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 2018 RSM Digital Transformation Survey clearly indicates that the middle market CFO has an opportunity to demonstrate strategic leadership through digital transformation.
Where do finance executives stand on digital decision-making, investment strategies and how to reach innovation goals?
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.
Blockchain is changing the rules of the game. Companies and their boards need to learn those rules and make them work to their advantage.
The technology and digital management consulting practice of RSM provides the middle market pragmatic solutions for digital transformation.
The cloud is the biggest technology enabler for the middle market and one of the most valuable IT tools for many organizations.
Expanding CFO responsibilities for digital transformation provide potential avenues to guide business, making the CFO a stronger leader.
The path to digital transformation is complex in the middle market, but can provide positive change for employees, customers and operations.