Are you having second thoughts about going forward with a digital solution for your business? It’s absolutely fine. Being resistant to any kind of change is a part of human nature. But change in business processes is something that is necessary with time in any organization.
We believe there are a few factors that you should consider before going forward with a digital solution for your business.
1. Excel Sheets Are Too Many And Too Long
If you need to make a list of anything, it’s tempting to see Excel may be your first resort. After all, it’s only a small list of items for yourself or a few close colleagues. What begins as a small project in Excel grows into something massive, at which point you could also face speed and stability issues or even a development problem you can’t solve.
Furthermore, big data management tasks often present significant challenges, such as organization, implementation, classification of files, database management, user collaboration, and more. In conclusion, All it takes to break the structure of a database is placing data in the wrong area, typing data inconsistently, or even having two people working on the same sheet. Several things can go wrong, causing time delays and possible data loss. So this something that really should be avoided in business and you should move forward with a digital solution in your business.
2. Communication gap between employees
With the onset of pandemic, ‘how to communicate’ has become one of the biggest problems in any SME manufacturing company. Meanwhile you just can’t seem to find a way to collaborate with your employees or look after what they are doing working remotely. This is where a digital solution comes to your rescue. Through a digital solution you can-
- Automate routine customer-related tasks and process of returns
- Offer 24 x 7 customer self-service support
- Access to order history, delivery status, etc. to everyone
- Unifiy the data by providing a centralized data repository
- Draws information from suppliers and clients
- Take better data-backed decisions
3. Running out of inventory
When you have less customers and less products keeping a track of inventory using Excel sheets is good. But when you have a lot of products and a lot of inventory moving in and out you should look for something that can automate the tedious data entry process. Therefore this is exactly what a digital solution will do. Here is how digital inventory management solution will do
- Planning replenishment orders: Inventory management allows you to properly plan your replenishment orders. Your inventory quantity must be accurate so when the signal to buy or make more is received. An inventory management system allows you to categorize parts which help easily order the right quantity. Your goal here is fewer transactions so you order enough to satisfy all the demands seen in the next few months.
- Surplus inventory management: You can quickly see and react to surplus inventory. Should you return the item? Can you contact the customer and ask for another order to use up the surplus?
- Business Savings: You save time and money through better inventory organization using your digital inventory management system. Better organization can lead to improved customer satisfaction
4. Difficultly in maintaining cashflow because of late payments
Do you forget to track down customers for their due payments? Tracking down customers for payments is one tricky job. You can lose track of pending payments as more and more come along. A digital solution will never let you forget a pending payment and you can easily share invoices with your customers through emails or WhatsApp. Tracking down also becomes a lot easier because all the orders can be viewed sorted by time and date.
Digitalization is reinventing businesses and capturing unique competitive advantages, but companies continue to hold back when the time comes to change their current business models. According to a Gartner study, 79% of corporate strategists claim to be digitalizing their businesses to create new revenue streams. In 2020 this has become faster as digital was the only way business could be conducted.
There are a lot of web solutions available for SMEs to digitize their business. But before making a decision it’s important to ensure if that solution is affordable for your business and easy to use. TranZact is one such solution. It has helped over 1000 SMEs streamline their business processes from customer inquiry to dispatch. In today’s world, digital transformation is not an option. It is necessary to escape the comfort zone, reinvent themselves and compete in this world.