When you start looking at all the requirements necessary to fully digitise a business, it’s easy to see why SMB owners, who not only have to remain profitable but also move their company into unknown digitised territory, become overwhelmed by the pressures. The reassuring news for SMBs still unsure about the path ahead is that you’re not alone. In fact, almost a third (27%) of large enterprises don’t even have a digitisation strategy in place yet.
The bottom line, however, is that it’s no longer a matter of whether a business should become digitised, it’s a matter of when. In order to survive long-term, all businesses will need to adapt and transform. The digitisation pay-off may occur immediately for some industries, for others, the wait will be longer but regardless of the timing of the return, digitisation investments are necessary and the sooner a company starts, the better.
What’s driving digitisation in the workplace?
- Consumer pull: Consumers are already fully adapted to the digital environment and naturally expect to always be connected
- Technology push: The increasing affordability and accelerating price-performance of technologies such as computing, networking and storage is enabling organisations who embrace them to provide extraordinary efficiencies, scale, speed and economy.
- Competitive pressure: Digitisation is a global phenomenon that enables any company anywhere to compete, disrupt and steal your customers.
Why should you digitise your business?
The world is becoming more digital at an unprecedented pace. Companies with digital-ready networks today are growing revenue and profits 2 to 3 times more quickly than those with legacy networks, and the number of digital-ready networks globally will triple over the next two years. Increased profit is likely to be the key reason for digitising your business, however the benefits can be realised across the board.
Here are five additional reasons it’s time to start thinking about your digitisation strategy:
#1 Enhance customers’ experience
Customers’ expectations are steadily increasing; they expect information at their fingertips, faster service and more personalisation, including understanding their online behaviour. This personalisation is BIG business and is often referred to as “The Internet of Me.”
#2 Retain top talent
Talented employees want to work in organisations that are innovating and will survive this digital transition. They want to expand their appropriate (digital) skill set so that they can continue progressing in their chosen profession and be more relevant wherever they are.
#3 Deliver on business operation efficiencies
Increased revenue and reduced costs are two of the most obvious end goals of streamlining your operations. Digital businesses are comprehensively showing how they can provide higher levels of service at lower cost…. and they are winning!
#4 Become agile
SMBs already have the upper hand against larger companies and enterprises when it comes to making decisions and implementing change. However, manual processes still have the ability to slow down even the ‘nimblest’ companies in our anytime, anywhere world.
#5 Secure and analyse data
Having customer, industry and competitor data at your fingertips is invaluable, however unless you have the ability to analyse it and draw insights to help drive the direction of your business, it’s useless. Similarly, data can be gold-dust to cyber criminals and hackers but customers expect you to keep it safe. Breaches can severely damage a business or brand’s reputation and the threat continues to grow, so take advantage of the security tools and services out there as part of your digital journey.
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