Deloitte Sur­vey

2018 mid-mar­ket tech­nol­ogy trends

CEO Magazine North America - - CONTENTS - BY DELOITTE

Em­brac­ing dis­rup­tion.

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.

IT GOV­ER­NANCE

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

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 ADOP­TION

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

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