Technology is increasingly being viewed as a driver of profitability and performance by mid-market executives, and to prove their faith in it, their firms are spending more this year on technology than they did a year ago.
That's what a Deloitte survey found. These and other trends appeared in the information gathered from 500 executives working for companies with between $100 million and $1 billion in revenue.
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Among the highlights:
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48 percent said they viewed technology as critical to company performance, compared to 41 percent a year ago;
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67 percent said they spent more in the past year on tech than they did in the year-earlier period, compared to 58 percent in the year-earlier survey;
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30 percent reported spending at least 5 percent of total revenue on tech in the past year, compared to 19 percent in the year-earlier survey;
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33 percent said company leadership is driving tech adoption, compared to 20 percent a year earlier;
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New technologies rated high in potential included analytics (47 percent) and cloud applications (43 percent);
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42 percent now use cloud-based solutions, compared to 34 percent a year earlier;
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80 percent now use analytics, compared to 65 percent a year ago.
"It is becoming harder and harder to separate technology from business strategy and performance," says Stephen Keathley, principal, Deloitte Consulting LLP, and national technology leader, Deloitte Growth Enterprise Services. "Technology now touches essentially every business function — from sales and marketing to human resources, from finance to operations and compliance. C-suite's growing involvement in these critical decisions is a welcome development because, more often than not, the business impact of new technology is directly related to the level of support and commitment received from the highest levels of the organization."
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Dan Cook
Dan Cook is a journalist and communications consultant based in Portland, OR. During his journalism career he has been a reporter and editor for a variety of media companies, including American Lawyer Media, BusinessWeek, Newhouse Newspapers, Knight-Ridder, Time Inc., and Reuters. He specializes in health care and insurance related coverage for BenefitsPRO.
