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Top Digital Solutions To Help Your Business Take Off
Technical evolution is reshaping customer's priorities deeply. Mid-market companies need to get ahead of these challenges by accomplishing and retaining an advanced level of digital agility. The degree of urgency isn't difficult to understand as mid-market companies face competitive pressures in a global marketplace from other tech companies and large multinationals. This has resulted in embracing the latest digital solutions by mid-market executives to receive the important insights for an improved business operation.
Mid-market business leaders are investing a greater percentage of their IT budget in digital solutions than their counterparts at other mid-size and large companies. Nowadays mid-market companies are exploiting the full digital capabilities to accelerate digital success.
Why Should Mid-Market Companies 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.
Multiple market researchers capture the fact that digital solutions have proved to be an overall strong asset to improve productivity, growth, and enhancing customer relationships.
Harness the Power of Digitization 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.
1. 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 processes.
Thus, businesses need the flexibility of digitized support functions that is a vast power of ERP systems. This can enable enterprises to improve business performance while accomplishing major IT cost savings through digitization.
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.
- Competitive Disadvantage: 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.
- Higher Risks: 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 ga
2. AI Radically Transforms Businesses
The impressive power of AI may make it seem like it is for the large conglomerates only, when in fact, it has much more for a wider audience such as mid-market companies. 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 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 is a notable change for the mid-market, helping to bridge the important gaps in between.
3. 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.
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 are 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
4. Customer Relationship Management Skyrockets Business Growth
A customer relationship management (CRM) tool helps you develop a better and long-lasting relationship with your customers. For a mid-market business, customers are everything, and working on enhancing their experience with your organization helps you grow from a mid-market status to an enterprise level.
A CRM digital tool will help you automate your day-to-day business chores. This automation enables a faster response time. Moreover, with a CRM tool, you can maintain quicker turnouts which helps retain customers. A good CRM tool helps you acquire shorter sales cycles because of good retention and quicker turnouts. Furthermore, when you use a CRM tool to analyze stats and then take proper actions, this strategy will ultimately assist your business to make more leads. Hence, the growth triggers and skyrockets.
The number of organizations spending on improving their relationship with customers is a vital sign of how effective CRM technology is to improvise business growth.
Thus, this is how maintaining high customer care standards by a mid-market business helps them with their customer relationship management to skyrocket the organization’s success rate. Stay on Course with Smart Digital Solutions
Excelling at business operations and capabilities require not only tactical but also 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.
Icreon is a leading agency that assists mid-market companies adopt latest trends and approaches for a consistent success. If you’re a mid-market company and looking for an adequate business solution to adhere, get in touch with us. Explore Icreon’s Digital Transformation Services.