5 Reasons You Should Be Digitizing Your Business Processes
8 minute read
Digitization is the process of transforming your offline business processes into online business processes. This can cover communication, data (documents) storage, business plans, conferencing, and so on.
The transformation is done with the help of the internet, networks, and technological tools designed to turn an office into a virtual workspace.
Basically, everything that was said or written used to require hard copy business documents. However, now these documents can get digitized and they can be easily managed from a computer.
So, how can your business benefit from digitization? What exactly do you get by digitizing your business processes?
1. Digitization Helps To Cut Your Cost (And Save Time)
This is a simple concept to understand. When a business is digitized, it does not have to hire in-house workers. In-house workers have to be paid, and the office space has to be provided and paid for too.
However, if you decide to digitize, you can enjoy services from a reputable accounting company to deal with your finances. And, if you happen to need help with a marketing strategy, you can also seek freelancers to help you devise a winning strategy.
Additionally, this business move will also save you valuable time. A company that still relies on paper documentation loses numerous employee hours annually trying to maintain, locate, and update these documents.
Finally, digitization not only eliminates the need for additional employees and paper, but it also maximizes your company’s potential.
Electronic records minimize or even completely eliminate the transportation costs of moving documents from place to place and lessen the amount of time needed to retrieve relevant documents. This leaves a lot of resources and time that can be allocated to more important business tasks.
2. It Streamlines Your Business Operations
Your business operations become streamlined with digitization. All the documents that bear information such as accounting files, business reports, plans, agreements, and contracts, can be moved online.
Business digitization significantly increases speed and efficiency, especially if the system is built specifically around your company.
On top of that, digitization allows a business to make a transition pen and paper to the Cloud. This is beneficial for both your business and the environment.
Thanks to the operations streamlining, as a business, you can better evaluate all production processes. In addition, you can accurately analyze each step to identify problems, incongruities, and obstacles.
The digitization of documents and the elimination of space and time barriers are derived into the optimization of resources and the streamlining of the production processes.
Moreover, businesses are becoming aware of the importance of information governance (IG). Information governance is a planned strategy that deals with organizing and accessing all of the documents that have information about business operations.
When a well-structured IG policy is implemented, handling and dealing with both offline and online components becomes more efficient. Additionally, this policy enables employees at multiple service points within a company to have access to shared information.
3. It Enhances Security
When a business is digitized, workflows and individual permissions can be set up. This maintains the confidentiality of the documents, which ensures security.
All digital documents are trackable by nature, which means that you will have full control over them. On the other hand, paper documents can be accessed by anyone and if you suffer a breach at your office, someone can get hold of your documentation, and this can result in losing precious data.
Many businesses worry that this is the same scenario with digital documentation. A common question is “What happens if a hacker illegally gains access to my system?” But this is almost never the case, as every system user can have their data access permissions managed.
Functionally, this means that employees will only have access to the data that they need to fulfill their work duties. If you then suffer a cyber attack, the criminals are highly restricted in the information they have access to.
Finally, information that is stored in paper formats is degradable due to the paper’s nature. Document imaging ensures that your business documents and all the data stored there are safe and secure.
Digital information doesn’t disintegrate like paper. You can have all valid digital contracts, just like the paper contracts you already have with your clients and employees. A great service in this field that has proven records of success is our SleekSign.
4. Digitization Opens New Market Opportunities
Business digitization enables you to enter new markets. Prior to the rise of technologies, distances were a problem for business internalization. Nowadays, however, all a business needs are a decent digital communication strategy and the right logistics to tap into new markets.
Tapping into new markets is something you should definitely try because all markets and industries are open for disruption. Digital technologies can revolutionize the way people see a product or service, making what other companies offer in that industry obsolete.
Another important tip is to keep an eye on your rivals. Never allow yourself to ignore up-and-coming companies just because you are, at the moment, a bigger company.
In order to stay ahead of your competition, you should try to figure out what others are doing and how they are doing it. If your rival is expanding and starting to offer its services in another market, try to figure out the reason behind the move. Maybe you can profit too if you try to expand there.
5. It Boost Your Company's Customer-Facing Efficiency
Depending on the nature of your business, digitization can considerably improve a company’s response time in dealing with functions such as customer inquiries, logistical problems, and sales.
The increased responsiveness directly impacts operational efficiency and profitability. This positive impact happens when more and more companies receive a timely and helpful response from your business.
However, in some cases, businesses still have to keep paper copies even when digitization is well underway. Ensure that your business complies with requirements regarding the records you need to maintain.
It will most likely be necessary to verify with authorities which records you need to retain in paper form and which ones you can recycle or even destroy once you are done with digitization.
Taking advantage of new technologies is a must if you want to maximize the potential of your business. Remember that digitization is not a goal per se, but only a way to improve business management and make all processes more efficient.
As time goes by, you will notice that digitization is no longer an option but a necessity if you wish to make your business profitable. Keep in mind that the market is constantly evolving and consumers are changing. Do your best to recognize how they are changing and adjust your own business nature and preferences to better suit them.
Finally, bear in mind that Sleek can help with digitization. Our company takes pride in the fact that it stands at the forefront of business digitization efforts, successfully working with a large number of clients using nothing but digital methods.