Introduction

The middle market has faced unprecedented challenges over the past several quarters, and the COVID-19 pandemic has significantly impacted businesses of all sizes. The National Center for the Middle Market (NCMM) has been monitoring the performance and sentiments of companies with annual revenues between $10 million and $1 billion since 2012. While average revenue growth for middle-market companies has increased in 2021, there is a clear divide in the recovery. While 45% of companies reported revenue growth of 10% or more, another 34% experienced flat or declining revenue.

The Split Recovery and Ongoing Challenges

The recovery has been uneven, with many companies still facing ongoing challenges. According to the NCMM, 51% of middle-market leaders cite employee communications, engagement, and productivity as the most difficult aspects of running their businesses in the current environment. Additionally, 45% reported issues with customer engagement. These challenges vary by industry, with healthcare companies struggling with employee engagement and construction companies finding it difficult to engage customers in new and beneficial ways.

The Importance of a Digital Vision for Middle Market Companies

Middle-market companies need a clear digital vision to thrive in the face of an uneven recovery and ongoing challenges. According to data from the NCMM, companies with a clear, comprehensive digital vision that guides strategic decisions grow 75% faster on average than their less digitally sophisticated peers. However, only 46% of middle-market companies have a digital roadmap built into their strategy.

The pandemic has accelerated investment in various technologies to address operational areas such as cybersecurity, customer engagement, and communications. However, executives’ perceptions of their own businesses’ digital maturity do not necessarily align with the investments made. While 52% of leaders consider digitization important or extremely important, only 35% consider themselves advanced or ahead of their peers.

A Framework for Digital Transformation for Middle Market Companies

To help middle-market companies navigate the process of digital transformation, the NCMM has developed a framework that focuses on five interconnected activities: 

• What We Sell: Product and service offerings
• How We Produce It: Supply chain, manufacturing, operations
• How We Sell It: Customer experience, channels, marketing
• Our IT Backbone: Infrastructure, security
• Our Workforce: Talent, digital skills

This framework provides a guide for companies to assess and improve their digital maturity across these five fronts.

Let’s look at a couple of the biggest challenges faced by the middle market and how focusing on “how we sell it (customer engagement)” and “our workforce (employee engagement)” helps address them.

Customer Engagement across the Customer Journey

Regarding customer engagement, customer experience, lead generation, and marketing tools are top priorities for middle-market companies. To progress in these areas, companies should prioritize integrated multichannel marketing and sales, develop functional websites that connect customers with employees, increase online interaction through various digital touchpoints, and use technologies that support the sales force, such as CRM systems and social media. The goal is to create an omni-channel, end-to-end digital experience on all platforms and channels.

Employee Engagement

Middle-market companies face a challenge in accessing, attracting, and retaining talent with the right digital skills. To address this, companies should invest in people with specific digital expertise, adopt the latest technology and digital processes, take a strategic approach to realigning the workforce by contracting activities to outside specialists, and provide career training and development with clear career paths. Investing in employees with digital skills and empowering them with the right tools and processes is crucial for successful digital transformation.

Overcoming Obstacles

Resource constraints, budget issues, lack of time, and internal resources are common obstacles middle-market companies face when it comes to digital transformation. IT spending is often focused on daily operations and cybersecurity, leaving limited resources for digital transformation initiatives. Companies need to address these obstacles by prioritizing investments in digital technologies, allocating budgets and resources, and adopting a strategic approach to implementation.

Conclusion

Middle-market companies face unique challenges in the digital transformation journey. The key to thriving in an uneven recovery and overcoming ongoing challenges is to have a clear digital vision that guides strategic decisions. By focusing on customer and employee engagement, investing in the right digital technologies, and adopting a comprehensive framework for digital transformation, middle-market companies can position themselves for growth and success in the digital age.

This post is inspired by a similar topic in Harvard Business Review.

The post The 5 Digital Transformation Pillars for Middle Market Enterprises. appeared first on [x]cube LABS.

