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Member Perspective: Michele Juliana

Posted Thursday, June 8th, 2017

Member News, Action Teams, Middle Market

Guest Commentator: Michele Juliana, Principal, Technology and Management Consulting, RSM US LLP @RSMUSLLP

How can Middle Market companies take advantage of technology to help take their business to the next level?

Everyone is talking about digital transformation these days, but at RSM our question is always what does this really mean for middle market companies and how can they take advantage of affordable technology to achieve their growth goals. The heart of the discussion lies in identifying your business as a technology-driven organization — regardless of your industry or product. Technology must be viewed as a key part of your strategic plan, an investment rather than just an operating cost, and represented by an important seat at the table in your leadership planning discussions.

Important concepts to understand and consider in developing your digital transformation strategy include:

  • Internet of Things
  • Predictive Analytics
  • Machine Learning
  • Mobility

The Internet of Things (IOT) refers to an interconnection of devices including sensors which can capture tremendous amounts of data. These “smart devices” and the data collected through them are transforming many industries — including the consumer home market, transportation, health care, building maintenance, and cities — in addition to significant advances in manufacturing and distribution processes. As the data is collected, machine learning and predictive analytics can be leveraged to predict behavior, adjust resources, and identify areas of remediation and optimization throughout a work process. Access to this information via mobile devices is expected and increasingly a core element of any technology being deployed.

All of these capabilities need to be closely intertwined with your core business applications, including the systems which support your accounting, sales, marketing, service, distribution, and manufacturing. Integrated systems taking advantage of cloud technology can provide many of these capabilities at an affordable cost with the requisite security features which are so critical today.

For middle market companies, it’s important to evaluate your business processes and look for technology platforms built for mid-sized, growing businesses with scalable and flexible pricing, rapid time to implement, ease of integration with other applications, and regular updates to stay current with continually changing technology. Partnering with the right software vendors and technology advisors can allow you to stay current and even ahead of the curve without continually having to evaluate technology and implement new solutions. Achieving the right balance can be one of the most difficult aspects of managing a middle market business, and also the most rewarding.


The Chamber is actively working to expand economic opportunity for our middle market businesses through our Middle Market Action Team (MMAT), which convenes a cross-functional group of top executives and stakeholders with a shared vision and agenda to amplify business growth and security, provide access to existing regional resources, and identify opportunities to coordinate activities and services for the middle market.

Learn more by reading our “Mobilizing Greater Philadelphia’s Middle Market” study, which explores the middle market’s impact on the region’s economy and examines the key findings that distinguish the potential for significant job growth middle market companies can create.

 

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