4 Steps for Smooth Digital Transformation for Mid-Market Businesses
Digital transformation is pivotal for middle-market companies looking for ways to remain competitive in today’s digital age. Using the right technology can radically improve business performance and set your organization up for growth.
Digital transformation empowers organizations to adopt digital technologies and implement strategies that make working efficient and profitable. If your team is continuously wondering how to remain a competitor within the marketplace, digital transformation is the answer.
In a recent IDC Tech Buyer Presentation, IDC highlighted how quickly companies investing in a digital transformation strategy are growing. Let’s look at the numbers:
- Direct digital transformation investment growth rates are accelerating, up to 16.5% CARG for the 2022-2024 period (this is an increase of one percentage point from the 15.5% CAGR the IDC saw for the 2020-2023 time frame).
- Investment levels for 2022-2024 are expected to be $6.3 trillion and are 55% of all ICT investment by the end of 2025 (a $0.9 trillion increase from the 2020-2023 time frame when the IDC forecasted direct investment at $5.4 trillion).
Shawn Fitzgerald, research director for Worldwide Digital Transformation Strategies at IDC, states, “For the first time ever, we see that most enterprise organizations (at 53%) have an enterprise-wide digital transformation strategy, a 42% increase from just two years ago.”
Why is Digital Transformation Important for Mid-Size Businesses?
Despite the challenges posed by the COVID-19 pandemic, many businesses have continued to invest in digital transformation initiatives. Companies that decided to invest in a digital strategy during the pandemic could adapt to changing conditions faster than before. It was essential for companies forced to transition to remote work.
Digital transformation is not just about technology; it also helps you make more informed, data-driven decisions. It affects many aspects of the business, whether it’s customer experience, marketing, or operations. When customers interact with your business, they expect a seamless experience. If your customer’s experience is poor, they’ll take their business elsewhere. Digital transformation can help you improve customer experience by making it easier for customers to find the information they need and providing them with more personalized service. You can also use data to segment your customers and create targeted marketing campaigns more likely to resonate with them.
Operational efficiency is also vital for mid-market businesses looking to reduce operating costs. You can save money and enhance overall efficiency by automating processes and using data to make better decisions.
A recent study found that nine out of ten businesses believe they will have to change their business model or have already changed their business model to stay economically viable by 2023. 64% of the respondents think they need to build new digital businesses, and 21% believe they need to embed digital technologies in their current business model. That is why transitioning to a digital operation system can help position your middle-market business above competitors, especially within the following year.
What Are The 4 Main Areas & Steps to Focus on For Digital Transformation for Mid-Market Businesses?
1. Start With a Digital Transformation Blueprint
Some companies think they can start using new technologies without much planning. However, implementing new digital systems without planning will almost always set your company up for failure.
Starting with a digital transformation blueprint is a roadmap for success. The roadmap begins with understanding business needs and finding gaps in the existing system to build steps that avoid these gaps. Suppose you want seamless implementation experience and a successful end solution. In that case, you’ll need a detailed action plan for business technology implementation – something that our team of experts at BrainSell do best!
Reach out to BrainSell today to start creating a digital transformation blueprint for your business!
2. Identify What Your Customers Need
Middle-market business customers need different things than enterprise-size or small business customers. Taking the time to analyze your customers’ challenges when interacting with your business allows you to optimize efficiency and resolve issues quicker.
3. Identify what Technology your Mid-Sized Business Needs
Identifying the technology your business needs can be overwhelming. With so many systems on the market, it can be challenging to narrow your options down when finding the best choice for your middle-market business.
That’s why it’s essential to pay close attention to the pain points your medium-sized business is experiencing technology. Understanding what isn’t working for your team allows you to find a new system that checks all the needed boxes.
After identifying what you’re looking for, ensure you have a plan for implementing the new technology. It can be detrimental to spend much money on technology that no one will use, especially during a stage where you want to grow your business – not stagnate. Lastly, it’s crucial to stay away from embracing every new technology. Not every technology or software will be well suited for your company size, your pain points, or your employees.
4. Monitor How You Can Track, Analyze, and Validate These Digital Transformation Initiatives
Establishing a baseline for your business is key when implementing a digital transformation strategy. Reflect on your business and where it wants to be. Once you’ve found a baseline, set SMART goals. They will ensure that you set goals that make sense to your business and are attainable while still pushing for growth.
Your medium-sized business can’t grow into an enterprise overnight. It will take time, effort, and constant analysis to measure if your digital transformation efforts are working. If they aren’t, regroup to find an initiative that is a good fit.
Mid-Market Businesses Digital Transformation Success Stories and Lessons Learned
By investing in a digital transformation strategy, mid-sized businesses can level the playing field, improve efficiencies, and better serve their customers. With the right technology, companies can keep up with larger firms while remaining relevant in the market.
Read on to learn how BrainSell has helped the following middle-market companies grow after implementing a successful digital strategy.
Harbor Path is a middle-market nonprofit that helps uninsured patients get their needed medications. As the company grew, Harbor Path’s previous system couldn’t scale with the organization’s rapid growth. This case study highlights how BrainSell was able to help Harbor Path undergo a new digital transformation to reach its maximum potential.
The Mountain West Conference was using accounting software that could not keep pace with the company’s growth. With the help of BrainSell, the Mountain West Conference upgraded its financial management system to gain an ERP system within the cloud. After the transformation, results showed increased productivity and sharper reporting capabilities.
Start Your Mid-Size Business’ Digital Transformation Today
As the digital economy is increasingly becoming the dominant force in the business world, analog companies are at a significant disadvantage in terms of efficiency, optimization, and competitiveness.
If your mid-market company is looking for a guide to implementing a smooth digital transformation, BrainSell is here to help. We are here to discuss your business needs and see how we can help implement the best digital strategy for your team’s goals.
Schedule a meeting with one of our digital transformation experts today to get started!
Haley recently joined BrainSell in 2022 as this Summer's Marketing Intern. She will be entering her senior year this fall at UNH where she is studying marketing. During her free time, Haley loves to get outside with her dog Murphy and spend time with friends and family!View Posts
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