Introduction

As the world continues to grapple with the irreversible repercussions of COVID-19, a silver lining emerges in the form of global innovation, transforming various business sectors. 

The sports industry stands at the forefront of these changes, ushering in a new era marked by smart stadiums and superior live-streaming platforms, all aimed at ensuring fan engagement transcends the boundaries of a single game. By 2027, the global sports technology market is set to burgeon to a staggering USD 36.66 billion, reflecting a robust compound annual growth rate (CAGR) of 17.8%.

In this blog, we are looking at how the connection between fans and their favorite sports games is changing and how technology is becoming a key part of this change, making the fan experience even better.

What do we mean by Fan Engagement?

Across the globe, various sports organizations are keenly exploring and fully cognizant of the invaluable advantages linked with robust fan engagement. This strategic focus results in cultivating a “loyal fan base,” effectively “attracting new fans,” and building an “enhanced sense of belongingness within the sports community.”

Understanding a Sports Fan 

Type of Fans and their motivation to be associated with the sport:

Motivations of Different Fan Types Shape their Preferred Features:

Engaging the Sports Fans During and Beyond the Season  

To keep the ball rolling…. !!! Exploring some compelling use cases where technology is truly revolutionizing fan engagement.

During the Season

Sports fans crave being close to the action. Being surrounded on all sides by fans is an experience everyone has to experience at least once. 

• A Ticket Tracking System

Various e-ticket analyzing vending machines have enhanced ticket holders’ experience by making it a “No contact stadium experience.” It’s an automatic platform that alerts sports clubs and the stadium management of attendance.

To name a few examples, like 

• Facial recognition software to verify the identity of customers in stadiums.
• Barcode scanners installed at the entry point can allow you to enter with a simple wave of your smartphone. 
• Scanning a URL QR code to land on the official website and instantly access event details allows users to buy that event ticket and makes the entire stadium entrance process as seamless as possible.

• Creating Digital and Commemorative Tickets 

The necessity for physical tickets is fast becoming a thing of the past. A shining example of this technological shift in the sports industry is the emergence of commemorative tickets. These are exclusive tickets, produced in limited quantities and available only for a specified duration, celebrating unique events or anniversaries. These commemorative tokens are not just digital analogs to physical tickets; they are potential contenders for Non-Fungible Token (NFT) collectibles. Thus, they blend traditional keepsakes’ nostalgic charm with digital assets’ convenience and novelty.

• Location-based Messaging

This innovative approach guides the attendees from stepping foot in the stadium to various designated areas throughout the event. For example, navigating an attendee from entry to their allotted seat or nearest pick-up point for pre-ordered food and beverages. Coupled with the application of beacon technology, it can pinpoint the attendees’ locations and deliver personalized messages loaded with key information. This method provides an added interaction layer, enhancing the overall event experience.

• Elevating the Experience through Immersive Technologies

Immersive technologies are steadily revolutionizing how sports fans experience the captivating thrills, adrenaline surges, and crucial game analytics unique to every match. They bring to life every moment, from the player’s individual statistics to the critical final minutes of the game. Virtual Reality (VR) offers fans a groundbreaking, real-time experience, allowing them to view the game through the lens of a specific player. Meanwhile, Augmented Reality (AR) offers in-stadium attendees the ability to access the game stats of a player at their fingertips. These continuously evolving technologies promise an exciting, hyper-realistic future for sports fans worldwide.

• The Revolutionary Impact of Drone Technology in the Sports World 

Drones are forging fresh pathways in the evolving sports landscape, bringing to the table a blend of aerial surveillance, mobility, data gathering, artificial intelligence, lifting capabilities, and visual technologies. This multifaceted combination renders drones an ideal fit for a multitude of applications in sports, from conventional uses to disruptive innovations. A few examples could be security surveillance of stadium attendees, getting pre-ordered food and beverages delivered to seats and more.

