How Small & Midsize Organizations Can Prepare for the New Economy
See why nearly 25% of small and medium-sized business executives count IT among their most-critical functions for delivering their employee and customer experience
While their employees can be upskilled and reskilled to help meet ever-changing market dynamics, most small and midsize manufacturers do not have the technologies, tools, and infrastructure to support them. Now, you need intelligent technologies that can help the entire business gain the resilience and competitiveness to deliver a customer experience – from the buying journey to product use – that can rival their largest competitors.
A company’s IT support sets the foundation for long-term resilience and ensures that every part of the business has the tools it needs to meet its strategic goals.
KEY FINDINGS:
Customer experience matters most. The data was consistent throughout the survey, even during the pandemic: customer experience outranks even increased profitability and risk mitigation as a top priority.
Employee experience is also critical. Improving employee performance and retaining top talent are even more important in a crisis, which may be why top performers cite improved employee experiences as their second-highest strategic goal (though, like others, they have work to do in this area). Other respondents also rank employee experience high on their list of strategic priorities.
Data to support decision-making is a weak point. Gaps in data collection and analysis hinder the ability to improve experiences for customers and employees, to respond to changes in the market, and to get full value from technology investments. As the pandemic progressed, surveyed executives were even more likely to cite data analytics shortages in a range of areas.
Digital transformation is a priority for small and midsize organizations. Respondents expect major progress toward digital transformation in the near future, with nearly all saying they will make at least moderate progress within three years. Top financial performers are further ahead, which should allow them to be more flexible in adapting to a challenging and ever-changing environment.
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