At the start of every New Year, most people love to do two things: write resolutions (that are usually broken in the first two weeks) and make predictions on everything from sports to politics to business.
Given that 2020 marked the beginning of a new decade, the predictions seem a little bolder. I’ve read that, by 2030, we will travel to Mars, live in flying homes, and commute to work in personal helicopters. While anything is possible in the next 10 years, most businesses can count on one thing happening: Innovation and disruption will continue to impact every single industry.
SAP recently sponsored an IDC infographic titled: “The Roaring 2020s: Six Trends Impacting Midsize Companies in the Next Decade.” It is must-read material for any company or team leader trying to determine the best path to success while avoiding as many obstacles as possible. And you can dive deeper into what these trends mean by viewing our webinar, “Winning in the 2020s: Six Trends Every Midsize Company Needs to Know.”
After reading the IDC piece, I decided to add three more predictions for midsize companies in the coming year.
1. Employee and customer experiences rule everything
Data, automation, and artificial intelligence will be at the core of creating and delivering both employee and customer experiences. By sensing and anticipating users’ needs, businesses will be better equipped to provide the right products, services, and support at the right time.
According to IDC, the value of customer-centric experience models will be so enticing that 55% of midsize companies will either adopt or be on their way toward enabling this strategic approach by 2024.
2. Innovation-driven transformation is a priority for long-term business goals
The benefits of inspiring business-wide change with technology are more significant than ever. Transacting and communicating digitally will inevitably become commonplace not only in e-commerce, but also across core operations such as supply chains and goods sourcing.
IDC foresees companies that prioritize transformation initiatives becoming two times more likely to report double-digit revenue growth and four times less likely to experience revenue decline.
3. Scaling growth will require a foundation of technology and data
Midsize businesses that want to adapt, grow, and expand will have to transform themselves faster than ever. From platform technology to data management and intelligence, companies can create incredible value by augmenting existing in-house capabilities and workforce skills with intelligent technologies such as artificial intelligence, machine learning, and robotic process automation.
IDC forecasts that more than 25% of growing businesses will be focused on building a connected ecosystem of platform providers to accelerate digitalization. Meanwhile, 40% of companies are expected to adopt intelligent solutions to offset a shortage of skill sets and elevate the strategic value of the work employees perform.
Find out what these trends will mean for your business and get the practical advice you need to take advantage of them by attending the SAP Webcast, “Winning in the 2020s: Six Trends Every Midsize Company Needs to Know,” on February 12. (If you can’t attend the live event, please register to receive the replay information.)
SAP evangelist Timo Elliott and guest speaker IDC analyst Shari Lava will discuss the nuances of rising customer expectations, workforce trends, and macroeconomic challenges, as well as the benefits of digital transformation, platforms, and advanced technology.
Click here for more information and to register.