Five ways to digitise your business

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

If your business needs to track and communicate on jobs, it needs a cloud-based field service management system. Digitise the end-to-end service management process from booking, dispatching, tracking work orders, collecting payments and job management in the field. As a result, your operations management will be more streamlined with an electronic record of jobs from start to finish.
 

5. Simplify your procurement process

Having an efficient procurement process is an important part of proactive ordering. With a digitised procurement tool, you can order directly from suppliers using an application that allows people to not only scan the barcodes of products but also benefit from product suggestions and proactive order prompts. This eliminates manual processes, saves time and reduces errors in the ordering process — what was once a reactive part of your business operations becomes a proactive and automated function which makes procurement more strategic. Further, when these tools are integrated with a digital inventory management system, you’ll know exactly what to order and when. 
 

Integrate digital transformation across your business

Digitising various parts of your business may help you realise efficiencies; but, it’s the integration of one complete system that shares data across all aspects of a company that drives long-term improvements. Spenda’s suite of products provides business owners and leaders with the tools they need to improve their cash flow and make strong data-driven decisions.  
Click here to learn more about digital transformation for your business and how you can introduce the right tools and processes for better management of your strategy and operations.

Related Articles

Avatar
How to reduce your business debt and improve cash flow

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.

Nicola Smith
Avatar
Email payment fraud: What is it and how to avoid it

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.

Nicola Smith
Avatar
How Aussie small businesses can safeguard themselves against a financial crisis

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.

Adrian Floate
Subscribe to our blog