• Harnessing AI for a Data-driven Approach

AI is poised to significantly shape a fan’s journey within and beyond the stadium. Stadiums are evolving into significant content and data hubs, meticulously designed to optimize the customer journey and meet the dynamic needs of fans. Stadiums and fan platforms are transforming into ‘data sanctuaries.’ Armed with these data points, personalized marketing campaigns, interactive games, and sales recommendations can be devised. This strategy enhances the fan experience, making it more immersive and personalized.

• A Unified Experience Through a Single App

One of the most transformative developments is the advent of a comprehensive app that serves as a one-stop hub for all fan interactions. This platform fosters a vibrant community, streamlining various fan activities such as booking tickets, staying abreast of the latest news and updates, and participating in voting polls. In addition, fans can engage in quizzes and trivia, stimulating friendly competition and adding an additional layer of interaction to their sports experience. This consolidated approach enhances fan engagement and simplifies their journey, creating a more seamless and enjoyable experience.

Beyond the Season

Fan engagement need not wane during the off-season. This period can be effectively utilized to keep fans connected and excited for the upcoming season. One way to achieve this is by rolling out innovative initiatives and platforms to continue the interaction and conversation.

• E-Commerce: Merchandise Sales and Auctions

Capitalizing on e-commerce platforms to sell merchandise can significantly boost off-season engagement. Live auctions and reverse auctions present a unique opportunity for fans to own memorabilia of their favorite team or player. This maintains fan interest during the off-season and opens up new revenue streams for sports organizations.

• Non-Fungible Tokens (NFTs) collectibles and Digital Assets

Leveraging NFTs to sell digital assets and collectibles has emerged as an innovative way to keep fans engaged. These unique digital assets can range from event custom posters and trophies to tickets, each being valuable to the sport’s legacy. By creating a buzz before the season starts, NFTs offer an exciting build-up to the main events and maintain fan engagement.

• Engaging Fans through Fantasy Games

The format of fantasy games has revolutionized fan engagement during the off-season. By allowing fans to create their own teams and make strategic decisions, these games keep the spirit of competition alive even when there are no live games. This form of interactive engagement keeps fans involved and invested in the sport, effectively bridging the gap between seasons.  

Conclusion

The sports industry has undergone a transformative shift driven by the strategic implementation of fan engagement strategies. These approaches have fueled exceptional growth, delivering substantial value to sponsors, stimulating positive conversations around sports, and creating unprecedented opportunities for revenue generation. Technology has been at the heart of this evolution, profoundly expanding and enhancing how fans interact with their favorite sports. As we reflect on the past, it becomes abundantly clear that this trend of technological influence is only set to escalate in the future, further revolutionizing fan engagement in the sports industry.

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Industry 4.0 is currently generating tremendous noise and drift for data exchange and automation in manufacturing technologies together with IoT, cloud computing, cognitive computing, and cyber-physical systems. Mobile technology is one of the fundamental driving forces behind Industry 4.0, creating “smart factories” and streamlining manufacturing operations with mobility. While most of them have been slow to adopt the benefits of technology, manufacturers aren’t unaware of the substantial tangible improvements other industries are undergoing with the implementation of mobile technology and organizations are noticing improvements in their divisions. Mobility in manufacturing is bringing intensification across all divisions, optimizing from the shop floor to the warehouse to management. Even IT leaders cannot overlook the hazard of production downtime and competitive benefits of improving productivity using mobile devices and solutions.

The Need for Mobility Solutions in Manufacturing Companies

While global expansion strategy forms the core of the emerging need for mobility solutions in most of the manufacturing companies, it is equally important to meet the ever-growing expectations of consumers and stakeholders in the ecosystem. For example, an automobile manufacturer sold auto spare parts to its partners. As the demand for spare parts increased, they felt the need and launched a mobile app to manage the demand-supply gap. Now consumers can place an order for more spare parts online. This helps them reduce cost and improve productivity in the long way. Therefore, to remain competitive, manufacturers must look out for efficiencies in production and the capacity to deliver a broader mix of customized products. This demands operational processes and production lines to be integrated and flexible to allow fast configuration changes and reduced load times, without compromising on quality or safety.

