proved to be an overall strong asset to improve productivity, growth, and enhancing customer relationships. 82% of the companies agreed that digital solutions have caused upheaval in business operations to some degree.
Harness the Power of Digital to Fuel Growth in Mid-market Business
Despite the accelerated evolution that is taking businesses by storm, mid-sized companies must have the latest technology and tools to meet the quickly changing expectations of employees, partners, and customers. These technologies promise to reshape their businesses and make them more competitive to bring the next iteration of success.
To keep pace, here is a list of the top-notch digital solutions that will help any mid-market company to address the key barriers in digitalization to quickly adopt the next era of digital.
Enterprise Resource Planning Platforms Help Business Go Faster
Having a mid-size business can sometimes mean operating a legacy front-end and back-end IT systems running irrespectively, which is intricate, expensive, and inconvenient. It is quite common, and very tempting, to get ERP and automate your existing business processes. While this is understandable, business leaders must take the time and effort to know the value offered by the important components of ERP. It is an opportunity to identify which components will be helpful for improving business process. Thus, businesses need the flexibility of digitized support functions that is a vast power of ERP system. This can enable enterprises to improve business performance while accomplishing major IT cost savings through digitization.
Companies that have spent more than their initial budget for ERP (31%) reported satisfactory results with their implementation.
ERP remains the best-of-breed approach for improving business operations. These are some of the major key issues that ERP can help to combat:
Poor Data Management
Clumsy datasets can hinder strategic business developments. ERP has notable sophistication and analytical capabilities to produce actionable insights by quickly processing data. The embedded Artificial Intelligence, Business Intelligence, and reporting tools transmute data into in-depth insights via dashboards and interactive charts.
Mid-market business leaders often wear several hats to keep the business moving. ERP can empower them to seize opportunities to become a competitive force. Since it plays a leading role as the core of digital transformation, businesses become more streamlined. The in-depth data can be used to eradicate the waste across the company.
Obsolete processes and technology heighten exposure to risk. This prevents having a real-time view of the enterprise’s operational business process improvement. ERP safeguards mid-market companies against such risks through automatic data processing.
For instance, New York Road Runners, the world's largest running organization was struggling to keep up with the increased popularity in the organization. Their present system was not well-equipped to address the issue. After reviewing the situation, a digital roadmap for a single enterprise application was created to bridge the digital gaps.
AI Radically Transforms Businesses
(AI) today is endowed with a grand vision, hope, success, and everything in between. As like any megatrend, AI has garnered the attention and imagination of many business leaders.
Did you know that 37% of the companies have implemented AI in some form, making it a 270% increase over the last four years?
The impressive power of AI may make it seem like it is for the large conglomerates only, when in fact, it has a much more for a wider audience such as the mid-market companies to cater. Now, AI is both accessible and has several relevant applications for the mid-market segment. Many are quickly discovering the many advantages it brings to business operations.
Primarily, AI enables a computer to analyze a huge chunk of data and information to arrive at a rational conclusion about a specific subject. One of the successful applications has been in the field of content recommendations for streaming media to supply a unique on-demand viewer experience. By analyzing audience behavior, preferences, and more, AI can help to push targeted content with a greater opportunity for engagement.
To compete effectively in the global economy, AI has become vital for mid-market companies. With the power of AI, business users are enabled to collect, analyze, and interpret data sets to make insightful and data-driven decisions. Adoption of AI in the form of powerful and simple solutions will be a notable change for the mid-market, helping to bridge the important gaps in between.
Several cloud-based platforms like AWS, Azure help organizations receive help from AI, even if they have insufficient ability to build and train systems. By 2020, almost 87% of the AI user companies will receive some of their AI capabilities using this approach that has plenty of benefits such as - companies need not to develop intuitive user interfaces or their own AI applications. There is a myriad of AI services to choose from the cloud AI service providers.
Data and Analytics Produce Tangible Benefits — Yes, They Do
In today's data-driven world, data and analytics can be the make-or-break point for mid-market businesses. It is how businesses can give value to data and translate the abundant sets of information into actionable opportunities. This has made several enterprises turning towards data and analytics to have a competitive edge over others.
Mid-market companies are challenged with the technical aspects of integrating several systems to handle data growth. A survey by Forrester emphasizes the fact that finding, managing, and determining the correct platform for data management and analytics were the major blockers towards executing data and analytics solutions.
Source - Forrester
Data is present in every aspect of businesses now, starting from production to marketing to sales. Not only does it bring valuable insights to your company's success, but it also aids in the major decision-making process across all verticals. Having access to data in real-time equips you with the supreme knowledge that can help in several functions, such as building better-functioning products, improving customer service, or finding the most successful sales funnels in business.
Fordham University School of Law wanted to harness the power of their data sources to supply an optimized experience to their students. After a careful evaluation, an analytics framework was set up to carry out an analytics maturity level that resulted in improving the student experience.
The benefits of data analytics is becoming hard to ignore. Several new opportunities, untapped, and hidden market trends are lurking in your data. With data analytics in the corner, you can better understand your market and seize new opportunities that have gone untouched. There are many reasons why data and analytics are essential for mid-market businesses. These are just the tip of the iceberg. And in the end, it all comes to -
“Without data, you are blind and deaf and in the middle of a freeway.”
– Geoffrey Moore
Stay on Course with Smart Digital Solutions
Excelling at business operations and capabilities require not only tactical but significant strategic investments into people, systems, data, and technology to your business operational improvement plan. ERP, AI, data, and analytics are becoming more crucial than ever to stay ahead of unpredictability and get smarter about every facet of your business: your customers, your competitors, your employees, your suppliers and partners, your operations, and your markets.
If you want to find out more or speak to an expert about the digital solutions for mid-market businesses, feel free to contact us