Nicola Smith 1 December - 6 min read
Digital transformation has been key a focus for businesses in recent years, but particularly in 2020 due to the impacts of the COVID-19 pandemic. Whether you run a brick and mortar business or sell online, digitising your business will make operations more efficient, while providing the foundations you need to continue growing. Here are five ways you can digitise your business.
1. Buy and sell online
This year has highlighted how important it is for businesses to have a strong online presence and the capability for people to buy and sell online. With an online store, your business can accept orders 24/7. Set up an intuitive online store where your customers can book and pay for your goods and services. It should include live updates on product and service availability and easy ways for customers to pay.
2. Digitise your inventory management system
One of the most time-consuming and risky parts of a product-based business is ensuring you have optimum stock levels. Digitising your inventory management system will allow you to track and control stock across your warehouse, and online and physical stores. Not only does this ensure you don’t sell out of stock items, but it also helps your business maintain adequate stock levels at all times. Maintaining just the right amount of stock also ensures businesses don’t have cash tied up in aged stock that isn’t selling — you only order what you need.
3. Make payments more efficient
Ensuring the payment experience for you and your customers is efficient and seamless is a critical part of digitising your business. Customers should be able to pay for goods and services using multiple payment options, including the ability to pay in instalments or with buy-now, pay-later services. Integrating the right technology into your business makes these payment options a reality. Further, if you run a company where people work on the go, giving staff and customers the ability to complete payments as soon as the work is completed (i.e. workflow payments) will strengthen your cash flow.
4. Digitise your operations
5. Simplify your procurement process
Integrate digital transformation across your business
Many things need to be operating successfully for a profitable business, but the most important factor is cash flow management. Without adequate cash flow, it becomes difficult to pay suppliers, manage stock and cover the everyday expenses of running a business.
As businesses have started using technology more, online payment fraud has become a common problem. Email payment fraud is one of the most common and costly online scams.
Australian small to medium businesses (SMEs) have a cash flow problem and despite government legislation implemented on 1st January 2021, many may not survive if lockdowns and trading restrictions continue.
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