Tips for mid-market industries to better prepare for disruptions

As the world becomes more complex and interconnected, our economy is experiencing a period of great disruption. Advances in technology, globalization, and climate change have created new opportunities and challenges for companies and industries of all sizes. For the mid-market, this period of transformation presents a unique set of opportunities and challenges. The ability to adapt and respond to these disruptions will be the key to long-term success.

The world is changing faster than ever before. New technologies, shifting demographics, and evolving social norms are disrupting traditional industries and creating entirely new ones. In the midst of all this, there’s one group that stands to benefit more than most: the mid-market. Long overlooked by investors and overlooked by the market, the mid-market represents the sweet spot of opportunity, with the potential to capture the biggest returns in the biggest industries.

What are mid-market industries?

When most people think of industries, they think of the Fortune 500 companies and their multi-billion dollar revenues. But the reality is that most industries are made up of smaller companies, known as the “mid-market” or “small-cap” companies. While the mid-market companies don’t generate the same headlines as their larger counterparts, they are just as vital to the economy. The mid-market makes up the majority of the economy and provides millions of jobs across the country.

The mid-market industry refers to the industries that are in the middle of the size spectrum, between small and large industries. Industries such as retail, healthcare, and technology are all considered mid-market industries. Mid-market industries offer a unique opportunity for investors because they aren’t as small as small industries, but also aren’t as large as large industries. This means that mid-market industries offer the best of both worlds: higher growth potential than small industries and lower risk than large industries.

The rise of artificial intelligence, machine learning, and other technologies is ushering in a new era of automation.

  • Build productive capabilities

Harnessing the power of the cloud and other innovative technologies to build world-class capabilities for the mid-market to better prepare for the disruptions and opportunities on the horizon. The world is changing fast, and those that can adapt and evolve the fastest will be best positioned to capture the greatest opportunities.

  • Make skilling a priority

Skilling up workers in mid-sized industries is critical to long-term success in an ever-changing world. With the right education, workers in mid-sized companies can take on increasingly complex and technical roles that were once the preserve of a select few. This will make it easier for companies to adjust to the rapid changes sweeping through every industry, many of which are driven by automation. But to make the most of this shift, companies need to invest in training now.

  • Quickly meet evolving customer needs

The world’s most successful companies are those that quickly meet customer needs in a changing environment. These firms have the ability to quickly adapt their products and services to meet the evolving needs of their customers. However, these same companies are often slow to respond to disruptive technologies and new market entrants. This is often because they are focused on the long-term strategic goals, rather than the tactical needs, of their customers.

In the mid-market, companies have diverse needs, growing customers, and a limited budget for new technology. They need new ways to quickly understand their customers, identify the best technology investments, and respond to evolving needs. They need to build products that meet their customers’ needs, not just their own. They need to build AI tools that help employees provide the best customer experience, not just those that produce the highest ROI.

  • Optimize every aspect of our business

As the economy and industry landscapes continue to change at a rapid pace, it’s clear that no single business model will be successful in the long run. Instead, the most successful companies will be those that are agile enough to optimize every aspect of their business for the unique needs of different industries. That’s why we’re focusing our efforts on the mid-market, where the greatest opportunities for disruption lie. We’re working hard to better understand the unique challenges and opportunities in industries like manufacturing, healthcare, education, and government, and to develop the solutions that will best meet the needs of the customers in those industries.

  • Unlock cross-functional collaborations

Modern businesses need to collaborate to drive innovation, grow their competitive advantage, and achieve their goals. But with the constant need to respond to changing environments, it’s hard to get everyone on the same page. This is particularly challenging for midsize companies, which have to balance the needs of their core business with the need to respond to changing market conditions.

Mid-market industries are the backbone of the U.S. economy, employing millions of workers and generating billions of dollars in revenue every year. But these critical sectors—from manufacturing to health care to technology—are not immune to the disruptive forces reshaping the American economy. As these industries have been upended by rapid automation, increased foreign competition, and shifting consumer preferences, they have begun to look to skilling as a solution to stay competitive. Unfortunately, the Commission’s research shows that despite their size and importance, mid-market companies have been slow to take action to train their workers for the future.