For several years now digital has been an appendage to “business as usual.” But recently, digital transformations have reached the point where digital has become “business as usual”. Digital is not just part of the economy – it is the economy!
SMEs were right to initially take a backseat and wait to see how this new ‘economy’ takes shape before taking a strategic approach. But for many SME owners, it’s still unclear what the digital economy actually is. SMEs have the opportunity to influence this economy with new and affordable disruptive technology.
If you’re asking what the currency is in this new economy, you’re not the only one. The answer is simple: it is data. In this connected and digitised world of 24/7, the ability to make quick, accurate decisions has never been more crucial. However recent findings from the Economist Intelligence Unit and the Altimeter Group showed that nine out of ten corporate executives admitted to making important decisions based on inadequate and outdated information. A reliance on legacy systems and old processes, combined with time-consuming analytics, often means that when it comes to the crunch, business leaders are dealing with out-of-date, incomplete, and/or difficult to access information.
The Altimeter group found that businesses who invested in new technologies, people and processes to compete in digital markets saw a return which included greater profits, margins and market share. Companies that fail to navigate this transition will rapidly become disadvantaged in this new environment.
The top 5 performance orientated benefits were:
- Improved customer engagement (75%)
- Improved customer satisfaction (63%)
- Higher digital traffic (53%)
- Increased lead generation (49%)
- Greater conversion rate (46%)
Whether we like it or not technology now plays a pivotal part in all our daily lives. It’s everywhere and it influences society and shapes the way we interact with others and digest information.
So why are organisations embarking on a digital transformation?
Customers now expect a higher level of service from those who serve them. While mobile technology has created a need for an “always on” service, online search has put the competition just a click away. The price of “missing the boat” in the digital world is now higher and more public. Social media has given customers a voice, whether we like it or not. The key technical enablers for digital transformation – social, mobile, analytics and cloud – are now widely available to all size of business at competitive prices.
The digital economy can facilitate your business to be more competitive, to get to know and understand your customers better, that will allow you to predict future needs and demands.
I am sure some of you are thinking, I don’t have enough data to worry about this at the moment. It’s advisable to start thinking about building a digital foundation for your future growth. Early adopters are already reaping the benefits, by increased revenue and profits and some SMEs market evaluations have improved by as much as 12%.
As an SME you need a solution that helps you to get to grips with your business. You need to know how you connect with customers and understand what they want and when they want it. This means real-time connectivity, enriched interactions and a common platform that provides simplicity and scales with you as your business grows
The digital economy is here to stay and it’s growing every second. Don’t miss out on new opportunities for your business.
To find out how Silver Touch Technologies can help you, please contact us on 0127 736 4689 or email us at firstname.lastname@example.org to discuss how we can help you with your Digital Transformation.