How do organizations compare?īDO’s Benchmarking Report, which gets its data comes from the BDO Digital 2021 Middle Market Digital Transformation Survey, provides a comparison of how Lower Middle Market ($250M-$750M) organizations and Upper Middle Market (4751M-$3B) organizations are doing with their digital transformation efforts. Ninety percent plan to maintain or increase their digital spending in 2021, 51% are adding new digital projects, 49% are revising their long-term strategic vision, and 43% are accelerating some or all existing plans. Midmarket organizations are hitting the fast forward button on their digital transformation efforts. The report asserts that it’s time to shift from a recovery mindset to one of growth, and it appears that middle market organizations are getting the message. “For the last year, most businesses have been scrambling to catch up, or, at best, keep up with the pace of change,” write the authors of BDO Digital’s 2021 Middle Market Digital Transformation Survey of 500 middle market C-level executives.
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They figured it out once the pandemic was in full force, but the reality is, they were caught flat-footed. They didn’t know, however, that they would face unprecedented lockdowns, being labeled a “non-essential” business, having to quickly turn their workforce into remote workers, and needing to bolster its omnichannel commerce capabilities. Most companies were aware they needed to invest in a digital strategy to become a connected business and to find success in the digital economy, but their disconnected, legacy solutions were still able to get the job done-albeit inefficiently. Prior to the pandemic, the push for digital transformation was more like a gentle nudge.
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And the resiliency brought by digital transformation is a key component of preparing for any future disruptions, like the pandemic. He also insists that digital transformation is a journey, which he explains is not a “single instance” but is, in fact, the foundation for business resilience. “Digital transformation is a complete rethinking about the way your business uses YOUR PEOPLE (first and foremost), the processes you have in place, the initiatives you undertake, the strategies you employ, and the technology you use in order to manage or even completely rethink the business model and go-to-market that defines you.”Ĭlearly, it’s no small matter. What exactly is digital transformation? Let’s use Geoff’s definition: Recent research from BDO Digital, one of the nation’s leading digital service providers and a subsidiary of accounting and advisory firm BDO USA, shows that he is spot on.ĭigitally driven companies are the survivors and the thrivers in the digital economy, and they’re pulling away from the technology laggards.
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In a recent article, Geoff states unequivocally that every business needs to digitally transform.
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Why should companies accelerate their digital transformation journey? BDO Digital survey data shows digitally driven companies are leading those that aren’t, and the divide is growing.Ī sense of urgency is shaking businesses awake in every industry, or is it? According to Acumatica’s Geoff Ashely, VP, Partner Strategy & Programs, it should be, and the sense of urgency has a name: Digital Transformation.