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Deloitte: Mid-market companies rapidly expanding tech budgets

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Deloitte: Mid-market companies rapidly expanding tech budgets

Cloud is dramatically broadening the horizons for midsized companies.

According to a recent survey by professional services firm Deloitte, there is increasing recognition among mid-market companies of the pivotal role that technology can play in achieving their business goals. The survey illustrated how cloud-based solutions and business analytics tools that offer "large corporation solutions" to mid-market enterprises can impact operational capabilities and productivity, and provide competitive insights.

According to the respondents, technology is increasingly becoming viewed as a fundamental driver of growth, with 41% of respondents indicating that their leadership views technology as a critical differentiator and key to growth, while another 38% viewed it as a strategic investment.

As a result, spending on technology is increasing.  Fifty-eight percent reported technology spend as higher or significantly higher in 2014, compared to 45% in 2013.

“It is clear from our survey findings that companies that embrace technology and have supportive leaders with a bias toward action are positioned to capitalize on the results,” commented Roger Nanney, National Managing Partner for Deloitte Growth Enterprise Services.

“Based on current market trends, the pace of innovation and change most likely will continue to accelerate.”

Half of the executives surveyed say their companies are currently using the cloud or migrating to the cloud.

About one-third of respondents expressed concerns about the security of the data and services provided by cloud-based solutions; one in five respondents say information security has had the most significant technological impact on their organizations in the last 12 months.

More companies are using data analytics to convert vast amounts of customer and transactional data into targeted marketing campaigns that focus on consumers. However, 27% of respondents cite the challenges of dealing with unstructured data versus structured data as the biggest hurdle in using analytics.

For the full report, click here.

 


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