If there’s anything that the pandemic has taught businesses, that it is the time to digitalise. However, the term’ digitalise frightens many SME business owners particularly the older ones.
A study done by Microsoft Singapore showed that, digitalisation has saved them cost by 22% while increasing their revenue gains of up to 26%.
These cost savings come from the fact that digitalising allows them to keep track of their inventory in real time. By keeping track of inventory, one will be able to predict their market trends and avoid purchasing excessively or in small quantities. This would in turn churn out higher profits in a shorter time as the owner will not have to incur losses.
Improvements to the business
In a research done by Bosch Connected World blogs, projected that 300 Asian Pacific companies’ overall revenue would have doubled due to digitalisation. Since 68% of the global population are actively using technology, it would be no surprise that digital sales would also skyrocket and continue to do so.
Inventory is not the only thing that would be saved when digitalising your business. CRM is also something that is found when transforming your business. A study done by Salesforce customers, showed that by improving one’s business by introducing a CRM platform lead conversion and sales productivity would be up by 30%. Revenue would also be up by 38%.
Benefits and risks going digital
By looking at these records, it would seem as if going digital is a piece of cake although it is far from the truth. 1 in 5 businesses would have trouble launching their online platform. Businesses have trouble with budgeting, developing a comprehensive strategy, costs and security and privacy. These data would concern any SME from going online.
In this matter however, the benefits outweigh the risks. 61% of business owners realise they have a growth of 61% over their competitors since going digital. While 80% are using their digital platform to make a stronger online appearance.
As a business expands, however, the costs to both time and efficiency can begin to add up. Effective business management software helps businesses address their scaling growth and operations by keeping things simple (Pendred.M, 2020).
Now that you’ve read this, has it changed your mind? Do you think the future of a business is still not with digitalisation? The risks for going digital is a small price to pay for the rewards you reap later on.
M4 is the solutions to all your trouble. M4 is a web integrated software that has all the necessary tools you need for your business. From scheduling, CRM to billing and invoicing, M4 has got your back. Let’s transform the future of your business with M4. For more information contact our sales team at email@example.com or go to https://onm4.com/trial/ for a demo of M4.