Historically, AI has not been a top priority for the majority of midsize businesses, but over the next five years AI will emerge as a top priority, with 75% of midsize businesses planning to invest in machine intelligence to improve efficiency. I am planning.
That's according to a new survey of 256 executives, founders and boards of directors at mid-market companies conducted by Wipfli LLP, a top 20 advisory and accounting firm. This study sheds light on the evolving landscape of technology investment and workforce dynamics among these companies, providing valuable insight into their strategies and challenges.
Our research reveals that over the past five years, these smart companies have invested in tomorrow's digital infrastructure. Among these investments, cloud computing emerged as a top priority, with 83% of respondents reporting investments in this area. Furthermore, 66% embrace the transformative potential of AI and 81% recognize the need to strengthen cybersecurity measures. Furthermore, 72% have invested in data analytics and business intelligence, recognizing the value of actionable insights from data.
A significant portion (71%) also plan to continue investing in cybersecurity to strengthen their first line of defense against the ever-increasing number of digital threats. They also plan to invest in data analytics/business intelligence (64%) and harness the power of cloud computing (64%) to support informed decision-making and uncover new insights. I'm looking at you.
Importantly, these investments are delivering measurable benefits for the companies surveyed, with 91% of respondents seeing benefits such as increased efficiency, increased revenue, and new customer acquisition.
“The resilience of midmarket companies over the past year has been remarkable,” said Brian Blaha, chief growth officer at Whipfli. “As the business environment rapidly evolves, our research highlights the critical role that technological advancements and workforce dynamics and composition play for midsize businesses.”
Kelly Fischer, a practice partner who drives Wipfli's practice vision, strategy and execution with a focus on innovation and transformation, says the adoption of hybrid work has prompted a departure from traditional norms in terms of space, schedules and processes. He said that a fundamental shift in thinking was needed. .
“This change has forced us to explore all possibilities for doing business and question traditional approaches,” she said. “The key is to synchronize innovative operational strategies and technological advances to drive measurable change.”
“By embracing innovation, adapting to change, and adopting new business processes and models, organizations can not only overcome challenges but also chart a trajectory toward sustainable growth and success.” she said.
The study also sheds light on changing workforce dynamics, especially in light of the COVID-19 pandemic. Compensation (38%) and hybrid work arrangements (32%) emerge as key factors in employee satisfaction, while professional development programs lag behind at 20%. While remuneration remains the main benefit, remuneration has fallen by 5% since the pandemic and hybrid work has gained further traction with a 7% increase, highlighting the growing importance of flexible working arrangements. It has become.
This study highlights practical steps midsize businesses are taking to thrive in today's business environment while preparing for the upcoming workplace changes. These companies are positioning themselves for success in the years ahead by investing in technology, adapting to changes in their workforce, and securing leadership. A complete breakdown of the survey results can be found here.
