We are in the middle of a new industrial revolution. Businesses all over the world are going through the process of digitization. Many businesses are still working with paper documentation for business operations. However, the consensus by industry leaders is to start digitizing your business.
As a business, we specialize in providing business technology consulting services, and from our experience, we can safely say that the need for digitization is real. However, you may think that the need for it isn’t immediate. So we created a list of valid reasons why you should integrate tech into your business.
With the whole world being interconnected, traditional brick and mortar methods have become a vastly inferior way to establish a business and an inefficient one as well.
With an infuse of technology, you will be able to get a much clear grasp of the business landscape and have sizable data to work on building your business.
Along with that, with digitization, you will have more control over customer relations, and you will be able to provide a personalized touch to develop end-to-end strategies to reach customers. So let’s get into the reasons why you should digitize your business.
Imagine all your ledgers and other important documents stored in the office in copies and ledger books. Now, if there is a fire or any other kind of emergency, then you will lose all the information that is needed to run a legitimate business.
However, if you use a cloud-based storage service for your documents, then there is no chance of them getting destroyed forever.
Restarting your business after a disaster will be that much easier because all the pertinent information will be readily available for you.
So now as a business owner, you can focus on disaster management, and you don’t have to worry about locating paper files or sift through a disorganized mass of possibly compromised documents.
Studies have shown that businesses lose thousands of employee hours annually in the effort to maintain, locate, and update items and inventory.
Now some documents have a specific need and importance but aren’t always required, and it makes sense to digitally store the documents.
Isn’t it better that your employees don’t have to mull through hundreds of documents to find the one piece of obscure documents easily? With a digital library looking for specific documentation is much easier.
A lot of new businesses face compliance issues from regulatory boards. There are plenty of laws and regulations that have been implemented for businesses in the last few decades.
Often businesses get in trouble because they are unable to produce evidence of compliance papers. Now with storing your compliance documents digitally, you can easily provide a digital copy to show that you comply with the regulations.
You will be able to show them all the important documents like customer privacy, financial accountability, or methods of record-keeping, making sure that you don’t get into hot water.
When you have a digital infrastructure for your business, you will be able to make a more flexible staffing schedule. If you talked to a technology consulting service provider, they will tell you that a digital infrastructure allows your staff to work remotely, and that’s a great option to have.
Also, it has another upside, which is it reduces the environmental footprint for your company. Your staff will enjoy the flexibility they will have with options when they can work from home, and that will help you with your staff retention numbers.
Along with that, your need for office space will be less, and that will lower your business overhead.
Information Governance, or IG, is the new trend for businesses. IG is a planned strategy for organizing and accessing all the pertinent information for your business operation.
Perfect implementation of a well-structured plan will increase your efficiency by having protocols to deal with physical and digital documentation when required.
With a digital infrastructure and an IG implemented, your employees can have easy access to data and documentation at multiple service points that ensure a smooth flow of information.
A recent study shows that poor data flow management is the biggest reason why project expense overruns can sometimes cost companies trillions of dollars annually.
The smoother the flow of data you have with multiple access points the better the efficiency for your business operations.
So make sure you take into account the digital infrastructure you implement. Talk to technology consulting companies to better formulate a killer digital infrastructure.
The world is digital now, and people want immediate answers and solutions to their queries. Now, if you are an analog business, then your communication with the customers will be delayed for a long time.
So integrating technologies that ensure customers can easily reach you will help you a lot. Proper digital integration will help you with customer inquiries, logistical problems, and sales increasing your responsiveness, increasing your operational efficiency.
You will be able to know what is happening at every corner of your business and inform your customers every step of the way. All of this will help you gather many satisfied customers, and that will reflect on your bottom line.
With most documents and data handling done by technology, you can vastly reduce your operational cost by only hiring specialists for different departments in your business.
Since most of the data is digitally stored, you can eliminate the transportation costs of moving documents from place to place, and it will vastly save time in retrieving or sending data.
Studies showed with implementing technology that ensures an overall connected operation generated a positive return on investment within two years of digitization.
Now, these are the ways digitization business can help you. So let’s talk about some technology that can help you digitize your business.
You already know that the first steps of digitization are to get a website, install a content management system (CMS), and social media optimization.
So we are not going to talk about them. We are going to talk about some other technologies you should be utilizing. These techs will help you in your effort for system automation and seamless integration that supports growth and scalability. So let’s get into it.
The opportunity gap between the growth of the company on a revenue basis can always be improved. It is especially the case in terms of the growth of the support staff.
Improving your automation and scalability will help you support all sectors of your company. Now, many businesses still use spreadsheets on excel to keep track of growth, contracts, savings, etc.
With this, you are just entering the same data in different sheets. Integrating a dashboard on your website will help you assimilate, view, and analyze your entire data in one single place.
Dashboards also allow users to showcase what’s needed using filters. The options to pick and choose data ensures that business intelligence shines through for each sector.
When you start adding insights, recommended actions along with the input of data, the dashboard becomes a much more useful tool by closing down communication gaps between different departments.
With the help of a dashboard, you will be able to save time, provide clear communication, and that will drive your business to meet the goals you have set.
In this world of interconnectivity, streams of data are a vital asset, and that means all of it needs to be documented and organized. Traditional methods, like file and paper, have become archaic and is a hassle to manage and store.
Now, with digitizing and automating your data flow, and storage, you can have a more streamlined data management system. Cloud-based data management systems have revolutionized the creation and sharing of digital documents for businesses all over the world.
Technology like this allows you to manage loads of data with relative ease. Customized cloud-based data management systems provide you with less need for physical storage.
They also enable quick access to documents, promote overall security, makes maintenance and customization easy, while reducing monotonous tasks.
Integrating Optical Character Recognition technology or OCR is a great option for businesses if you are looking to bring your business in the 21st century.
OCR is a great software for businesses to streamline operations. It will automatically extract data from an image file or scanned document.
Implementing this technology will reduce time usage in manual data entry and extraction. Now, if you integrate a top-line OCR software, it will be able to extract data from multiple document formats without hitting any snags along the way.
So as you can see, OCRs save valuable operational hours in data collection. It also reduces human efforts and aligns your business processes with customer needs. AI-powered OCR can minimize errors and maximize productivity.
With a raging pandemic this year, the entire outlook on the social, personal, economic, and corporate sectors has changed significantly.
To ensure business growth, companies are looking away from instant growth, business development, and digitalization to just staying afloat.
However, smart businesses are not letting go of their long-term effects. Companies are innovating their business models according to changing customer demands.
Businesses are investing in integrating new technology into their business that supplements sustainability.
So technology consulting services like ours have been hard at work, providing vital tech consultation services and making sure businesses connect with their customers even during this rough time.
If you want to know more about how you can digitize your business during this crisis for business growth during the Pandemic, then you should get in touch with one of our consultants. Until then, See Ya!