In the business world, technology often serves as the great equalizer—enabling medium-sized companies to compete with larger corporations. That’s certainly the case in today’s landscape where technology tools like analytics, cloud computing, and the Internet of Things are enabling organizations to streamline their operations and pursue growth opportunities.
This Washington Post article “How mid-size manufacturing and distribution companies use tech to compete with the big guys” explores the topic—noting that leveraging technology is key to the significant growth mid-sized companies and industrial manufacturers have seen in the past couple years. Here are a few notable pieces of information from the article:
- 20% of technology spending by midsize companies goes toward innovative areas like data analysis
- Cloud technology gives manufacturing companies access to the same computing power as their much-larger competitors
- Only 36% of companies are actively using the Internet of Things (IoT) to make operations more efficient
For continued growth and expanding market share, mid-market companies will need to leverage technology for customer experience and efficiency. If technology is not part of your strategic planning process and you are not currently engaged to understand the use of technology to benefit your company, you are falling further behind the competition (companies larger and smaller) every day.