Long before COVID-19 struck, the digital imperative was
upending the corporate landscape, but the pandemic sped up
Customers migrated online in waves as the physical world shut
down. Many small firms struggled to keep up when the whole business world
rapidly became a digital-first environment. Plans for digital transformation
that were meant to take years to accomplish were completed in a matter of
months. The introduction of new, safer business practices seemed to happen
instantaneously. And almost all customers learned about the simplicity and
effectiveness of 24/7 eCommerce. The corporate environment underwent a
significant transformation in a very short amount of time.
Smaller companies that were not technologically advanced were under
tremendous pressure. How could they change to accommodate altered client
behavior? How could they innovate to provide useful products and services? In a
world with required closures, how could they interact with clients on a human
level? Unfortunately, a lot of them couldn't. And while some companies were
able to use the potential of digitization to advance, others were forced to
watch from the sidelines.
While some companies innovated and prospered, others
stagnated and awaited a return of normal. These companies are at a crossroads
when it becomes obvious that the traditional business models are no longer
viable. Fortunately, there is a plan for a brighter future, and it involves
What does digitalizing your business mean?
By introducing new digital technology, a firm may enhance its operations, activities, and procedures. Digital technologies may be used by businesses to improve customer experiences, increase efficiency, and more. It's important for businesses to go digital in order to prepare for an agile, tech-driven future as well as to remain competitive in the present.Realizing the advantages of digitization Modern inventive tactics are now driven by digital solutions in the new normal. Small businesses can now develop and deploy applications, break down data silos to combine them, and put the consumer at the center of everything they do thanks to digitization. Simply said, digitization enables SMEs to be more flexible, innovative, and effective, with advantages ranging from increased supply chain visibility to better-connected workforces and happier clients.
In addition to increasing productivity, digitization positions businesses to develop fresh business strategies and take advantage of more opportunities. The following three examples show how digitization may help small firms succeed:
Effectiveness: Information silos and a lack of information sharing among departments within a company result in inefficiency. These data silos can be broken down, divergent data can be combined, and a 360-degree perspective of the consumer may be provided. If digitization is the engine, then data is the gasoline for today's SMEs.
Performance: By using technology to automate repetitive operations and simplify procedures, organizations may free up their workforces to concentrate on more important duties. They may also fill any skills gaps by leveraging digital platforms to swiftly and cheaply train and upskill their workforces.
Revenues and profits: Digitization helps organizations become more customer-centric while reducing operating expenses. Companies may become more data-driven, offer better experiences, find chances for cross-selling and upselling, and increase their profitability by utilizing CRM (Customer Relationship Management) solutions.
5 recommendations for digitalizing your new business
Adopting a digital-first strategy will allow firms to realize immediate rewards while also preparing for an uncertain future. However, it is critical to approach digital transformation (DX) from a position of understanding. Not every digital solution will be a good fit for your company's requirements. When done effectively, digitalization has the potential to transform businesses into high-performing, customer-centric powerhouses. But where do you begin?
Here are a few pointers to help you develop a successful digital transformation strategy:Identify a direction: A thoughtful plan is essential when embracing digitization. Create a digital transformation plan to help you get there by first identifying your challenges and your goals. Although digitization can boost productivity, it's helpful to have a long-term objective in mind.
Make absolutely sure your digital solutions are cloud-based: SMEs will want to be careful to use cloud-based digital platforms because they have limited time and resources. The cloud may serve as a mobile workforce's virtual, always-on workplace while simultaneously lowering the expense of running a separate IT infrastructure.
Obtain agreement from all parties involved: Due to the fact that no one wants to be replaced by a machine, certain stakeholders may be cautious about digitization. It is crucial that change begins at the top and that the workforce is aware that digitalization will simplify their work rather than make them obsolete.
Assign responsibilities: Getting the stakeholders support is a fantastic place to start when developing a plan, but involving them in the regular DX process is even better. While giving the team roles in carrying out the DX can help them develop new skill sets and increase loyalty, it will also provide them with valuable information.
Must choose an appropriate partner: A wonderful method to begin your digital journey is by bringing in outside experts. Consider hiring a partner who can recognize your specific company goals and pain spots in addition to being able to deliver the appropriate technology. You must comprehend the issue before you can provide a solution.
Identifying your role in the digital future
It sometimes seems as though all businesses have already gone digital. According to Salesforce's State of the Connected Customer survey, 78% of company leaders think the pandemic would spur corporate growth, and 88% anticipate businesses to speed up their digital activities. And this occurs at a time when the world was already changing due to the digital revolution.
There is a widening divide between those who have access to the internet and those who do not; this divide threatens to worsen inequality among firms, employees, and even nations. The economic inequality will widen as the digital divide grows. Many SMEs in the EU and the UK do their business internationally. According to statistics, Sweden, Finland, and Denmark have more connectedness than some of their counterparts in other nations. How therefore can businesses that are less technologically advanced compete with global consumers?
Digital is without a doubt the way of the future. Furthermore, there is no reason why the future shouldn't be fair. CRM product adoption can be the initial step for businesses that have not yet undergone digital transformation toward a more connected future.