If you are considering digitising your company, let us assure you that you should definitely get started! Guess what? Your competitors are already riding on the digital wave.
With everyday objects being easily found on the internet, brick and mortar stores alone are not going to cut it. According to a Singapore’s digital spending report released by WeAreSocial, the average Singaporean spends a total of US$3,016 per year through digital payment transactions, totalling up to a grand annual value of about US$12b in digitally-enabled consumer payments. In a digital age as today, these are new business opportunities you should not be sleeping on. In fact, there are now higher demands on businesses to equip their teams with the necessary tools for digital transformation.
Digital transformation is the implementation of digital technologies into all areas of the business to build more sustainable relationships and better understand the needs of customers. Since digital transformation has been ongoing for years at a fast pace, it is something companies should stop pondering about but to finally put into action.
Why you should go digital
It is all about improved efficiency, greater customer satisfaction and higher profitability.
When you go digital, you can track the progress and success of your business in just a few clicks. With existing basic website tools made available, taking the time to examine the level of engagement and web traffic your company generates will lead you to creating better business strategies. For example, in the enormous amount of data you are able to collect, you can adapt to the new needs of customers and create meaningful products after extracting valuable customer insights. In 2019, the Ministry of Trade and Industry found that the adoption of digital tools leads to an increase in a firm’s value-add and productivity by an average of 25 per cent and 16 per cent, respectively.
Everyone wants to go digital, but how can you excel in this area above everyone else? With many emerging technology trends, companies should discern what is most important to remain relevant in the industry. Pssst! Going digital does not only mean to create a social media presence but to really optimise it to its fullest potential.
Here is one of the many things you can start doing if you have not already done so: Search Engine Optimisation (SEO). SEO is all about improving your company’s online visibility when customers are searching through various search engines such as Google. In a digital influence survey, it was found that at least 89% of consumers turn to search engines to find information on products, services and businesses before making any purchases! If customers are going to do their research, then it is imperative to make sure they see the best we are offering. If your company desires to hop on the digital bandwagon and make full use of it, you can learn how-to here.
If your company is tight on a budget, you can always lean on government-supported programmes by IMDA and Enterprise Singapore. Their programmes encourage SMEs to adopt any two digital solutions out of five core business processes in human resources, accounting, inventory management and more, for free in the first six months.
There is no losing, really! Going digital is actually a convenient and effective method to grow your business and give it a head start compared to your competitors when you do it right. Start strategizing how you can steer your company in the right direction and even to be prepared or future innovations in the long run.