Benefits of Accelerating Digitization in Businesses
The impact of digitization these days is inevitable and far-reaching as time passes by. Many businesses have definitely taken advantage of the impact of digitization. For example, a study stated that at the end of 2010, e-book sales constituted about 10 percent of total sales, with an expectation that it would rise to 25 percent in the next two three years. Publishers expect that the sales of e-books will surpass traditional book sales by 2018.
Digitization has profoundly changed the underlying conditions in companies as the conventional methods that companies used could not grant customer’s expectation. And now that customers have been expecting companies to perform endless amounts of tasks with immediate demand with digitization, they expect companies to have everything in one place: intuitive interfaces, 24/7 availability, real-time services with more personalized service, no errors and global consistency (Shahar Markovitch and Paul Willinot, 2014). Thus, to fulfill all of their demands, it is inevitable that businesses have to accelerate the digitization of their processes.
Here are some benefits of accelerating digitization in businesses:
Significantly Reduce Costs
Based on the Forbes survey of 200 business and information technology executives, organizations believe that information and data related problems cost an average of $5M annually with more than 20% of organizations reporting costs in excess of $20M annually. By digitizing documents, costs can be reduced by up to 90% and turnaround times improved by several orders of magnitude. The cost can be lower since from digitization we will get tactical advantages such as getting rid of transcript errors, implementing electronic workflow processes and security protocols, creating audit trails and also, improving accessibility and integrating business systems. An example is when a utility company, automated data capture for new connections, and at the same time eliminating errors and reducing time wasted for data entry by several days. Take a look at telecommunication companies such as Google, Apple, and Samsung. They build smart home technology which connects electrical and heating and automate the usage using timers and remote management.
Business providers can have a better understanding about their own performances
Through digitization in data-managing, management will gain a better insight of their performance, cost drivers, and causes of risk. Because data-managing is such a critical thing, when we have a real time access towards them, it will be quicker to address problems. We will be able to develop both clear digital vision and branding. Also, as digitization is part of granting customers’ demands, customers should be able to say what their need and complaints are digitally. Therefore, the business provider can grasp their opportunity right away.
Stimulate Business Activities
By boosting digitization usage as well as service, it ensures that both of them are available (mostly) 24/7. It will enhance the demands because customers no longer need to worry about closing work-hours, unlike when we do things offline, even if it is closed already, it will be available tomorrow. This convenience is a sure-way of pleasing customers as they want quick and practical service at all times. For example, when e-banking started gaining its popularity around the 2000s, it was well-received because it made it simpler for bank customers to check their account balances and also carry out transactions such as money transfers, paying their bills and managing their funds.
Hence, as our priority is to cut down the processing and setup time so you will be able to digitize your business, our platform is always available to you for further discussion. Drop us a note at [email protected] and see what possibilities for digitization we can do for you.