Not many businesses would refer to their organisation as ‘mid-market’ or label themselves by their size, but Timico realises that this label can generate significant technology opportunity.
The mid-market sector is a separate entity with its own challenges and opportunities. IT vendors and service providers have too often cut corners by trying to scale-up small business offerings or force-fit large enterprise approaches to the mid-market.
Who are the mid-market?
If you’re a business with a turnover between £25 million and £800 million, you are defined as a mid-market or mid-sized organisation, also known as an MSBs.
The opportunities of MSBs
One-third of the private sector turnover and a quarter of private sector jobs are dominated by MSBs. Employment growth has surpassed small and large companies, and despite uncertain climates, mid-market businesses are still optimistic and ambitious. We know that MSBs want to do more than just survive and instead can grab the opportunity of growth by utilising technology for new ways of developing businesses and resetting expectations in a positive way.
Common Challenges for MSB’s:
Growth, Digitisation, and Digital Transformation
Growth cannot happen without digitisation or digitalisation. Mid-size businesses are affected by both. They are big enough to have huge quantities of digital data and additional data available as digital exhaust from customer interactions, social media, and other sources. A challenge for the mid-market is the fact their size is not big enough to handle data efficiently, and systems may not be able to cope. This means digital transformation initiatives should be encouraged and could allow these mid-market businesses to grow significantly.
Just a few of the advantages of digital transformation:
Timico recognises that digital transformation is a virtuous circle where each transformative outcome is a stepping stone for further transformation.
You are capable of turning your IT infrastructure into a source of business improvement and innovation, not just a flat necessity in your business.
Mid-market businesses can transform faster as a transformation initiative can easily flow throughout their organisation. Larger businesses have bigger barriers to adopting new tech.
How we think your business can achieve success.
Data is the Secret Weapon
Better knowledge about risks can help MSBs to embrace opportunities to boost performance. That knowledge comes from data, the secret weapon for many mid-size companies for outpacing competitors and satisfying the changing needs of customers.
Use Digital Transformation to Facilitate Business Objectives
The risk in discussions about digital transformation is forgetting about the key objectives of a company and focusing on the transformation as the be-all and end-all. Digital transformation is a means to an end. It needs to be clearly linked to relevant business advantage or benefit.
Agility, Agility, Agility
Digital transformation needs to keep up with the changes. Your mid-sized company may well have long-term business goals. Longer schedules will lock you into projects whose outputs are out of data before they even arrive. Use data from digitisation and digitalisation to drive decisions, to spots trends, and to get ahead of the curve.
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Find out where there is space for change in your business, and how you are performing against your competitors.