What Does Digital Reinvention Mean For Your Business?

According to a recent report by IBM, 81% of global CEOs are hoping to leverage technology to form stronger customer and client relationships. When you consider today’s digital and technological landscape, it almost seems that this figure may be a bit on the low-side. After all, just about every company - regardless of their size - invests in some way in their technology in an effort to keep up with competitors and provide their customers with the best service possible. For small to medium sized businesses, however, this can be a little bit tricky as initial growth and income are required to fund the investments to further growth and income. Of course, not every business is suited to completely come up with new digital revenue streams in the way the study suggests, but the idea of leveraging technology to become more efficient is certainly a good one.

So how can SMBs digitally reinvent their organization to take advantage of all that technology has to offer without breaking the bank?

Digitize Records

For some businesses that have been in operation for years, undertaking the process of digitizing records could make a huge difference in efficiency. Hard copy contracts that are hand-signed and then filed away may be standard operating procedure, but getting a contract signed can go much more quickly using digital signing technology. Additionally, by keeping files electronically they’ll be easier to locate, search, and will be protected from the various harm that frequently befalls paper - water damage, fire, and being misfiled or accidentally tossed in the recycling bin. Digitizing records also provides an added layer of security since they won’t be accessible to anyone that can finagle their way into a filing cabinet.

Encourage Collaboration

With the emergence of various social tools, collaboration between coworkers has never been easier. Of course, good old fashioned email still works great, but deploying tools such as Microsoft’s SharePoint will allow all users to access files and discussions in one convenient location. Cloud-based services, like Slack, are also excellent options for encouraging discussion between coworkers. Not only can an entire team discuss project statuses and share files, but there can also be discussions set up for more casual topics, such as the company’s summer outing or holiday charity planning. Some organizations worry that cloud-based services (or rather, utilizing too many of them) will become a bit unwieldy after a while, but IDaaS (Identity as a Service) applications can help make it all more manageable.

Upgrading Infrastructure

Of course, one of the most common ways that companies jump into the digital revolution is by upgrading their equipment. Workstations that are running up-to-date operating systems, robust anti-virus and anti-malware software, and are routinely maintained can greatly increase efficiency simply by eliminating internal downtime. And, of course, equipment that’s newer and maintained properly also runs faster, which allows employees to complete their tasks without having to wait inordinately long times for programs and systems to load.

As the IBM report illustrates, it can be an exciting endeavor to create a completely new stream of revenue based on new or added digital service offerings, but for those organizations where that simply isn’t an option utilizing technology to enhance your current business practices is an excellent step to take.

Assess your company’s business continuity plan with our quiz, then get in touch to find out how you can take your technology to the next level.