New technologies were entering businesses at their own pace before the pandemic, but then 2020 happened. What was supposed to take years had to happen in only a few months or less. Digital Transformation was the only key left for small businesses to survive in the pandemic. Most businesses made an effort to meet this sudden change. Eight out of ten organizations fast-tracked their digital strategy in 2020 according to Dell's Digital Transformation Index 2020. It surveyed over 4000 business leaders globally. Indian SMEs are no less. A lot of them have stepped up their digital game by adopting digital solutions for business.
Read More - Digital India: Why Businesses should Go Digital?
In times of COVID-19, when digital solutions are helping businesses run across the world, some traditionally-run MSMEs are going through a tough time. Thus, it is imperative now that MSMEs adopt digitization not only to survive but also to thrive in a post-COVID world.
Read More - The Way Out For SMEs In COVID Second Wave
Being in the business of providing digital solutions to SMEs we talked to a lot of them about the problems they faced when they weren't using a digital solution. Here are some of those problems-
1. When employees aren't productive
Are you not sure if your inventory is regularly being updated or have you found loopholes in the recent purchase report? It all maybe because of your employees working from home. Sometimes the mistakes
Sometimes the mistakes may not even be your employees' problems but just be mistakes made out of miscommunication.
Workforce engagement is a hot topic, especially when dealing with employees that are not in the office. Employers are concerned about the transparency of their employees' work in the post COVID world. They are looking for new ways to create productivity improvements. In it 'digital' plays an immense part in helping employees to become more effective in their primary roles both in and out of the office.
Digital transformation provides a valuable opportunity for core business functions in SMEs, such as finance, sales, purchase, etc to move away from manual processes and automate key areas like document data entry, enabling leaders to focus on wider business opportunities.
2. When Streamlining Operations Becomes A Must
Do you also wonder how come the whole day passes and nothing seems to get done? Your employees' time may be getting wasted on doing back and forth and tallying the repetitive data entries. It's time you move from pen and paper to an automated, cloud-based digital solution for business. It'll help you streamline process flow access helpful analytics and improve decision-making capabilities. Access to the information also will become simple. Your business will be able to deliver to the market faster and provide detailed digital product representations, all while improving quality and reducing waste.
3. When your customers want it
Is your regular client talking endlessly about your competitors' digital invoices and payments? It's time you start thinking about going digital too.
One of the biggest benefits of the shift toward a digital solution for business is the ability to store information online. This makes it much more convenient for customers to find the information they want, and often eliminates the need to speak with an employee. Digital manufacturing helps increase brand awareness, in turn helping businesses provide more customer-specific solutions.
4. When You Want To Reduce Costs To Make More Profits
In these tough times, cost reduction is more a matter of necessity than a matter of choice in businesses. If you want to keep your budget in control then without any doubt your biggest friend is technology! Digital business transformation solutions as a whole cover three major sectors – operation, strategy, and management. In the operations sector, one can start with processing data in the cloud, digitizing business processes and documents, and optimizing processes.
Digital transformation strategy changes the way business functions by focusing more on customer experience and needs. In the aspect of management, it revamps the entire business model of a company further taking advantage of the commercial and productive opportunities created by the current digital trends.
5. You Want To Take Data-Driven Decisions
In business, there’s always an element of risk, but data-driven decisions make you less vulnerable to risky decisions going wrong. In easy words, do more of what worked and less of what may or may not work. It's all based on the data you have collected to make smarter business decisions. Businesses using big data experienced a profit increase of 8–10% and a 10% reduction in overall cost.
Therefore there’s no doubt that data is a valuable tool for any SME. In fact, companies that use data at the core of their decision-making reduce costs and increase profit. So it's time you move to a digital solution for better data insights.
By making the right decisions, you are not only becoming a role-model, but your business will thrive. That is why the focus has to be on changing the perspective and looking beyond the downturn. If necessity is a mother of innovation, we will agree there isn’t a better time to innovate than right now, in mid of the COVID-19 crisis. TranZact is one platform providing digital solution to over 1000 SMEs for about 3 years now. What's best is that the basic version of the product is free. So that SMEs don't have to worry about silly amounts of money before taking the first step towards digital transformation.
Digital co-creation with employees, customers, suppliers, partners, online community, and potential customers is a great way to explore and discover new profitable niches and increase productivity. You just have to reach for it.