Digital transformation is necessary for all businesses, regardless of size. Reading through any panel discussion, article, or study related to business, the message is loud and clear: to remain competitive and relevant, going digital is necessary. However, there are still small businesses that haven’t embraced digital transformation or are still at the basic stage of their digital journey.
A survey conducted by Deloitte involving 1000 small businesses showed that 23 percent of small businesses are still at the basic stage of their digital journey. Of this category, 50 percent reportedly do not have a website, and 60 percent do not even have a digital presence.
Over 41 percent of the respondents are at an intermediate level of their digital engagement. Seventy percent of these “intermediate” businesses had a working website, and almost half used some form of digital marketing strategy. With the outbreak of COVID-19, more small business owners are planning on using digital technology in running their business.
What Is Digital Transformation
What exactly is digital transformation?
It can be not easy to define exactly what digital transformation is, given that it will look different for every company. Each business has different needs. But you may consult with experts, such as the Small Biz Makeover, to figure out how you can digitize all the aspects of your small business.
Generally, though, digital transformation refers to the integration of digital technology into the various areas of a business. This will result in a significant transformation in how businesses operate and how they give value to customers.
Apart from that, digital transformation leads to cultural change in the organization, fostering growth, welcoming challenges, and accepting failure. This can be difficult, though, since it means letting go of old and familiar business processes in favor of something relatively new.
Why Digital Transformation Matter to Your Business
An organization may embrace digital transformation for several reasons. But in the wake of the COVID-19 pandemic, survival seems to be the most evident reason for this take. Being able to adapt to the rapid changes brought by the pandemic, including supply chain disruption and shifting customer expectations, has become more crucial.
Ways to Use Digital Technology to Improve Your Small Business
As mentioned, there is no one-size-fits-all formula in embracing digital transformation in your business. Nevertheless, here are some tips on what areas of your small business you can apply digital technology. With these suggestions, you will lead your business to success.
To streamline business process and improve productivity, consider doing any of these things:
1. Use time tracking software to determine where time is spent and by whom, fostering accountability.
2. To stay on track with your daily responsibilities, consider using project/ task management tools.
3. Having a digital filing system makes it much easier and simpler to arrange, save, find, and share business documents.
4. Adapting an efficient email management process makes your internet communication streamlined.
While traditional marketing methods still work, employing digital marketing strategies will make sure your small business stands out in the market. Here are some suggestions on how you can utilize digital technology in your marketing plan.
1. Utilize social media sites such as Instagram, Twitter, Youtube, and even Snapchat to showcase the products or services that your small business offers.
2. Video content is no longer just an option but a necessity. Even the co-founder of Facebook, Mark Zuckerberg, believes videos are vital for the future.
3. Utilizing software in creating a marketing plan makes it easier for your team to collaborate on ideas.
Gone are the days where we keep bulky and dusty books to track our finances. Everything is going digital today, even managing the financial aspect of your business. Not only is it cost-efficient, but it makes the job more accurate than ever.
Consider these tips:
1. Opt to use online invoicing services to help cut the cost of collecting payments for your customers or clients.
2. Utilize cloud storage options to store digital files for your bookkeeping and accounting team.
3. Consider filing your taxes online as it is more efficient.
Customers expect fast and reliable services, more and more. Incorporating digital technology in the customer service aspect of your business is a win-win for your company and customers. With good customer service, more people would like to do business with you, and you will increase the chances of expanding your market reach.
Contemplate on doing any of these:
1. Having omnichannel customer support streamlines and improves your lines of communication with your customers to address their concerns better.
2. Chatbots will continue to be popular as an efficient customer support tool. Consider adding one on your website.
3. If your business is engaged in services, consider allowing your clients to book their appointments online. It is much more convenient and less tedious than waiting on the phone to schedule one.
The crisis we all experienced due to COVID-19 rapidly changed the whats and hows of businesses. As the pandemic continues to languish, digital transformation for companies remains all the more imperative.