With high inflation widespread around the world and likely to persist into 2023, many mid-market companies are facing unprecedented challenges. As input costs rise and consumers rein in their spending, margins come under pressure and businesses find it harder to protect their profits and make effective investment decisions.
But well-planned and implemented business transformation initiatives can offset this, having a long-term deflationary effect on business costs and, subsequently, the price of products or services.
Efficiency has become a priority and digital innovation is vital to achieving it. Companies must upgrade their systems and processes to develop leaner business models that can thrive at a time of slower growth. At the same time, digital transformation remains crucial to improving consumer engagement and unlocking productivity gains – a trend accelerated by the pandemic.