With the coining of the term ‘millennial’ comes a generation that is still in the process of transforming the business landscape. The powerful technology that is now available at high-street prices means that many longstanding, traditional business models are being either scrapped or being adapted to the digital age. Digitization has somewhat provided a business equality model for small businesses and entrepreneurs: the gap between small businesses and large enterprises has narrowed.
Technology is changing how business is conducted, and its scalability. Increases in use of the internet for business has provided access to more resources, and a wider audience of contacts and customers. This means that small businesses have been able to grow and develop faster than before. Here are three examples of how digitalization has advanced small businesses.
- Customer Relationships
Once upon a time, businesses (other than stores) only built relationships with their regular customers over time. Nowadays, businesses are able to gain valuable insights into their customers from their initial interaction via the signup process during checkout and subscription services. Businesses are able to harvest important data that can be used to further the brand, and foster customer loyalty. Using e-mail automation technology, collected data can be used to target specific demographics of customers with personalized and relevant e-mails that will appeal to their likes and dislikes. You can develop a marketing strategy that is relevant to the individual customer which helps to nurture the relationship between consumers and businesses.
- Accuracy
The onset of the digital age has led to an increase in the accuracy of the data that businesses are reliant upon. Businesses are able to measure their success with real time figures populating their KPIs, undertake an inventory at the click of a mouse, and have customer services collaborating with the accounts team to swiftly pacify a disgruntled customer; but with this advance of technology new challenges arise.
In previous years, you may have dealt with domestic businesses, but now you are exposed to an international market which opens you up to different legislation and regulations to comply with. You must ensure that your key business systems are functional and help you organize your data in a way that is compliant to industry standards. There are industry relevant companies such as the market leading Arbour Group that service the life science industry; they use risk-based methodologies to ensure compliance to the FDA and international regulations and guides, and audit organizations’ systems to ensure that best practices are followed. What was once a time-consuming and labor-intensive task, you are now able to be assured that your data is both accurate and compliant.
- Collaboration
It is not only customer relationships that have been modernized by technology, the way that colleagues communicate within businesses has evolved too. For successful collaboration, the ability to communicate is a fundamental requirement. With advanced communication comes the possibility for heightened creativity and discussion that is not restricted by the geographical distance between the parties. Not only does technology improve innovation, but it also provides for greater engagement across the business. A disperse workforce can really feel part of the team with face-to-face meetings via Skype, and instant messaging to clarify any issues that arise, which is a significant benefit to the business.
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