Adoption of mobility solutions by manufacturing enterprises helps to improve their capacities which manifest in the form of improvement in enterprise processes.

Credit: Ericsson Mobility Report June 2018

81% of Industrial Manufacturing CEOs said that they plan to rely on operational efficiencies to bolster growth via enhanced competitiveness.
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Key Advantages of Mobility Solutions

Data and information play a crucial role in implementing business processes right from marketing to manufacturing. Mobility holds the key to the prospect of managing your business from anywhere at any time. Moreover, it shares real-time updates for decision makers. Mobility also provides information during an emergency and therefore manages the uncertain situations well

Portability – Mobile apps are designed for on the go, anytime usage. The right mobile solution can reduce the need to return to a fixed-point to review checklists, receive information or fulfill orders. For example, tablets allow workers to conduct quality checks, send out alerts for any problems and instantly update job status on an order or machines.

Real-Time Problems / Real-Time Solutions – Instead of anticipating problems and outcomes based on earlier performance and trends, it is critical for organizations to have the ability to figure out an issue while there is time to correct it. Learning about errors, malfunctions or other problems after the fact, could delay progress, whereas the management team and staff can be alerted instantly of issues in real-time. Therefore situational awareness can extend the reaction time and lead to positive outcomes and better customer relationships as well.

Accessibility Increases Worker Productivity – Choosing mobile tablets can lead to better productivity of warehouse workers as people respond well to current technology which is easy to understand. Rather than having to visit the fixed workstation repeatedly, workers can perform tasks on the go. Employees are already embracing mobility in their personal life, therefore the traditional learning curve when introducing innovative technology, systems or processes are reduced to a great extent and will arguably, disappear in a few years’ time.

Precision Monitoring –  With GPS locations in vogue, it allows manufacturing organizations to analyze their logistics and figure out where they are being inefficient or losing time in their freight management duties. Instant updates allow team leaders to check the status of any order at any time, or to find raw materials and goods arriving instantly. For businesses with active on field sales staff(s), the ability to both check inventory and input sales on the go increases efficiency tremendously and can boost customer relationships in the process.

Mobility in the manufacturing industry is trending like other industries and is the reason many companies give mobile devices to their staff and discourage BYOD to avoid risk. However, for the company-owned devices as well, organizations should be extra vigilant for the security of the devices as well as business data. Organizations need to address security concerns and place adequate security measures for mobile device management to prevent data theft and misuse of the devices for personal entertainment which eventually leads to wastage of time and productivity decline.

86% of CEO's say a clear vision of how Digital technologies including Mobile can create competitive advantage is key to the success of their investments.
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Some Operational Benefits of Mobility

• Increases overall productivity
• Ensures cost reduction with increased efficiency
• Real-time monitoring and faster access to critical information
• Facilitates collaboration between people at all levels
• Rapid product development
• Improve RoI
• Increase in sales
• Enhance customer satisfaction
• Manage regulatory compliance

Reduce Time to Market and Achieve Optimal Efficiency

In this increasingly connected world, manufacturing intelligence is the new normal. The choice of connectivity determines the planning, materials, build quality and flexibility of a manufacturer’s digital foundation. This adds to the possibilities and ultimately increases the value it brings to their operations, enabling smarter resource management. It affects which equipment and operations can be connected, how many assets and processes can run simultaneously, and how well it scales beyond one geographical site to achieve optimal efficiency. Mobility is helping with data collection, and manufacturers are applying advanced pattern detection and predictive analytics to simplify steps and eliminate delays by pulling the right levers to get ahead of production cost trends and generate good market speed.

Bottom Line

Mobility is making manufacturers compete in their prospects and customers timeframes while delivering higher value in less time than before. Therefore manufacturers and their suppliers must generate and share vast amounts of digital data about the design, dimensions, quality, and location of components. Additionally, tracking their journey through the factory and beyond is imperative. They must manage complex flows of physical materials and become data managers. Yes, we anticipate a growth in the number of data engineers in the flexible plant to almost double between now and 2030.

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