RSM survey details middle market digital transformation strategies
How CFOs are embracing innovation to stay competitive
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.
However, there is not a one-size-fits-all digital transformation approach, as all strategies are not appropriate for all companies. Organizations must understand their needs and available options to craft a comprehensive digital framework that enhances customer and employee experiences while driving operational efficiency.
The 2018 RSM Digital Transformation Survey recently surveyed chief financial officers (CFOs) from middle market companies between $50 million and $1 billion in revenue. The study details approaches to digital transformation, including current and planned technology investments, and what part the CFO plays in digital transformation.
The survey research identified three key themes:
- The CFO’s evolving role in digital transformation: The CFO position is rapidly changing, and now has a more active role in determining the technology investments and direction for many organizations.
- The inconsistent state of digital transformation: Most organizations report they have a digital road map (94 percent), but only 48 percent have a fully developed strategy to support that road map.
- Executives’ plans for leveraging digital transformation: Many organizations are focusing future investments on the cloud and “front of the house” technology platforms readily seen by the client or customer. However, some lesser adopted solutions could present an opportunity to create a competitive advantage.
With the ability to help drive revenue, strengthen key business operations and create more engaged customers and employees, the potential of effective digital transformation strategies cannot be ignored. The 2018 RSM Digital Transformation Survey clearly indicates that the middle market CFO has an opportunity to demonstrate strategic leadership through digital transformation; those who do not risk quickly falling behind their competition.