Digital transformation and your business
Leveraging digital transformation to improve productivity and insight
RSM and Corporate Board Member digital transformation survey of public company directors
Boards and leadership teams have long understood that digital was the path of the future, but it wasn’t until the global health pandemic of 2020 that companies were forced to take that leap and transform from within. Business models shifted, new competitors emerged and consumers followed the latest technology trends. Companies that had been lagging in their digital transformation road map found themselves on the losing end of the crisis. Convenience suddenly outranked quality.
Many believed this would be short-lived but now, a year into the pandemic, experts are predicting that this new commercial landscape will outlast COVID-19. Very few anticipate consumers will snap back to precrisis habits, and companies that have not fully committed to digital are finding themselves in a vulnerable place.
In a survey of 188 U.S. public company directors, Corporate Board Member and RSM sought to find out how boards envisioned the future, how their companies were surmounting the roadblocks of 2020 and how leadership had pivoted its corporate strategy to adapt to the new digital environment. This report presents our key findings.
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.
Leveraging data and analytics to drive your business.
An infographic overview of the opportunities and challenges boards are discussing.
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