The four key transformation elements
Enhancing operational efficiencies
Improving operational efficiencies is a priority for the middle market, and it is even more important now. Any digital project should include plans for better business processes, more simplicity, and greater flexibility. Utilizing artificial intelligence and automation when digitizing operations can cut costs and increase quality.
58%
identify enhancing operational efficiencies as one of their most important short-term business goals
59%
cited improving IT infrastructure as a key short-term business goal
Improving digital resilience
The past few years have forced businesses to adapt quickly, including a hasty shift to remote work, pivoting their operations, or leaning heavily on digital revenue streams. The pandemic also resulted in an increase in cyber threats, and combatting these is vital for resilience. New technologies helped modernize many processes, but also exposed businesses to threats. However, there are options for businesses to mitigate these risks.
39%
consider a cyberattack their number one digital risk
59%
say improving cybersecurity is one of their top three short-term business goals, while 40% say it’s a long-term goal.
The customer experience is a crucial business objective, especially during lean times. Customer retention could be the differentiator during economic disruption. Customer behaviors have changed, and digital transformation can deliver improved service while recognizing unmet needs through a better understanding of customer behavior. Quality customer experience can encourage loyalty and motivate both customer retention and acquisition.
68%
identified improved customer experience as a priority short-term business goal
60%
have digital projects in the works relating to customer service
Increasing revenue
Many businesses are dealing with cash flow issues, due to ongoing effects of COVID-19’s economic impact, and some have pivoted from increasing revenue to preserving it. Digital transformation can attain both of these goals by optimizing processes and improving efficiencies. Expanding revenue streams requires rigorous effort and investment, but it could be an important factor for staying relevant in the digital economy.
Diversifying revenues is the number one most-cited long-term business goal
81%
expect revenue increases in the next three years
Digital transformation moving forward
A digital transformation strategy provides a blueprint as well as a vision for success through change. It also enables you to take advantage of disruptions in your business and identify new opportunities for success. Learn how BDO can help manage your digital transformation.
The four key transformation elements
Enhancing operational efficiencies
Improving operational efficiencies is a priority for the middle market, and it is even more important now. Any digital project should include plans for better business processes, more simplicity, and greater flexibility. Utilizing artificial intelligence and automation when digitizing operations can cut costs and increase quality.
58%
identify enhancing operational efficiencies as one of their most important short-term business goals
59%
cited improving IT infrastructure as a key short-term business goal
Improving digital resilience
The past few years have forced businesses to adapt quickly, including a hasty shift to remote work, pivoting their operations, or leaning heavily on digital revenue streams. The pandemic also resulted in an increase in cyber threats, and combatting these is vital for resilience. New technologies helped modernize many processes, but also exposed businesses to threats. However, there are options for businesses to mitigate these risks.
39%
consider a cyberattack their number one digital risk
59%
say improving cybersecurity is one of their top three short-term business goals, while 40% say it’s a long-term goal.
The customer experience is a crucial business objective, especially during lean times. Customer retention could be the differentiator during economic disruption. Customer behaviors have changed, and digital transformation can deliver improved service while recognizing unmet needs through a better understanding of customer behavior. Quality customer experience can encourage loyalty and motivate both customer retention and acquisition.
68%
identified improved customer experience as a priority short-term business goal
60%
have digital projects in the works relating to customer service
Increasing revenue
Many businesses are dealing with cash flow issues, due to ongoing effects of COVID-19’s economic impact, and some have pivoted from increasing revenue to preserving it. Digital transformation can attain both of these goals by optimizing processes and improving efficiencies. Expanding revenue streams requires rigorous effort and investment, but it could be an important factor for staying relevant in the digital economy.
Diversifying revenues is the number one most-cited long-term business goal
81%
expect revenue increases in the next three years
Digital transformation moving forward
A digital transformation strategy provides a blueprint as well as a vision for success through change. It also enables you to take advantage of disruptions in your business and identify new opportunities for success. Learn how BDO can help manage your digital transformation.
