What's Driving Technology Adoption in the Business Ecosystem? A 2018 technology trends report by Deloitte says mid-market businesses are using blockchain technology to redefine their operations

As competition tightens in the market, companies are vying to make the best use of technology to stand them apart from other companies.

A new report by consultancy firm Deloitte, "Technology in the Mid-market: Embracing Technology", says, "Focusing on talent as a strategic differentiator can help private enterprises increase productivity, enhance customer engagement, and develop entire new lines of business."

In the 2018 mid-market technology trends report, Deloitte Private explores the technology trends that drive mid-market and private companies in the US economy. Deloitte surveyed 500 executives in this segment and found that 46 percent plan to hire more people than before emerging technologies came on the scene. Only one-quarter (26 percent) see digital disruption as shrinking the workforce.

"Mid-market and private companies understand they don't have to compromise between investments in technology and talent," says Chris Jackson, senior manager, Deloitte Consulting LLP and Deloitte Private Technology leader. "As an engine of economic growth, the segment is augmenting the workforce with technology and driving businesses in new ways," he adds.

C-suites & Boards Driving the Change

With so much riding on the way companies invest and implement emerging technologies, the responsibilities of how organizations are thinking about their resources is moving away from the sole responsibility of the chief information officer. The report found out that in today's business landscape, boards and c-suites of private companies are becoming more tech-savvy and are working in unison with their IT leaders to leverage technology as a business growth driver rather than an organizational afterthought.

Blockchain on Top Trend

The report highlights that not just startups or big companies, but mid-market companies are also making difference with blockchain technology. The increasing usage of blockchain is redefining how the businesses operate.

According to the survey done by Deloitte, 45 per cent of mid-market businesses expect to use blockchain to store/secure digital records and provide control of both data and assets while 13 per cent do not plan to use technology.

The use of blockchain technology is not just confined to bitcoin or crypto, in fact it's already disrupting a lot of diverse markets. One of the key market drivers behind the adoption of blockchain technology is increase in fintech spending, says a September research report by the Blockchain Technology Market.

Workforce of the Future

With respect to the future workforce, the report says that around 46 per cent of respondents state that their company plans to hire more people than before implementing new technologies, while 61 per cent are re-skilling employees to derive the greatest benefit from new technology tools. Furthermore, half of mid-market businesses are using the gig economy to develop entire new lines of business.

It adds that in many cases, technology is augmenting workers rather than rendering them obsolete. As the nature of work is shifting, private companies are seeing benefits such as increased productivity, better customer engagement, and opportunities for completely new business lines.