The latest Deloitte Growth Enterprises Services Mid-Market Perspective Survey shows that 58% of companies are investing more in cloud technology, followed closely by investments in software-as-a-service systems, data analytics, business intelligence, process automation and enterprise application suites.
It’s important for mid-sized companies to look past implementing technology in the ‘back office’ only, as they will be overlooking tech that can generate cash flow and cut costs. If a business can’t increase prices, profitability can only be achieved by improving efficiency.
By focusing on what makes the business more efficient, the company becomes more accountable (and customers will be much happier). Taking a proactive approach means looking at economic realities right now, not at the end of the quarter (or month, etc). CEOs need to create a plan and follow it, to understand what has been preventing their companies from operating at 100% efficiency.
The buy-in needs to start at the top and continue downward to include every member of the staff. The culture must conform to the plan, and anything that deviates from the plan needs to be replaced, removed or restructured to take advantage of the opportunities for cost-saving.
CEOs should look for lost time (are employees wasting minutes, or hours, being idle?), evaluate what interrupts workflow on a daily basis and improve the process. This will result in an increased bottom line. Hold employees accountable for following the plan and it will be easier to transition into new technologies as they are adopted.
The Deloitte survey showed that mid-market companies felt that choosing to invest more in cloud technologies had the highest potential for productivity gains. Adding cloud calling and videoconferencing technologies allows companies to more effectively, and more economically, communicate with customers and colleagues on a global scale.
Investing—or investing more—in cloud technology is simply smart. It is an investment in the future of enterprise. Deloitte’s survey shows that executives agree; the cloud is a smart business move, allowing companies to expand their global reach and stay on top of the newest, most collaborative innovations available.