Why Small Businesses Need To Go Digital

June 12, 2018
Posted in IPI BLOG
June 12, 2018 Adio Ayotoro
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Digital Transitioning of SME

The term digital transitioning remains the new gospel within the business industry at large. Although different definitions are consistently being used to explain the term, the common consensus currently being maintained with regards to it is the numerous benefits its adoption proffers for businesses in terms of it aiding better efficiency, providing access to real time data/information for decision making and cost reduction just to mention a few.

Particularly for small businesses, the need to undertake a strategic decision to embrace digitization cannot be overemphasized. Reasons being that as it stands today, technology continually moves to the center of everything businesses do. Hence, organisations with emphasis on small businesses need to consciously focus on exploiting its potentials significantly.

As a small business owner just take a few minutes to ponder on the endless possibilities having access to real time data that keeps you on top of the current behavioral changes of your customers could do to foster the better experience they desire or the efficiency, enhanced employee productivity and cost reduction digitization driven upon the wheels of cloud computing services could do to essentially navigate positive change and maintain a competitive edge for your business.

Strategic reasons why embracing digitization is essential for your business growth.

  1. Productivity: 

    according to recent research and statements also being issued by Makinsey, the emergence and adoption of digitization by businesses have being identified as a significant factor aiding the recovery of productivity levels featured within organisations. Being able to centralize businesses activities, effectively connect people and processes in lesser time with cloud solutions such as office 365 stands as one of the most essential benefits attributable to the adoption of digital solutions by businesses. This significantly would aids going paperless which saves cost for businesses. Redundancy as well as time being wasted in search of documents can be eliminated allowing for more efficiency and productivity that could enhance bottom line.

  2. Automation:

    in comparison to large organisations, small businesses stand a better chance of utilizing automation to enhance as well as personalize customer experience further. Irrespective of the fact that the need for an actual human interaction cannot be completely eliminated, repetitive tasks can easily be automated through the use of Artificial Intelligence, providing more time to focus on inherent aspects of the business. Aspects upon which AI’s could be successfully implemented include business areas like finance, sales processes and data entry just to mention a few (Accenture Reports). The resulting effect of implementing business automation is usually reflected in efficiency being enhanced and time being saved apart from its significant impact of enhancing customer experience.

  3. Agile Work Space:

    due to advances made in technology today, the dynamic shift being experienced in the work environment is no longer news. The idea of working the regular 9am to 5pm job is gradually fading out with less emphasis being focused on maintaining large buildings as organisations. Employees alike are continually indicating the growing desire of working from almost every and anywhere possible as opposed to being restricted to the four walls of a building.  Achieving all these cost effectively have been simplified with the help of powerful cloud tools and solutions (Office 365) that allow for access to information and work to be conducted even away from the business premises. Even better is the fact that you get to effectively monitor all business and operation activities at the tip of your finger.

  4. Big Data and Analytics:

    the value of big data as it stands today cannot be overemphasized as obtaining and analyzing data effectively plays a significant role in better aiding decision making that are more factual. Utilizing the power of big data gathering and analytics (BI) essentially can aid a successfully implementation of operational strategies that would facilitate speedy and cost effective growth. A successful and effective combination of the two by businesses has been proven to allow for a consistent development of new and even better insights to foster growth.  

Although still not exhaustive, these and many more reasons we would be discussing further in subsequent publications to highlight the need for small businesses to embrace digitization. We must understand that digitization is here to stay and to further gain as well as secure sustainable competitive edge in the business environment today, embracing it strategically is paramount.

 

 

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