Technology industry trends and issues

Technology’s footprint and influence are growing across virtually every part of the economy, and the world of technology is rapidly changing. Companies in the technology industry must contend with varying levels of regulation around the world when it comes to data security, labor, immigration and commerce. Competition for talent is intense, constant innovation is crucial for survival, and managing capital is a top concern.

RSM professionals work with a range of businesses, from early-stage startups to more established brands in software, hardware, information technology services, semiconductors and more. Many of our clients—such as those in health tech, auto tech, education tech and other subsectors—exist at the convergence point between technology and other industries. We work with an array of high-growth, private equity- and venture capital-backed firms, and our team is dedicated to providing resources and insights to help your company thrive along every step of the business life cycle.

Technology industry trends and issues

Is your business prioritizing innovation? Technology companies need to focus on attracting and retaining the best talent to stay competitive and create innovative products and services. To do this, businesses need to make smart research and development investments, develop long-term plans for new products or existing product upgrades, prioritize intellectual property and be strategic about acquisitions. It is crucial to engage the startup community and to create a culture that promotes innovation.

Are you strategic in your approach to scaling and capital markets? Business leaders must manage cash burn while driving growth, and understand various investment options, exit strategies and the fundraising process. Strategies for scaling up involve weighing inside sales channels against the benefits of working with resellers, and buy versus build strategies for growth.

How are you navigating digital transformation? Advanced technologies such as robotic process automation and cloud computing can help to streamline every function of the business. Technology companies should leverage these capabilities to mitigate cyberthreats, establish effective change management, and assess their quote-to-cash process, client onboarding, user experience and more. 

How does your business attract top-tier talent? Recruiting and retaining top talent is a key priority, and competition for talent in the tech sector is especially competitive. Companies need to balance the demand for flexible work arrangements, investments in workplace culture and employee equity—all crucial selling points for prospective hires—with labor issues and the effect of rising wages on the business.

Can your supply chain be more efficient? Companies need to take advantage of technologies that help reduce supply chain costs and enhance productivity. Monitoring inventory and working capital levels is crucial, as is diversifying supply chains to avoid relying on one geographic area.

Is your business set up for global success? Managing growth as a global business is complex for any number of regulatory reasons, and companies that have a global presence need to monitor geopolitical risks and plan for the accompanying economic exposure. Global growth requires high vigilance and thorough planning around cyberthreats and other issues of cybersecurity. Businesses also need to have a structure that allows for adaptability and changing operations, while also maintaining a consistent company culture.

Subscribe to TMT Insights