Most businesses have accelerated their digital adoption and digital transformation exponentially over the past few months. The goal is to enable operations to continue, even if on a reduced scale. A research published in May 2020 by Capterra reveals 50% of brick-and-mortar small businesses anticipated a significant decrease in revenue while only 21% of digital small businesses anticipated a revenue reduction.
The case for digitalization
The Capterra survey indicated that businesses were forced to act swiftly. Despite revenue reductions for 70% of businesses surveyed, 50% were forced to make software purchases and begin implementations. These purchases were planned for the future, but since businesses were forced to act earlier than expected, the purchases and implementations will remain on an accelerated schedule. .
- Helping business continuity
For those businesses with some form of digital readiness, going digital has allowed operations to continue, remotely or in a contactless manner as required by COVID-19 restrictions.
Digital transformations also change the way businesses operate with increased automation. Data storage is often automatic. If programmed that way, communication and reminders are digital. This further reduces the number of human errors, making operations smoother and hassle-free.
- Enabling client-facing operations
As physical and geographical lockdowns were put in place, it was technology that helped businesses continue. Across industries, including client-facing ones such as restaurants, technology allowed businesses to engage, communicate, and transact, albeit in a slightly modified manner, through applications and digital signage.
- Better-managed finances
Digital operations require that a certain amount of automation and software application implementation replace traditionally manual chores. For example, the daily functions of bookkeeping and accounting are best managed with applications. Automation of the process ensures changes are tracked diligently. Reports, in turn, result in more accurate and reliable data.
- Aids business-building activities
The work-load sharing in digital transformations helps small business owners’ transition to a process of using software to perform critical but attention-heavy tasks. Time becomes available for critical business-building activities and attention needed to pursue new business.
Digital transformation: taking the plunge
The pandemic has demonstrated that businesses with some amount of digital readiness have fared better than those that rely on manual processes. A successful small business transformation often includes strategic partnerships that are well versed in digital applications. Whether selective digital adoption or an entire transformation, strategic partnerships can help businesses access technology with the expertise to implement and deploy, and the insight of professionalism.
A strategic partnership removes the stress of arranging for infrastructure, relevant technology support, and data backup in the case of contingencies.