Digital Transformation is No Longer a Choice for Small Business, It Is Imperative
Digital transformation is imperative for all businesses. It encourages the use of innovation and new business models and improves the experience of employees, customers, partners and stakeholders through the use of technology. It’s bringing together people, data and processes to create value for your customers and maintain a competitive advantage. Digital transformation can improve profitability, customer satisfaction and increase speed-to-market for any business.
As the CEO of telemaximum, llc there is nothing I enjoy more than meeting visionary entrepreneurs and seeing their small businesses take off, but as a CEO of a company that serves these types of companies, their role as entrepreneur can also get in the way of implementing the best technology to succeed. After all, the founder of a start-up small business often serves as CEO, clerk, accountant, PR manager, and salesperson. “IT manager” often gets lost in the shuffle and sometimes, busy entrepreneurs think they don’t have the time or financial resources to arm themselves with the best digital technology. As a small business, you are much more nimble than your larger competitors, and have an innate ability to fully adopt technology investments quickly. Here are a couple of examples of small business’s using technology to their advantage:
- A Spa manager can instantly see their customers’ appointment on the schedule and offer them referral incentive or up-sell them on a service.
- A restaurant owner can quickly see what’s selling and what’s not, to make real-time changes, from the shop, at the market, or from home.
The digital transformation, with the right knowledge behind it, can actually be a smooth and profitable transition. Your business can fully leverage the changes and opportunities of digital technologies today or miss out on the incredible value these tools presents to businesses on both a small and large scale. The real challenge for many businesses is not whether they should adopt current technology into their existing business processes. Rather, it’s how to maximize digital technology without disrupting their existing business functions.
According to the IDC InfoBrief “The Next Steps in Digital Transformation: How Small and Midsize Companies Are Applying Technology to Meet Key Business Goals”, sponsored by SAP, 73% to 87% of surveyed small and midsize companies indicated that their expectations regarding technology investments were met or exceeded. Here are some statistics that came from that survey:
- 47.6% focus investment on the greatest need
- 35.3% choose technology that is easy or quick to implement
- 27.9% are driven by customer or partner demands
Regarding businesses using technology as a competitive advantage over larger companies, here’s what we learned:
- 49.3% of decision makers believe that technology levels the playing field for small businesses versus larger corporations
- 40.8% cite their size as an advantage over larger companies that are less able take advantage of digital innovation in a timely way
According to the IDC study, there is a clear connection between digital transformation and revenue growth. Fast-growing small and midsize firms with 10%+ annual revenue growth were significantly more likely to indicate major progress towards transformation than slower growing firms
Digital transformation can empower employees to work better, faster and smarter
Every business wants its workforce to perform smarter, faster and more productively. Achieving that goal requires innovative solutions that make it easier for your employees to collaborate, communicate and exchange data without restrictions. Employees work and collaborate at peak proficiency without wasting time. With increasing competition, it has become extremely important to encourage creativity in the office. Working in teams enables employees to be quicker, more effective and deliver on tasks. Progressive companies are increasingly realizing the value of collaboration to ensure information doesn’t remain in silos.
Digital technology improves how you engage with consumers and enhance customer experience
Customer satisfaction, loyalty and retention have always been important for business survival and growth. A strong customer experience means more customers, more sales and strong customer loyalty. Your business must spend time identifying where its potential customers are and interacting with them at the right time, in the right place. Once you understand your customers’ journey and actions, you’ll be in a great position to create a customer centric digital strategy and be able to choose the right technology for the greatest ROI.
The bottom line is that technology is transforming the business world. There is no question that digital transformation is no longer an option. To stay competitive and survive, build a business that can adapt its technology infrastructure and strategies rapidly to take advantage of the many benefits of digital technology.
The key to good technology is that it works for you and your employees. Whatever the size of your business, start with identifying a value added resource like telemaximum, to assist in the development of a strong digital transformation strategy, and choosing the right technology to fit your business goals and objectives.
Digital transformation consultants like telemaximum help small and midsize companies not only make the most of innovations based on unique objectives, but also avoid common mistakes, build awareness of potential risks, identify potential opportunities and promote best practices.
telemaximum team of digital sales enablement specialists who represent the best-in-class technology-stack for your business. We strive to deliver more than just systems knowledge and expertise. We understands how to maximize today’s sales and marketing tools to improve customer engagement without unnecessary disruption. From planning and integration to training and support, We help organizations leverage modern technology to achieve their goals and objectives.