Middle market businesses cannot ignore technology if they are to grow and thrive in an increasingly competitive landscape. The scope of their operations means they need digital systems that can co-ordinate activities across teams and borders.
Yet throughout the middle market, IT too often remains a back-office support function. Few are considering how technology can drive growth and only 37 per cent have a formal digital strategy that sets out a vision for change.
Today, many middle market businesses have outgrown their IT infrastructure. Although some have continued to invest in new technology, they have often struggled to manage changes to ensure they deliver return on investment. Data is often isolated in siloes and information disconnected across an organisation. It is vital these issues are addressed.
However, resource constraints mean many are failing to make the updates they need: the cost of technology and a lack skills are the top barriers to digital investment. Businesses know they need to innovate, but many don’t know where to start. The result is inertia.
Businesses must take action now or risk being left behind. The pace of technological change means the digital gap will only get wider. While resource constraints make the challenge harder, this cannot become an excuse to stand still. Experimentation and smarter investment must now become the priority.