How digitising your business can reduce administrative expenses and increase productivity

Anyone who has hailed a cab by tapping on their screen, arranged a holiday online, sold a house via a low-cost internet agency or ordered a local takeaway on a mobile understands the power of a digital business.

Uber, Ola  are among the household names of a growing number of digital-only businesses whose models are based on immediacy, lower cost and detailed, real-time analytics. And they are causing huge disruption among competitors wedded to older, analogue ways of doing business.

It may be noted that Business models based on a digital platform involve less admin, are more responsive, and allow a wider product base. Business models based on a digital platform involve  less admin  as  much, is automated hence  more responsive, and covers a  base as well.

The online retailing model is accepted whole heartedly and embraced by millions of consumers daily in almost every country in the world .Their offerings may be varied but these digital businesses all have one thing in common – they are challenging the traditional high street trading models and their business processes and business model.

Defying disruption by embracing digital

Many traditional high street retailers are embracing the digital side to complement their  in-store experience.But not all firms are as focused on this consumer revolution as they should be, according to John Chambers, chairman emeritus of Cisco Systems. “At least 40 per cent of all businesses will die in the next 10 years if they don’t figure out how to change their entire company to accommodate new technologies,” he says.

True, contactless card terminals are springing up in the smallest of retail outlets, and while customers may like to pay with a simple, single swipe, it hardly qualifies the business as digital.

Playing catch-up: some businesses are yet to fully embrace digital CREDIT: GETTY

  • While it is true in certain cases that many retailers might not have the capacity to deal with online orders or even have the knowledge to switch to a dedicated digital platform, there are benefits to be had from becoming a little more switched on.
  • Even the smallest company, which may feel that analytics are beyond its needs, can surely benefit from reduced paperwork and the ability to run its finances digitally.
  • The banking sector embraced the digitalisation of its industry some time ago and today financial technology – or Fintech – represents one of the fastest-moving areas in technology. The success of banking apps and business processes are the big positives around new financial technology.

App invading the consumers simplifying business transaction costs

Each app represents a way of adopting a simple digital tool that can radically change the way that a company operates

This new function allows photos of paper receipts to be uploaded, digitised and automatically paired with the relevant transaction in the company bank account.

E-receipts can also be added and matched. Once these receipts have been uploaded they can be easily shared with the company bookkeeper and imported into accounting software.

All this is useful as compliance realterdtreansactions like Making Tax Digital .While mobile appsare like tsunami of digitalisation today, each one represents a way of adopting a simple digital tool that can radically change the way that a small company operates.And as we’ve seen through so many giant app-based businesses themselves, radical change is something we all need to get used to.

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