Recent technology investments prove to bolster
efficiency, revenue growth, and new client acquisition for 91% of
respondents
MILWAUKEE, April 17,
2024 /PRNewswire/ -- Wipfli LLP (Wipfli), a top 20
advisory and accounting firm, announced today the release of a
survey conducted of 256 c-suite, founders, and board of directors
at mid-market companies. The survey sheds light on the evolving
landscape of technology investments and workforce dynamics among
these businesses, providing valuable insights into their strategies
and challenges.
Tech investments have yielded tangible
returns for the surveyed companies, with 91% of respondents seeing
benefits.
The survey revealed that over the past five years, these savvy
enterprises have been investing in the digital infrastructure of
tomorrow. Among these investments, cloud computing emerged as a top
priority, with 83% of respondents reporting investments in this
area. Additionally, 66% have embraced the transformative potential
of AI, while 81% have realized the necessity of increased
cybersecurity measures. Furthermore, 72% have invested in data
analytics and business intelligence, recognizing the value of
actionable insights derived from data.
Looking ahead, these companies are gearing up for the next phase
of technological evolution. While AI hasn't been the top priority
in the past, it will emerge as such over the next five years, with
75% of mid-market companies planning to invest and unlock the power
of machine intelligence to drive unprecedented efficiencies. A
significant percentage will also continue investing in
cybersecurity (71%) to help bolster the frontline defense against
consistently increasing digital threats. Additionally, they intend
to invest in data analytics/business intelligence (64%) for
assisting informed decision-making and uncovering new insights, and
look toward harnessing the power of cloud computing (64%).
Importantly, these investments have yielded tangible returns for
the surveyed companies, with 91% of respondents seeing benefits
such as increased efficiency, revenue growth, and new client
acquisition.
"The resiliency of mid-market companies over the past year has
been impressive," said Brian Blaha,
chief growth officer at Wipfli. "Amidst a rapidly evolving business
landscape, our survey underscores the pivotal role of technology
advancements and workforce dynamics and make-up for mid-market
companies."
Practice Partner Kelly Fisher, who drives Wipfli's practice
vision, strategy and execution by focusing on innovation and
transformation, said the adoption of hybrid work has prompted a
departure from traditional norms in terms of spaces, schedules, and
processes, necessitating a fundamental shift in mindset.
"This shift has compelled us to explore the full spectrum of
possibilities for conducting business and to question our
conventional approaches," she said. "The key lies in synchronizing
innovative operational strategies with technological advancements
to drive tangible change."
"By embracing innovation, adapting to change and adopting new
business processes and models, organizations are not merely
overcoming challenges but also are charting a course toward
sustainable growth and success," she said.
The survey also sheds light on the shifting dynamics of the
workforce, particularly in light of the COVID-19 pandemic.
Compensation (38%) and hybrid work arrangements (32%) have emerged
as key factors in employee satisfaction, while professional
development programs lag behind at 20%. Though compensation remains
the leading benefit, it has decreased 5% since the pandemic, while
hybrid work has gained more traction with a 7% hike, highlighting
the growing significance of flexible work arrangements.
The survey highlights the practical steps mid-market companies
are taking to thrive in today's business environment while
preparing for workplace changes on the horizon. By investing in
technology, adapting to workforce changes, and ensuring leadership
readiness, these businesses are positioning themselves for success
over the next several years. A full breakdown of the findings is
available here.
About Wipfli
Wipfli is an advisory firm that delivers
holistic solutions to help clients navigate the modern marketplace,
optimize performance and drive growth. Our more than 3,200
associates deliver digital, people, strategy, risk, financial and
outsourcing solutions to 59,000+ clients.
Media contact:
Ryan
Golden
The Plunkett Group
ryan@theplunkettgroup.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/75-of-mid-market-companies-to-invest-in-ai-over-next-five-years-according-to-wipfli-survey-302119582.html
SOURCE Wipfli LLP