How can middle market companies use technology to scale their operations without increasing employees or the complexity of their business?
One of my observations while working with companies around the country is that they are rapidly transforming into tech companies, from banking to fin-tech, retail to e-commerce, and healthcare to health-tech. Large companies have huge budgets for this transformation, but they are slow to change. On the other hand, agile startups with low cost of capital are rapidly disrupting established business models. However, stuck in between are the mid-size companies with limited budget and established processes that restrict them from investing in ideas to scale up. What if there was a way to scale up without increasing the cost or hiring new employees?
To get started, the C-suite of mid-size companies should begin by answering these questions:
- If a tech company were to enter my business today, what would they do to steal my best customers, and how can I do it myself?
- What parts of my employees’ work is repetitive, and can be automated freeing up time to do more important tasks?
- How can I speed up the tedious parts of my company’s work, so I can spend more time working on the business rather than in the business?
Technology can help to reduce business complexity by standardizing 80% of the transactions, so your team can actually spend time on the remaining 20% of the customer needs that are non-standard. Technology should not be seen as a “catch up” obligation. It should rather be seen as an “ideas multiplier,” allowing the companies to reach more people and serve more customers with the same resources.
Companies who have scaled successfully, continue to scale today, and those that are ready for tomorrow, share some common attributes – intelligent automation, continuous leveling up of the core team, and partnering with companies that can bring experts on demand.
BayOne is a member company of the Chamber’s Middle Market Action Team (MMAT), a consortium of leaders driving rapid growth in companies with annual revenues between $10M & $1B through targeted programs and strategies.
The Mighty Middle Market: How a Digital Transformation Can Boost Business
Wednesday, January 29, 2020 | Sheraton Valley Forge Hotel
Joining us from the National Center for the Middle Market (NCMM), Tom Stewart will share excerpts from NCMM’s new report, “The Case for Digital Transformation” and highlight the framework for thinking about a digital transformation, the three stages of the process, and what opportunities lie ahead for middle market companies willing to take the plunge.
Following Stewart will be a series of flash talks from leaders at companies who have embraced technology who will share their digital transformation journey and provide tips for your company to do the same.