The National Center for the Middle Market's first quarter Middle Market Indicator shows high growth anticipation for the remainder of 2018. Since inception of the Middle Market Indicator, a record percentage of middle market companies have reported year-over-year revenue and employment growth. Economic Confidence levels, both globally and locally, have reached an all-time high and the number of leaders planning to increase investments rather than hold cash has hit record heights.
The research also points out that the most likely area for capital investment in 2018 is information technology spending. For every dollar that leaders plan to spend on real estate, they plan to double that investment towards technology. In relation to employment growth, middle market companies are primarily looking to add operations and IT professionals to their workforce. These stats are no surprise to me, as I've spent that last month speaking with CFO Alliance Members throughout the country to hear how they are utilizing technology to improve inefficient processes, the challenges they've faced with technology and how technology has helped improve performance and workforce culture. The most common theme that I've heard from Members is that the future is data. Finance leaders have shifted their focus on technology to data..
With expected employment growth and increased investment in technology, it is particularly important for finance leaders think about these questions when identifying the right people and technologies to fit the needs of their businesses:
Finance leaders need to shift their focus from working for the computer, to letting the systems do what they do best - let the computer work for you. On Tuesday, May 1st, we kick off our Q2 Roundtable Series on Technology and the CFO. We will be hosting in 7 cities in a two week span to discuss, debate and dissect how CFOs are leading a finance function that embraces technology to improve performance and increase efficiencies across the enterprise.
If you're interested in registering or learning more about The CFO Alliance Membership, please reach out to me at (215) 433-1800 or at email@example.com.