5 Tech Trends in the Midmarket Space
Technology is a fast-paced industry, and it has created new possibilities uniquely suited for midmarket companies. In the last decade, the landscape of the business world has drastically changed; issues like talent shortages and security attacks have forced everyone to do more with less. As many technologies mature, midmarket businesses now have a host of options that were previously unavailable to them. These options include:
Software-as-a-service (SaaS) offers benefits such as automating menial/time-consuming tasks and reducing the frequency of mistakes. In the past, software was too complex and/or expensive for a midmarket company. Through years of use, app developers have combined their experiences with client feedback to fine tune their platforms. For example, customers no longer need to worry about keeping their software up to date. SaaS applications update themselves automatically.
Newer SaaS platforms integrate the same advanced technology larger conglomerates use with affordability and ease of implementation. Many of those platforms also offer swift deployment, allowing companies to take quick advantage of time and resource savings.
The cloud is your friend
Historically, midmarket companies have been hesitant to use cloud hosting/computing. Roughly a third of executives cite security and dependability concerns as reasons for their reluctance. However, the actual biggest security risk for many companies is the use of unauthorized applications by employees.
When company technology does not meet employee needs, those employees may turn to unauthorized applications, which can lead to a host of unforeseen consequences. Current cloud hosting technology mitigates this risk through constant optimization, as the best way to prevent employees from using non-approved technology is to provide the technology they need.
In fact, use of the cloud gives midmarket companies access to advanced encryption that allows them to better protect their data. In this way, cloud hosting has gone from costing companies money to becoming a source of revenue. This segment of technology is now providing midmarket companies a greater ability to compete with bigger ones that have more resources at their disposal. One way they accomplish this is by using the cloud as an extension of their current business practices, (i.e. instantaneous access to client history, enabling them to provide great service at much faster speeds).
The volume of data we all have access to has grown exponentially in the past decade. As a result, data and analytics (that is, collecting large volumes of data and analyzing how to best use it) has become ubiquitous everywhere except the middle market. This late adoption may actually work to midmarket companies’ advantage:
– While not reaping early benefits, midmarket companies are in a better position to learn from early comers’ mistakes.
– The maturity of data and analytics has created a situation where midmarket companies have access to high-quality technology for a fraction of the original cost.
– Midmarket companies are becoming providers of big data services to those businesses that have been using data and analytics platforms for a longer period of time.
Improvement of customer relationships
The clientele of today’s midmarket companies demands more than ever before. Customer relationship management (CRM) systems were developed to meet these demands, but many companies were slow to adopt them. The benefits of CRM include:
- centralized data, easy and controllable access, and the ability to conduct business virtually anywhere
- better insight into customer behavior
- automation of basic tasks, enabling employees to focus on serving customers’ needs
Businesses that have adopted a CRM system achieve sales goals at a higher rate and maintain a higher profit margin than business that have not. Customer satisfaction and retention are necessities that are often difficult to achieve. CRM platforms streamline business operations and give midmarket companies a better shot at reaching their goals.
Easily one of the most critical issues for all midmarket companies, especially as the rate and type of attacks escalate in complexity, is cybersecurity. As mid-size businesses increasingly become targets of attacks, they continually find more effective solutions of achieving network security optimization. Using new services and technologies to meet this is a primary concern among executives. Many achieve this by analyzing what they are able to handle internally while using managed network security services to do the rest. For example, medical practices, which are subject to strict data storage laws, can store patient information on site and non-sensitive information (such as employee time card data) on a cloud platform.
Improved security at a cheaper cost helps a midmarket business meet demand and more effectively compete with other companies. On a basic level, improved network security prevents financial losses due to fraud and other types of theft. A business can now even use cloud services for securely store highly sensitive data (such as medical or classified information) on site, which demonstrates the versatility and benefits of implementing such technology.
Midmarket companies have never been in a better position to succeed. All they need to do is take advantage of new possibilities at their fingertips.