In today’s fast-paced business environment, change is inevitable. Middle market companies are no exception to this rule, as adapting and innovating are crucial to staying competitive. But with new technologies disrupting the landscape almost constantly, how can middle market companies best navigate change and stay ahead of the curve?
Embracing technological advancements helps middle market companies boost growth and ensure market competitiveness. In fact, according to research from the National Center for the Middle Market, companies with a strategic approach to digital transformation experience faster revenue growth, improved quality and reliability of processes and products, happier customers, and fewer talent challenges.
The key to a strategic approach is knowing when to engage – especially when there is an endless supply of options. Take artificial intelligence (AI), for example. From AI-powered chatbots optimizing customer service, to generative AI creating digital content, and machine learning models streamlining inventory management, there seems to be an AI service for every business challenge – but not every product is right for every business.
How can you stay on top of these innovations and determine which are right for the unique needs of your business? Here are three tips to help companies navigate the ever-changing technology landscape.
Tip #1: Foster a Culture of Innovation & Learning
To be innovative, companies of any size can foster a culture that is open to new ways of working and supports the agility needed to implement change effectively. This may look different from company to company, but there are a few tenets that remain true regardless of industry. One tenet is encouraging risk-taking and experimentation – because new ideas must come from somewhere! Companies that value creative problem solving and view failure as learning opportunities are more likely to uncover and deploy innovative ideas.
Similarly, facilitating collaboration around priority pain points you are seeing in your business can help prioritize what’s most important and unlock new ideas. Interacting with your day-to-day peers and people outside your direct network can provide inspiration and accelerate the connecting of ideas that results in innovation. For example, at Eastern Bank, our IT division hosts an annual Tech Fest. This two-day offsite brings together colleagues from across the bank, as well as outside speakers for external perspectives, to discuss active projects, engage with trending topics, explore strategic planning and build relationships across teams. By creating intentional space for knowledge sharing and community, we are supporting a connected ecosystem and underscoring the belief that everyone has something valuable to contribute.
Innovation also thrives on diversity – diversity of experience, diversity of thought, diversity of background. By building a workforce that celebrates all kinds of voices, organizations can bring together varied perspectives that challenge the status quo, spark creativity, and lead to more informed and effective strategies.
Lastly, invest in education and growth for all employees. Providing opportunities for continuous learning ensures your workforce stays up to date on the latest digital trends and technological advancements. This not only enhances their skills but also fosters a sense of value and engagement. Personal development plans can also be created. When employees see their personal and professional development is a priority, they are more likely to be motivated, innovative and committed to the organization’s success.
Learning about new advancements by trying them out for yourself can also open up new ways for thinking differently about the possibilities for your business. For example, many have heard about ChatGPT, a free resource where after typing in a prompt – anything from marketing ideas to human capital management – you’re able to see what inspires you.
Tip #2: Tap into Available Resources
In today’s digital age, there seems to be an endless supply of information. While it may feel daunting to try and sift through what is helpful or relevant to your business, there are in fact many resources that are well-informed and beneficial – if you know where to look.
Local colleges and universities are a great place to start, as many offer a variety of affordable resources. For example, in New England, Salem State University has a public resource page on AI that is an excellent starting point for understanding the use cases for generative AI and its implications for business. North Shore Community College also offers non-credit courses in business and information technology that are geared toward professionals looking to gain new skills and upgrade their industry credentials. In New Hampshire, the University of New Hampshire offers opportunities to help advance your business innovation goals.
There are also numerous blogs and newsletters that cover trending technology topics, such as the Massachusetts Business Roundtable’s blog and quarterly newsletter. From research on the future of work to in-depth updates on public policy initiatives, the blog helps readers stay up to date on topics and issues that are shaping the Massachusetts business community. You can also subscribe to newsletters from your local Chamber of Commerce, as well as follow local tech media for another lens on emerging trends and technologies that may impact your business.
Tip #3: Engage with your Local Tech Community
Another great way to stay informed is by engaging with your local tech community. From networking groups to Meetups and conferences, there are often many opportunities to interact with and learn from other leaders.
One example that’s relevant for Eastern is Mass Fintech Hub, an organization in which Eastern Bank’s Executive Chair and Chair of the Board Bob Rivers is among the members of its advisory board. Mass Fintech Hub connects fintech leaders, financial experts, academics, public sector leaders and venture capitalists to create a thriving ecosystem of community and collaboration. This resource helps Eastern Bank deliver the best experience possible for our customers, and there are many similar resources outside of the FinTech industry for any company to explore.
For example, the Massachusetts Library System hosts virtual ‘AI Hour’ community chats the second Friday of every month, providing a platform for local leaders to discuss advancements in AI, share demos of AI tools and network with peers. In-person conferences also offer valuable opportunities to engage directly with industry experts. They can be a unique forum experience where professionals can learn about and interact with the latest advancements in technology and innovation. The value of attending in-person conferences extends beyond the immediate exchange of knowledge; it’s also about forging deeper connections that often translate into sponsorship and other business opportunities and professional growth.
By engaging with the local tech community, middle market companies can leverage collective intelligence and forge strategic partnerships that help navigate the evolving technology landscape and accelerate innovation.
In a world of constant change, adaptability is key. At Eastern Bank, we are committed to helping you keep your business ahead of the curve. We believe middle market companies are well-positioned for innovation, but it’s important to be agile and embrace incremental change. This is why it is important to start small and start with what’s relevant: you don’t need to integrate everything all at once. As you navigate the ever-changing technology landscape, our bankers are here to help you determine the right needs for your business and how our own solutions can provide the best customer experience possible for you.
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The opinions expressed herein are those of the authors and do not necessarily reflect those of Eastern Bankshares, Inc., Eastern Bank, or any affiliated entities. Views and opinions expressed are current as of the date appearing on this material; all views and opinions herein are subject to change without notice. These views and opinions should not be construed as any specific recommendation. This material is for your private information and we are not soliciting any action based on it. The information in this content has been obtained from sources believed to be reliable but its accuracy is not guaranteed. There is neither representation nor warranty as to the accuracy of, nor liability for any decisions made based on such information.
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