No matter the industry, data is playing an increasingly important role in how businesses operate. Companies are collecting more data than ever before and finding new ways to use it to drive value creation, efficiency, and differentiation. Yet, many companies are still struggling to keep up with the pace of change. As a result, they lack a solid data foundation and a data-driven culture. This puts them at a disadvantage when competing against larger companies that have made data a crucial part of their operations. Fortunately, mid-market companies are on equal footing with big companies in using data to guide strategic decisions and everyday ones. Finance transformation to the cloud can help any organization use data to anticipate customer needs, streamline operations, reward and retain high-performing employees and solve complex business problems. By switching to a cloud-based finance solution, mid-market companies can level the playing field and compete with the big boys.

Skilled-Talent Resource Gaps Challenging Digital Transformations Initiatives

However, data from our SAP S/4HANA Finance and Central Finance: State of the Market 2022 report highlights the challenges facing mid-market organizations pursuing digital transformation initiatives with an initial roadmap across core finance and accounting processes. Most notably, a lack of highly skilled talent prevents mid-market organizations from moving forward with finance-first digital transformation efforts, such as transitioning to SAP S/4HANA Finance. According to a recent discussion with RSM experts, middle-market organizations often have difficulty accessing the same resources as their larger counterparts. RSM provides mid-market companies with strategy and planning services capable of filling resource gaps to help enable technology transformation and innovation initiatives across core business verticals. Partnering with experts like RSM can benefit midmarket organizations, as they also tend to be less flexible and agile than smaller businesses, making it difficult to respond quickly to changes in the marketplace.

Working with Expert Partners to Fill Resource Gaps

However, middle-market organizations also have some advantages, and RSM seeks to partner with these organizations to help them leverage these advantages across their digital transformation strategy. Their size allows them to scale more quickly than small businesses, and they often have more brand recognition than their smaller counterparts. In addition, middle-market organizations are often able to attract and retain top talent, giving them a competitive advantage. Ultimately, middle-market organizations occupy a special place in the business world. Their size gives them advantages and disadvantages, but their unique position allows them to tap into opportunities unavailable to smaller or larger businesses. Despite the lack of highly skilled resources to help support technology transformation and initiatives, partly due to the “Great Resignation, " mid-market strategy consulting organizations, such as RSM US, are hoping to partner with our SAPinsider community to help fill the void.