Rob Rich, Managing Director of TM Forum Insights Research, says that before these transformations happen, businesses must determine the type of company they want to be, what services they want to offer their customers, what the digital user experience will be like be and how it will engage the customer.
Rich also notes that while this transformation will reduce costs, it will take a reskilling of employees (which could take time and money up front). Rich says that a digital transformation is an urgency for all companies, no matter the size.
According to The National Center for the Middle Market (NCMM) and Magneto Commerce, the fastest-growing mid-market companies are placing the strongest emphasis on going digital. They are utilizing digitization to help streamline processes, maximize their efficiency and promote growth.
Implementing digital processes helps companies facilitate a real-time operating and decision-making environment, making them more productive than their less digital competitors. Companies that are more digitally focused are able to connect with their customers more easily, increasing customer satisfaction and increasing growth.
The NCCM report, ‘How Digital Are You?’ showed that 63% of mid-market leaders rank digitization as very or extremely important compared to their other business priorities. Despite placing this premium on digitization, just 36% of mid-market leaders actually consider themselves digital leaders.
The pace of digitization is slow in the middle market, because companies are finding digital transformation to be a slow-going process. It takes years for digitization to pay off (about three on average) but many mid-market companies say they are finding it takes even longer than three years to see a return on their investment. For most companies, digitization is simply impeded by a lack of resources.
Despite these roadblocks, experts like Rob Rich say that the digital transformation process can be simple. He says that companies need to emphasize and prioritize digitization. A singular focus can make a big difference: How do companies want to engage with the customer? Tailor reskilling to this end, and things can be much smoother and simpler. By prioritizing, mid-market companies may be able to remove some of their roadblocks and get on the digital track much more quickly, and see a payoff more quickly, as well.
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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:
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.
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.
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.
