Business leaders are increasingly looking to improve their internal processes, with a considerable majority embracing digital technologies to achieve this change.
This finding comes from a recently released study from PricewaterhouseCoopers (PwC) into the way companies, specifically family businesses, operate. The survey found that 79 per cent of family businesses recognise digital as one of the top three trends affecting their ongoing success.
While digital is widely recognised as having an impact on companies, family businesses are aware that these changes are having a profound effect on their internal operations. Among those surveyed, 72 per cent reported that digital technology is having a significant impact on their operations, both externally and for their internal practices.
For businesses that want to make the most of new digital technology within their internal processes, it is important to consider software that can facilitate this change. Strategy planning software like StrategyBlocks is a great way to apply a digital overlay to the strategy processes of an existing business.
While family-owned businesses are increasingly concerned about the impact of digital technology on their businesses, there are other good signs to come out of the survey. For example, nearly two-thirds (65 per cent) of those surveyed reported they have grown in the last year, while 70 per cent are expecting steady growth over the next few years.
Henrik Steinbrecher, network middle market leader at PwC, suggested that companies will need to move quickly to realise new opportunities.
"It's clear that there are new challenges; the economy is a colder and harder place for the family firm, competition is more intense, price pressure is growing, and the speed of change continues to accelerate," said Mr Steinbrecher.
"In this climate, family businesses accept they will have to adapt faster, innovate earlier, and become far more professional in the way they run their operations."
As companies continue to tackle big changes in their operations, those that are successful will be the ones who can adjust to these processes and implement new strategic tools.