Technology Can Improve Mid-Marketers’ Bottom Line, Survey Says

Mid-market companies are looking to technology investments to help increase both efficiency and profitability. And by adding more digitization and technology, they are also boosting both their credibility with their customers and their brand image.

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.

“By focusing on what makes the business more efficient, the company becomes more accountable, and customers will be much happier.”

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.


MORE LIKE THIS

  • Get the CEO Briefing

    Sign up today to get weekly access to the latest issues affecting CEOs in every industry
  • upcoming events

    Roundtable

    Strategic Planning Workshop

    1:00 - 5:00 pm

    Over 70% of Executives Surveyed Agree: Many Strategic Planning Efforts Lack Systematic Approach Tips for Enhancing Your Strategic Planning Process

    Executives expressed frustration with their current strategic planning process. Issues include:

    1. Lack of systematic approach (70%)
    2. Laundry lists without prioritization (68%)
    3. Decisions based on personalities rather than facts and information (65%)

     

    Steve Rutan and Denise Harrison have put together an afternoon workshop that will provide the tools you need to address these concerns.  They have worked with hundreds of executives to develop a systematic approach that will enable your team to make better decisions during strategic planning.  Steve and Denise will walk you through exercises for prioritizing your lists and steps that will reset and reinvigorate your process.  This will be a hands-on workshop that will enable you to think about your business as you use the tools that are being presented.  If you are ready for a Strategic Planning tune-up, select this workshop in your registration form.  The additional fee of $695 will be added to your total.

    To sign up, select this option in your registration form. Additional fee of $695 will be added to your total.

    New York, NY: ​​​Chief Executive's Corporate Citizenship Awards 2017

    Women in Leadership Seminar and Peer Discussion

    2:00 - 5:00 pm

    Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations. 

    Limited space available.

    To sign up, select this option in your registration form. Additional fee of $495 will be added to your total.

    Golf Outing

    10:30 - 5:00 pm
    General’s Retreat at Hermitage Golf Course
    Sponsored by UBS

    General’s Retreat, built in 1986 with architect Gary Roger Baird, has been voted the “Best Golf Course in Nashville” and is a “must play” when visiting the Nashville, Tennessee area. With the beautiful setting along the Cumberland River, golfers of all capabilities will thoroughly enjoy the golf, scenery and hospitality.

    The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.

    To sign up, select this option in your registration form. Additional fee of $295 will be added to your total.