2018 mid-market technology trends
Man vs machine—it’s one of the oldest storylines in Hollywood. Because if robots can replace us, what’s left for us to do? A survey of mid-market private companies by Deloitte examines the phenomenon.
TECHNOLOGY in the mid-market is embracing disruption, and plenty of it. For the first time, this year’s Deloitte mid-market technology survey explores the talent dimensions of IT investments among private companies.
We found that technology is augmenting workers rather than rendering them obsolete. As the nature of work is shifting, private companies are seeing benefits such as increased productivity and opportunities for completely new lines of business.
It’s an exciting time to be running a private enterprise—and technology is a big part of that. The following data will give you a better understanding of six key areas where technology is transforming mid-market companies.
TALENT IS A DIFFERENTIATOR
Despite a tight labor market and sweeping demographic shifts, mid-market companies are leveraging talent to capitalize on technology. Respondents expect to see the most job-related changes resulting from digital disruption in the following business functions:
• Operations: 54%
• Customer service: 46%
• Marketing: 41%
46% of mid-market respondents planned to hire more people since they deployed emerging technologies.
Gen Z’s entrance into the workforce is necessitating a shift in recruiting and retention strategies to include experiential learning methods:
• 58% Gamification
• 55% Increasing focus on flexibility and well-being programs:
• 52% Driving a culture of open communication with leadership
TRAINING UNLOCKS POTENTIAL
Training will be the key to unlocking the potential of emerging technologies.
• 57% of respondents to the survey are redesigning job roles to ensure a seamless integration of people and machines.
• 61% are reskilling employees to realize the greatest possible benefit from new technology tools.
• 46% are using mixed reality for employee training, education and learning.
The intersection of talent and technology requires a new level of collaboration among C-suite executives, but according to our survey, IT governance strategy has stalled.
• 23% have mature, established IT governance processes.
• 42% are building and developing IT governance processes and structures.
• 21% are investigating IT processes, but have no formal governance in place.
Our survey revealed that 87% of executives are either leading the charge or actively engaged in emerging technology strategy. Meanwhile, when asked what areas of IT management oversight and governance are most relevant to their organization, mid-market businesses cite the top three as:
• 52% cybersecurity risk and governance.
• 50% IT governance processes and principles.
• 46% understanding data management privacy protocols.
INTERNET OF THINGS
Our survey suggests that customers are the biggest beneficiaries of IoT technologies. Meanwhile, one out of every five executives expect the IoT to have a significant impact on their business over the next 12 months.
• 34% of mid-market companies have deployed IoT-linked devices.
• 27% are using connected vehicles or autonomous cars for smart traffic management.
Mixed reality offers wide ranging benefits for mid-market organizations as they look to maximize its value.
• 61% of mid-market businesses are active in mixed reality
• 17% of respondents are investigating mixed reality
• 10% are waiting to take action Primary uses of mixed reality:
• 46% of respondents say employee training/education/learning
• 44% say marketing and customer service
• 42% say operations
Blockchain is increasingly redefining how businesses operate, and the mid-market is no exception.
• 46% cite storing/securing digital recordings as the primary use for blockchain technology.
• 45% of mid-market businesses are evaluating blockchain and expect to implement it at some level. Roadblocks to implementing blockchain were seen as follows.
• 25% cited IT readiness
• 21% cited platform maturity
• 16% cited the lack of a clear implementation roadmap