Aug 22

IT’s Seat at the Table is Creating Massive Change in the Mid-Market

The evolving prominence of IT’s voice in major strategic decisions is helping companies in the mid-market (defined as annual revenues of $100 million – $1 billion) to embrace emerging technology at an unprecedented pace.  A recent study by Deloitte, in partnership with market research firm OnResearch, examined these trends.

The CTOs, CIOs and IT Department Heads are the recognized leaders of this charge toward adoption of emerging technology, thus expanding their role beyond more administrative tasks such as system maintenance.  53% of survey respondents reported that adoption of new technology trends is driven by IT leadership rather than the top executives.

Some of the other interesting take-aways from the survey include:

  • Half of respondents indicated technology increased productivity, allowing talent to take on new responsibilities
  • Cloud infrastructure, analytics, and big data provided the most benefit to productivity
  • 57% of respondents maintain their financial and accounting information in the cloud
  • 26% of respondents use “social listening” to monitor customer sentiment and increase customer intimacy
  • 88% of respondents are using some form of virtual technology or augmented reality in their business, such as virtual demos, interactive training tools, or immersive experiences that allow customers to engage with the brand

The study provides an interesting look at how emerging technology is allowing these mid-market companies to compete effectively with their larger counterparts, further leveling the playing field through innovation.

Renee Howdeshell

Renee Howdeshell is a founding member of Fulcrum Inquiry, an accounting, finance and economic consulting firm that performs damage analyses for commercial litigation, forensic accountings, royalty & distribution audits, financial investigations, and business valuations. Ms. Howdeshell holds a degree in Finance and Marketing from the University of Virginia's McIntire School of Commerce and is a Certified Public Accountant (CPA) and a Certified Fraud Examiner (CFE). She has testified as an expert witness in federal court, CA state court and arbitration regarding the results of her work. She can be reached at (213) 787-4112 and her resume is available at www.fulcrum.com.

Permanent link to this article: https://betweenthenumbers.net/2016/08/its-seat-at-the-table-is-creating-massive-change-in-the-mid-market/

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