Digital Solutions

Digital solutions are essential – companies must embed a digital-first approach into every facet of their  business if they want to  grow in today’s marketplace.

Flipkart in India and Amazon have made headlines when  they offer value for money and add to the workforce thereby helping creating jobs and demand .All these scenarios create stresses and pain for any organisation .We can imagine these organisations will normally be well prepared to handle these challenges , but this is not always the case for most businesses. In fact, recently  Kauffman Foundation and Inc. Magazine discovered that nearly two-thirds of companies that had previously been on Inc.’s 5,000 fastest-growing companies list had either been sold, reduced, or gone bust.

While growing pains can make or break a company, there are a number of digital solutions you can adopt that will make the expansion much easier. Why? Because companies that embed digital into their everyday operations are more agile than traditional businesses when it comes to managing change. This agility will come in handy when you need to make a last-minute pivot to handle the demands that come with any growth phase.

Here are some digital solutions one should consider :

Incorporate data into everyday decision-making process

As your company grows and expands, it’s important to keep a close eye on performance both internally and externally. And the best way to monitor this is by measuring and tracking data. With the right data-driven dashboard in place, you’ll be able to:

  • Empower leaders to make difficult hiring and firing decisions .
  • Put new policies into place.
  • Provide leadership with a better idea on where operations need support or focus
  • Enable them to streamline the business.

But, , the first step for many smaller companiesis to start tracking and storing data in the first place. Unlike larger corporations, small businesses normally tend to be lacking in this area.

If you want to start tracking data externally,

  1. consider implementing a customer relationship management tool
  2. investing in analytics on your website, marketing campaigns, or apps.
  3. , project management tools and time-tracking software for internal data trackingcan yield a treasure trove of insight.

In all the above  you’ll need to put controls in place that will enable you to collect Key Performance Indicators (KPIs) and use dashboards to contextualize the data.

Remove Paper -Go paperless.

Growing a business puts a demand on resources, so you’ll want to find ways to cut costs throughout the process. If you haven’t done so already, now is the time to ditch the paper.

Whether it’s by getting rid of paper contracts, enforcing a new policy on e-statements, or removing printers from the office, digital communications can save your company quite a bit of money.

Constantly monitor the latest technology trends

Some new trends you must consider

  • Can virtual assistants improve your company’s order fulfillment process?
  • Can AR or VR enable your team to create prototypes that are easily shared across continents?
  • Will IoT devices and smart sensors work to reduce manufacturing costs?

If you are not aware of these trends, you will not be able to make informed decisions about which might be applicable to your company.The latest technology trends could be the key to getting your company through a growth phase with ease.

If growth and expansion are on the horizon for your business, you’ll want to make sure your company is digitally mature before you get too big to function. You can bet Amazon is taking full advantage of digital solutions as they expand their workforce and you can do so today by taking the above into account.

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