In a new global study conducted by oxford economics on behalf of the it company regarding digital transformation, a small group of three percent of 3,000 surveyed managers from 17 countries, including, stand out. These leaders invest in customer experiences and having a technical platform that allows parallel investments in new technology. Medium-sized companies have similar digital challenges to larger companies, although they do not have the same resources.
They must quickly review their operations, products and services – and at the same time be open to completely new business models. It appears in the study the digital transformation executive study, which includes over 1,300 companies with a turnover of less than 500 million dollars, plus a number of companies with a turnover of up to 1 billion dollars for comparison. To succeed with their digitization, oxford economics believes that medium-sized companies must.
Build a strong technical foundation that allows them to continuously improve their production and their processes, products and services. Have a strategic plan for its employees, including recruitment, training and measures to retain staff. Think beyond it and let the business be involved in the innovation work. In the new study, it appears that over half of medium-sized companies see digital transformation as one of the most important business goals. And it has to happen quickly – over 80 percent state that the digital investment is important or absolutely critical for the company’s survival.
Significantly more large companies believe that digitization is important and absolutely crucial for survival (74 percent) compared to smaller companies (55 percent). But that difference largely disappears when companies look ahead to the next two years. Companies use digitization to be able to launch new products and services faster – and to get new customers. Medium-sized companies have primarily digitized their sales and marketing, but it also affects their work in strategy and planning as well as production.
According to the study, leadership and recruitment are seen as critical factors, but who should lead digitization in medium-sized companies and do you have the right structures today? Oxford economics believes that many must rebuild their organizations and define new leadership roles in order to meet the new demands.
Medium-sized companies are now increasing their investments primarily in tools for mobile and cloud-based services. They also choose to invest in solutions for big data and analytics (57 percent) and the internet of things (52 percent). The report clearly shows that larger companies with a turnover of over a billion dollars invest significantly more (74 percent) in big data and analytics compared to companies with a turnover between 100-250 million dollars (43 percent).
