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Large companies are getting larger and the gap between them and smaller or mid-sized businesses (SMBs) is growing. The former has larger coffers, typically more experience, and an established market presence. More importantly, arguably, is the fact that they are pioneers when it comes to innovation. They constantly use ideas, tools, and techniques that allow them to maintain and expand their lead.
The biggest innovation of our time (in 2022) is digital transformation. And, needless to say, the biggest companies are already making the most of it. Here, Secure Packet takes a look at digital transformation and why your SMB needs to have an active digital transformation strategy soon if you don’t have one already:
What is digital transformation?
Digital transformation is using computer-based technology to improve business processes, from product development to sales. The result is a fast, efficient business that serves customers better, in a more personalized way. You can utilize technology in almost every area of your business: logistics, sales, operations, inventory management, and more.
How does digital transformation benefit your SMB?
Technology is a great playing field leveler. It allows smaller businesses to keep up with bigger ones without having to break the bank. Digital transformation is how your SMB can survive and, eventually, thrive in today’s hyper-competitive conditions.
Here is a brief overview of the biggest advantages of having a successful digital transformation:
1. Time to market
The time to market (TTM) refers to the time it takes for your product or service to be conceived, developed, and sold. With the right combination of technical know-how and tools, you can minimize the TTM. This has multiple benefits such as reducing losses, increasing revenues, and reducing employee workload.
2. Customer experience
The customer experience is a measure of how satisfied customers are with doing business with you. This satisfaction is measured through all stages of their journey, from pre-purchase to after-sales support. Technology can make this journey smoother and more personalized. The most successful companies tend to have the most streamlined journeys.
3. Operational efficiency
Operational efficiency refers to the effective management of company resources – people, time, money, equipment, and more. Technology can give you an overview of your various resources and the data you need to make informed decisions regarding them. You don’t need to rely on estimates and can better predict market trends.
4. Competitiveness
65 percent of all businesses with over 100 employees have a digital transformation plan, reports Impact. In contrast, only 47 percent of businesses with 20-99 employees have one. Smaller businesses can be more competitive – and relevant – by making digital changes.
5 powerful digital transformations to consider
There are countless digital transformations you could make, depending on the nature of your business, immediate needs, and future goals. Below are some high-impact examples:
1. Digital marketing
Digital marketing has been around for a while but has transformed greatly in recent years. For instance, new-age email marketing (through newsletters and personalized emails) offers an ROI of a whopping 3,600 percent. Digital marketing is flexible and usable by every business type. Some popular avenues to consider are PPC, social media advertising, influencer marketing, and cross-promotions.
2 Remote IT resources and services
Creating and maintaining on-site IT teams and infrastructure is a massive undertaking. Fortunately, you can opt to use remote IT resources instead. Some examples are cloud services, IT consulting, help desk support, and network security. Secure Packet offers cutting-edge, secure, and compliant cloud solutions for businesses.
3. Remote work
Remote work options – working from home, telecommuting, and hybrid work arrangements – can make employees happier, save your company commute money, and even boost productivity. Furthermore, this innovation doesn’t require much in the form of technology investment.
4. Optimizing work processes through process mining
Optimizing work processes is all about automating redundant and repetitive tasks, as well as making other tasks less difficult. This has the added effect of making employees more confident in the systems they use. Process mining is a technique that helps you optimize work processes. It uses data to discover, validate, and improve workflows. Not only does it boost employee satisfaction and general business efficiency, but also helps increase sales, manage risk, and clues you in on hidden opportunities. To get started, identify potential data sources, map out an implementation timeline, and pinpoint key stakeholders.
5. Human capital management
Human capital management solutions (HCM) can make Human Resource (HR) functions easier, from recruiting to ongoing employee management. For instance, they help you engage employees, come up with personalized training programs, assist with promotions and salary raises, and help you assess employee performance.
Advice on getting started with digital transformation
Getting started with digital transformation is the hardest part for most SMBs. Once you get the ball rolling, though, the momentum will make the change easier. Most digital technologies are complementary – they integrate with and are natural extensions of each other. For instance, you may find a time-management solution complements an electronic invoicing solution – letting you track your employee hours accurately and bill your clients for them.
You can begin by conducting an audit of existing processes. Also, take a look at competitors in your niche and the technologies they’re using. Finally, take a look at market trends. Identify technologies that would be the best upgrades for your business. Process mining, as we mentioned above, can help with this.
Check for support before investing in a technology
Last, but not least, double-check the quality of customer support before you purchase a tool, sign up for remote IT services, or similar. Problems will inevitably occur – and many providers expect your internal teams to manage them. Also, some services have shoddy documentation, while others are slow to respond. That’s why it’s best practice to call support to see if they’re available, knowledgeable, and willing to help as promised. Ask leading questions for the best results.
Conclusion
Digital transformation is a journey worth taking. It can make your business more efficient, competitive, and cost-effective. You can serve customers better and make them happier. To be safe, carefully examine customer support before signing up for a certain technology. Also, check the potential ROI and only pick technologies that are both viable and sustainable long-term.