In a recent SMB Group study, 57 percent of small-to-medium business (SMB) leaders, with revenues of $50 million to $1 billion, stated they think their revenues will increase in the next 12 months.1 Furthermore, 76 percent believe that digital technologies are ‘reshaping’ their industry. From these stats, we can see that growing businesses understand the impact of digital technologies on their success.
Yet, only 23 percent of SMB leaders ‘strongly agree’ that their company has a well-defined digital business strategy. Now is the opportunity, while the economy is favorable, for SMBs to introduce digital products, to establish a vision for how new technology—like cloud, analytics, machine learning, and artificial intelligence—will secure long-term market growth.
The report found that SMBs without a digital business vision have not embraced one for various reasons. Leaders say:
The responses from SMB leaders regarding their top drivers for investing in digital technologies to support their business are key:
An SMB does not have to start ramping up digital business to simply attract new customers. Rather, by deploying cloud-based solutions internally, companies can enhance organizational capabilities that then transfer to customer-facing goals in the future.
For example, Neil Martucci, Senior Vice President and Controller at ConnectOne Bank, explained that because they implemented cloud-based financials, they now operate in a more flexible and scalable environment that allows them to make business decisions that reduce risk, cut costs, and drive increased profitability as the company continues to grow. But perhaps most importantly, their customers benefit from their more tailored, personalized services.”
If your SMB does not have a complete vision for digital transformation, there are multiple onramps to choose from. Cloud-based applications allow for digital technologies to drive scale and speed. In turn, positioning an organization to adapt and take on future growth-oriented digital transformation projects.