How Middle Market Companies are Adapting During the Technology Revolution
Disruption caused by technology is not a new concept in the world of business. Historically, there is consistent documentation of business adaptation as the result of innovative, technological implementations. Today’s technology revolution, driven by artificial intelligence, is no exception. Businesses of all levels are using artificial intelligence and other technologies to adapt to modern consumer expectations and habits. One market sector, however, seems to stand out.
Privately held middle market companies are using innovative, AI-based technology to maintain competitiveness with corporate America, change the way they approach talent, and drive company growth. Here’s how.
One of the quintessential features of most technological innovations is speed. Innovative technology is capable of improving company processes by making them more efficient. More efficient processes could translate to increased production capabilities, reduced consumer wait times, and higher profit margins if implemented correctly.
Mid-market boards and executives are embracing the potential that comes along with the tech revolution as a way to remain competitive with large corporations without experiencing the growing pains that often come with an aggressive scale.
Strategy is all about defining where you want to go and how you are going to get there. Before you can make those decisions, however, it’s best to assess where you currently stand. Enter analytics. They provide companies with a clear picture of performance in a way that’s measurable — which is important if you’re going to track progress.
Technology, specifically artificial intelligence, has also paved the way for predictive analytics. Middle market companies are incorporating AI-based technology into their recruiting processes and retail systems. As a result, private companies can expect to improve talent & acquisition success rates, along with consumer satisfaction thanks to a better handle on market demand.
A Deloitte mid-market technology survey stated that “57 percent of respondents […] say they rely on machine intelligence to automate business analysis and anticipate business outcomes.” Specifically, companies identifying as privately held mid-market businesses are counting on automation for the completion of previously labor-intensive tasks, providing a boost to both spending capabilities and productivity.
Interestingly enough, a large number of executives in this sector have chosen not to automate their communication processes. The tech-revolution has spurred a noticeable change in the consumer mindset. The modern customer expects fast, efficient, and effective service when it comes to their routine purchases or processes, but prefer human intelligence and emotion when forced to interact with the company directly.
Technology will undoubtedly change and mold all business classes as 2019 progresses, but I believe the middle market will continue to be a primary benefactor as it adapts to AI-based innovation.