The Monitor published a breakdown of BDO’s annual Digital Transformation Survey, a poll of executives across the middle market sector tracking the technology trends of the day. According to the survey of 600 C-levels, BDO found an eye-popping 100% of respondents are “currently implementing some sort of digital transform or are in the process of developing one.
Beyond the incredible synergy of 600 different companies, the pandemic has laid bare some of the warts in the financial services industry as a whole. The complete article is a great read, but here are some interesting thoughts.
59% identify cybersecurity as one of their top short-term goals.
This is a major turn for an industry that has struggled to keep up. Despite high profile security breaches in 2018 and 2019, identifying vulnerabilities and putting protections in place was still a lower priority than short-sighted, micro-improvements to less critical business areas.
In a way, removing the hope of a deluge of new business in the short-term forced executives to really consider what they need to reinforce or replace long-term. Cloud architecture is gaining ground as the preferred option due to the low total cost of ownership, low entry price point, and the freedom to redirect resources from maintaining infrastructure towards more revenue generating activities. The poll also highlighted improving their customer experience as a critical area of importance, and cloud computing has proven to be effective in both areas.
Change Management is a concern
Middle market companies pointed to lack of training, poor communication, and lack of vision as reasons that projects struggle to complete. Change management is absolutely crucial. Leasepath customers hear us talk about how important getting buy-in from leadership and staff. This means engaging all levels during the implementation process.
Do yourself a favor and read the Monitor’s complete article. There’s a lot more useful nuggets. If you’re considering making changes to prepare your company for what’s next, the Leasepath platform is the only solution with the modern security tools, interface, and low-code/no-code flexibility to provide a solution that is secure, easy to use, and configurable to feel like it belongs to your team. Chat with Leasepath today!