The past 18 months have brought unprecedented challenges to businesses of all sizes, and the U.S. middle market was not immune.
The 5 Fronts of Digital Transformation in the Middle Market
A recent study found that more than half of midsize companies don’t have a roadmap to guide their digital strategy.
October 19, 2021
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Summary.
The National Center for the Middle Market has been tracking the performance and sentiments of companies between $10 million and $1 billion in annual revenues since 2012. While average revenue growth for middle-market companies has increased in 2021, a closer look reveals a split recovery: 45% of companies reported revenue growth of 10% or more but another 34% experienced flat or declining revenue. With an uneven recovery and ongoing challenges, how can midsize companies continue to thrive? Data shows that middle-market companies with a digital vision that is clear, comprehensive, and guides strategic decisions grow 75% faster on average than less digitally sophisticated peers. The authors present a framework to help guide middle-market companies in the process of digital transformation.