Part 2 of the series, “Top Trends Impacting Midsize Businesses in the 2020s”
Technology advancements and marketplace changes are making it far easier for any business to make bold moves quickly. This new reality is certainly not lost on midsize companies, as they watch their larger contemporaries start to embrace speed and agility in their new business initiatives.
In response to this new environment, growing companies are facing a pivotal question: how can they keep their edge in innovation and customer service by tapping into intelligent technologies such as artificial intelligence, machine learning, and robotic process automation? One solution is the adoption of a business technology platform that simplifies and accelerates the delivery of new experience-centric applications, processes and systems to keep ahead of the pack.
IDC predicts that this will be one of the top trends for midsize companies in the 2020s. The IDC infographic, “The Roaring 2020s: Six Trends Impacting Companies in the Next Decade,” reveals that more than 25% of midsize companies will build a connected ecosystem of platform providers to accelerate digitization while using service providers and integrators to augment existing in-house capabilities.
An opportunity to redefine velocity and scale
Digital giants such as Google, Facebook, Airbnb, and Amazon may have left behind their “startup” or “midsize business” status long ago. Still, they do offer one critical lesson for every growing company. Their fast, sustainable growth likely points to the benefits of a technology platform, setting the foundation on which a multitude of products, services, capabilities, and experiences can be added in real time.
A business technology platform integrates with and extends application solutions, databases, analytics, and self-services into a harmonious landscape of technology solutions, providing simple and rapid business innovation. Unified and open enough to embed intelligence across integrated, modular applications, the advantages that the business technology platform offers can be visible across the enterprise – from online and physical stores to sales, marketing, manufacturing, logistics, and the supply chain.
But don’t be fooled: massive enterprises are not the only ones that can achieve such success with business technology platforms. Thanks to the choice of running their business technology platform on any of the affordable cloud providers and hyperscalers, midsize businesses can now leverage the same capabilities to not only protect but also strengthen their inherent competitive advantages.
Take, for example, c-Com. The growing German startup is orchestrating and simplifying the tool lifecycle management process of an international client base of manufacturers of automobiles, airplanes, and other complex products. By using a cloud-based business technology platform that features open-source technology, the business moves C-parts – such as nuts, bolts, screws, and commodity tools – and other resources around easily among business partners. And because c-Com is using a technology platform, they are delivering new business features and services to their customers quickly and easily, thereby staying ahead of their competition.
c-Com’s platform-enabled business strategy is paying off as it provides a uniquely valuable service that is saving customers a great deal of time and effort. In fact, large automotive and aerospace companies are either using, evaluating, or considering the service for themselves.
A rediscovery of the true advantage of midsize businesses
Most midsize companies are already on the path to adopting a business technology platform. They spend years building up their processes, supply chain, partnerships, sales and marketing channels, and customer base. Along the way, they create or invest in new applications or acquire the latest capabilities and integrate them into every aspect of the business.
With the introduction of platform thinking, decision-makers can manage such a growing application ecosystem in a manner that aligns well with the company’s mission, vision, and strengths. This approach allows businesses to maintain their competitive edge by evolving as the marketplace and customers demand – without disrupting existing operational experiences.
Discover how midsize companies are retaining their competitive advantage in today’s marketplace. Listen to an excerpt of our Webinar, “Winning in the 2020s: Six Trends Every Midsize Needs to Know,” with Timo Elliott, Global Innovation Evangelist from SAP and guest speaker Shari Lava, Research Director Small and Medium Business at IDC.
*Source: IDC infographic: “The Roaring 2020s: Key Trends Impacting Midsize Companies in the Next Decade,” sponsored by SAP.