Digital transformation has become a key focus for mid-market companies in recent years, and the trend is expected to skyrocket in 2023. As technology evolves and customer expectations change, companies are realizing that they need to adapt to stay competitive. For mid-market companies, this often means prioritizing specific areas of operations that will drive growth and optimize efficiency.
According to a recent study by Gartner, 80% of mid-market companies are expected to invest in digital transformation by 2023, indicating a desire to stay competitive in the market and expand business operations in an increasingly digital world.
Many mid-market companies across the U.S. have limited resources so it is crucial to take a strategic approach to digital transformation. As your company starts to encounter new challenges like shifting customer expectations and inflation, digital transformation is a highly viable solution that will enable you to overcome difficulties by streamlining processes and leveraging innovative technologies.
By focusing on digital transformation this year, your business will attain a range of benefits such as an enhanced customer experience, long-term cost savings, increased scalability, better decision-making, and much more.
Here’s what mid-market companies are prioritizing in 2023:
Digital Customer Experience
As customers continue to expect more from companies in terms of digital interactions, mid-market companies are focusing on optimizing their digital customer experiences. In particular, they are turning to online tools and technologies to gather and analyze customer data for more personalized experiences.
Additionally, digital transformation can help create a seamless and consistent experience across multiple channels, such as the website, mobile, social media, email, and in-store. Digital tools and technologies can also be used to create self-service portals, chatbots, and virtual assistants, allowing customers to easily access all the information they need.
With the continued growth of the cloud, it is no surprise that mid-market companies are prioritizing cloud computing in 2023. Cloud computing has become a mainstream technology for businesses of all sizes and industries. Allowing companies to access enterprise-grade technology, the benefits of cloud computing significantly outweigh the start-up costs and offer long-term cost savings, scalability, and elasticity.
Artificial Intelligence & Machine Learning
As Artificial Intelligence (AI) and Machine Learning (ML) continue to advance, mid-market companies are increasingly adopting new technology to improve efficiency, automate tasks, and gain data insights. Studies show that 85% of U.S. companies have at least one AI project in progress, with the majority of these projects being focused on automating business processes, improving customer experiences, and data analysis.
Furthermore, AI and ML can be used to analyze large amounts of data and make predictions about future events, allowing businesses to make more informed decisions and advance their operations. By 2023, it is predicted that AI-driven automation will cut the average cost of business processes by 30%, with a 20% improvement in accuracy.
Internet of Things (IoT)
IoT is also becoming increasingly important for mid-market companies as they look to transform how they function. IoT devices and sensors can collect and transmit data in real-time, allowing companies to gain insights into their operations and make data-driven decisions that will improve efficiency and productivity.
Gartner expects by 2025, IoT will have a total installed base of 75.44 billion devices, up from 13.4 billion devices in 2019. While at the moment many don’t employ IoT, businesses are increasingly seeing the value in IoT for efficiency, cost savings, enhancement of current systems, and gaining new revenue streams to stay competitive in today’s digital landscape.
Although, it is important to note that simply investing in technology is not enough. Mid-market companies must also have a clear strategy in place for how they will use these technologies to achieve their business goals. This means working with experienced partners like Charter Global who are specialized in developing and implementing comprehensive digital transformation strategies.