Digital transformation and your business
Leveraging digital transformation to improve productivity and insight
RSM survey details middle market digital transformation strategies
Organizations across all industries are implementing digital transformation initiatives, with the goal of leveraging technology to keep pace with evolving customer and employee expectations. By successfully integrating technology, middle market companies can increase revenue, streamline key business processes, increase scalability and agility and ultimately create a competitive advantage.
The 2020 RSM Digital Transformation Survey recently polled C-level executives in five critical middle market industry sectors—retail, food and beverage, manufacturing, health care and banking—to understand how companies are using technology and crafting overall technology strategies. The survey provides insights into the innovation strategies of peers, and highlights potential opportunities for improvement.
As the business environment becomes more complex, and customer and employee expectations evolve, middle market companies must effectively leverage innovation to remain competitive. Digital technologies can connect the business to strengthen operations, enhance customer relationships and create better employee engagement.
Ultimately, a comprehensive digital transformation strategy can increase efficiency and data insight to make more informed decisions to help grow the business.
Operational efficiency is a constant struggle for middle market organizations, as many remain heavily dependent on manual data entry and paper processes. Rising labor costs are creating an even greater need for automation, but many businesses do not have the internal experience to automate key functions. However, organizations can increase automation and gain efficiency through platforms they already utilize, such as Excel, or new cost-effective technology investments.
In addition, many middle market companies struggle with a lack of business integration, leading to siloed processes and an inconsistent customer experience. Digital transformation can help create a seamless customer experience, streamlining the entire process from product development and sales to marketing and customer service. Greater innovation can also revolutionize the customer feedback process, enabling real-time feedback and opportunities to efficiently refine products and services to align with customer demand.
With skilled employees becoming more difficult to hire and retain, middle market businesses must also integrate digital technology to increase employee satisfaction. A digital transformation initiative can empower employees, giving them the tools to work more effectively and manage their own careers. Digital tools can increase flexibility, allowing employees to work remotely or provide insights from the field, increasing both productivity and satisfaction.
To stay competitive, today’s CFOs must be able to effectively harness their data as an enterprise asset to derive insight from information.
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