July Blog Advantages of Digitising Your Small Business

Advantages of Digitising Your Small Business

There has been a shift in how businesses operate over the past year, which has highlighted the importance of agile working and how technology has greatly facilitated this. By implementing digital initiatives, SMEs can increase their revenue by 26% and decrease their costs by 22%, according to a Microsoft study of 23 Singaporean companies. Digitisation has never been more critical.

As technological innovation took us to new places, it created breakthrough advancements and unexplored opportunities. However, the pandemic has been a powerful accelerator, strengthening our ability to embrace a digital future.

With cloud-based data management, users can access rich data sets remotely via digital platforms, which will revolutionise the future of product delivery and aftercare.

1. Increasing Efficiency

Cloud-based services can be cost-effective and do not require complicated in-house setup. Businesses can operate digitally and remotely, which can increase efficiency by creating streamlined workflow management systems, facilitating seamless collaboration, and ensuring clear lines of communication.

2. More Effective Marketing

By switching to digital marketing methods, businesses can create more engaging content that resonates with audiences and can deliver better results than traditional forms of advertising.

Additionally, digitising your marketing gives you instant access to data that can be utilised immediately, which in today’s switched-on world strengthens any marketing approach.

3. Improve Employee Experience

Investing in digitising your small business can empower your staff; a study found that engaged and motivated teams achieved 22% higher profitability, 37% less absenteeism, and 10% higher customer satisfaction.

The digitisation of your business allows you to work more flexible hours. Companies that allow remote working have a 25% lower turnover rate than those that do not. Employees believe they are more productive when working remotely. The adoption of a hybrid work structure will enable staff to maintain a better work-life balance and be more productive.

Summary

Utilising technology’s opportunities is no longer an option, it’s a necessity. This is why the digital revolution of the entire business process is an incredibly exciting time for SMEs as it contributes to shaping the way business will be done in the future.

Aside from improving employee satisfaction and improving customer relationships, this process will also enhance organisational agility and efficiency, leading to healthier businesses.