The conception of digitalisation is something that thrills some business owners but at the same time frightens others just as much. If you run a business, many digitalisation options might have already been introduced into your business strategy. At the same time, you might also be hesitant to implement various elements of digitalisation.
It is important to be aware of the benefits which can be accumulated into your business in regards to productivity and staying ahead of your competitors. Here is a list of some of the major benefits of adopting digitalisation.
Having A Digital Presence Via Social Media and Online Stores
Having a strong presence on the Internet, via tools such as online stores, blogs, social networks, corporate pages and so on will multiply the visibility of the company and sales channels.
For some businesses, this presence is the focus of their digital strategy, and they have even shifted their business from traditional forms to online commerce, with all that that entails.
Social media marketing can be often challenging for older employers who grew up before the digital age. However, the benefits of having a strong presence on social media platforms make it easier for customers to access information about your business and to purchase your products online.
By utilising social media to tell a captivating story you humanise your business and sound less desperate to make a sale. Businesses should aim to use social media with the intention of building an online community that is passionate about the products you sell.
For employers who are not digital natives it would be an excellent idea to hire a young adult to take care of your social media activity and utilise their knowledge of social media to create a stronger relationship with your customers online.
Providing customers with the option to access information via social media platforms, has the potential to greatly reduce the number of inbound calls and prevent high levels of frustration coming from customers who have had to wait long periods of time to get a response from the business regarding any enquires they need to make.
Having a strong digital presence will not only open up sales channels, but also new ways to communicate with customers. Email, apps, social networks etc. nowadays, the clients of any business with a digital presence have multiple ways to contact the company.
This is another way to increase sales, loyalty and customer loyalty, but it also brings about new responsibilities to make sure that things are done efficiently.
Better Decision Making
Digitalisation goes hand in hand with data management, data is knowledge, and having access to that knowledge results in the ability for better decisions to be made.
The digitisation of a business makes it possible, to have constant contact with the customer, and this enables the business to get to know their customer better. Some companies even go further and apply Big Data when making all kinds of decisions that affect almost the entire business such as their marketing, production process and so on.
It Improves Efficiency and Productivity
When your business has access to more information, this makes it possible for you to make better decisions, and technological tools to make your workplace easier to navigate.
When utilised intelligently, the digitalisation of business can lead to a significant increase in productivity and can reduce some of the business’s costs. Technology has helped companies to improve in these areas throughout the years. Digitalization can also do this.
It Promotes Innovation
The digitalisation of business often leads to a dynamic of innovation that enables it to be more aware of new trends and the possibilities offered by new technologies. On top of this, it can also help prompt innovation among the team members if they are allowed to use it. Innovation will not only depend on digitalisation, but it will also help to achieve this.
It Makes Teamwork and Communication Easier
Through the alignment of goals and the opening of new communication channels, the digitalisation of a business improves internal communication. We can observe this both through the teamwork (for example; inter-departmental) that will be needed to introduce measures of digital transformation, and through such basic choices as introducing an internal chat.
It Improves Working Conditions
The possibilities that digitalisation offers in a company cover many areas, and one of the major benefits is the improvement of working conditions. New employment options, such as flexible working hours or teleworking, need the support of digitalisation in order to allow employees to carry out their work duties. Without this, it would be much more difficult, or even impossible.
Improving working conditions offers multiple benefits, not only for employees, but also for the company. It helps reduce job turnover and increase talent retention. The new generations of workers known as the millennials demand digitalisation in their jobs. If these are not offered, then they are likely to find the job less interesting.
The digitalisation of business is not always a simple process, but it can bring many huge benefits. In addition, the market forces this and the company which fails to do so will probably have problems in maintaining its competitiveness.
The team at C&D Restructure and Taxation Advisory are here to help. As part of the Vault Group we can offer the full suite of financial products and advice to help you navigate the business landscape. Schedule a meeting here via Calendly or give us a call on 07 36086800.
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