How SMEs Benefit by Going Digital
The world around us is changing at an accelerated pace. From the way we communicate to the way we work; digital transformation plays a huge role in all aspects of our lives. With this change, businesses and professionals are also moving towards digitization. This has opened new doors of opportunities for small and medium-sized enterprises (SMEs) as well as individuals who want to start their businesses. Based on the digitalisation of various industries it is clear that digital transformation is important and has its advantages. The question here is why should you consider digital at all?
What are the benefits of digital transformation?
It’s cost-effective.
Whether you’re looking to outsource tasks or use free software and cloud services, going digital is the way to go if you want to save money. Outsourcing tasks such as analytics, content creation, web design and marketing can be done at a fraction of the price that hiring full-time employees would cost (or even freelancers). And free software like Google Sheets won’t break your bank account either.
Increases talent pool.
You can hire talent from all over the world, which means you have access to a much wider pool of potential employees. This is especially beneficial in industries that rely heavily on technology, such as software development companies or online businesses. Additionally, you can be more flexible with your work schedule and hire people who work better at night or early in the morning (or vice versa). The importance of digitally transforming your business also opens doors to accessibility and potentially completing tasks from home. This is especially important for companies that may not have offices yet but do need some type of remote workers to complete their projects.
Get ahead of the competition.
Digitalisation is one of the biggest buzzwords in business. It’s also a proven strategy for success, according to research from Forbes. They found that businesses that are digitalised are more likely to succeed as well as innovate. The willingness to explore beyond the comfort zone is how digital transformation can generate a competitive advantage in their field of expertise. Regardless of the cost and risk, adapting to the times is how you get your business more accessible to your targeted demographic. Those with an effective digital presence can reach a wider audience, and be more efficient and flexible, scalable, and innovative.
Better flexibility, scalability, and convenience.
- Flexibility – Going digital gives you the flexibility to scale up or down as needed, and to optimize your operations by outsourcing some functions.
- Scalability – You can easily increase your business’s growth with online platforms, which allows you to set up a store in minutes while having full control over everything related to it (inventory management, shipping and fulfilment).
- Convenience – With an e-commerce solution like Shopify, your customers will be able to shop from anywhere at any time—and it’s much easier for them than having to walk into a physical store or call customer service every time they want something from you!
- Time saved – more focus on core business activities – More time spent on what matters: growing sales & serving customers better – Less time spent on administrative tasks (ordering inventory etc.)
Broaden’s customer horizon.
Broaden your customer horizon by communicating with them in a more personal and direct manner. With the help of digital marketing, you can easily connect with your customers and provide them with the information that they are looking for. This way, you get to know what your customers want from your company or product and provide it to them accordingly.
Increase in productivity.
An increase in productivity is a good thing. It means more work is being done, either by the same amount of people in less time or by the same amount of people in the same amount of time.
In essence, a digital company is ahead of the curve and ready to adapt as technology changes. It’s not surprising that over 50% of businesses now have some kind of digital strategy in place for their business. The benefits are clear and present for everyone who decides to take advantage of them. Learn more about the advancements and insights about modern businesses here.
In today’s rapidly changing world, access to financial services is not a luxury; it’s a necessity. However, millions of individuals, particularly those in underserved communities, face numerous barriers when it comes to accessing traditional banking services. This is where microfinance steps in, it is a powerful tool that empowers individuals, especially entrepreneurs and small business owners, by providing them with small loans and financial services tailored to their unique needs. Find out more details about Funding Societies Micro Financing today!