It’s pretty evident that today’s business world has gone through many changes. One of the key elements over the last few decades of this change is digitization.
Today’s customers have different expectations and needs than those of 10 – 20 years ago. Businesses need to go modern to take advantage of this change with modern business processes to meet clients’ and consumers’ needs.
Small business modernization extends beyond an IT department here and a few upgraded computers there. It involves adapting to broader digital trends. It can include modernizing a number of different aspects of your business. These include your store design, marketing approach, new software, better content, environmental initiatives, automation, and more.
Studies reveal that by 2023, money spent on technologies and digital-transformation-enabled services worldwide will reach $2.3 trillion. This only shows that companies that fail to go modern will only be left behind in the fast-evolving global trend.
So, of what importance will going modern be to your business? What’s the way forward for companies that are yet to modernize? And what’s in store for modernized businesses? Let’s dive in below.
What is Small Business Modernization?
Business modernization is simply reviewing old processes and making them fit into the current practices that pervade our present day-to-day business transactions.
This means, as a business, you take the time to access all your practices and processes from an objective point of view. Having done this, identify the ones that no longer serve the business in this modern world.
Next, suggest ways to bring in newer, modern processes that can improve or enhance the business productivity. This may be through innovative technology, software upgrades, or modern-day trends such as social media marketing.
Business modernization replaces old-time technologies and business techniques with newer, more innovative platforms, services, and opportunities to help ease the strain on the human workforce.
Parts of the business that used to run on sheer human resources can now become automated or tech-based, taking the stress off humans. Members of staff can simply monitor or oversee these newer techniques and automation.
Innovation requires taking on intelligent and flexible methods to gather and make the most of data, recent technologies, and devices. Digital transformation is the act, the movement, the process of business evolvement internally and with client communication.
What Modernization Means for Present-Day Businesses
A survey by Boomi in 2020 revealed the impact that modernization means for businesses today. 94% of 1200 companies affirmed that they are taking on modern practices in their business dealings.
The life science sector was the most progressive in terms of modernization, with 38% of respondents saying they have already implemented modern technology into their business. This industry was followed closely by finance at 37% and retail at 29%. A good number of additional respondents were in the early stages of modernizing their businesses.
At all times, numerous companies are vying for the attention of your customer base and clientele. The stakes are high, and the competition gets higher. Whichever company chooses not to strategically adjust to trends runs the risk of losing business.
Modernization through technology is no longer a choice in the business world. If you want your business to scale, you must find a way to incorporate it into the business.
In today’s business space, modernization has changed the face of communication. Conversations between every arm of business, clients, employees, and heads of organizations have become faster and more intentional.
Today’s business is now more organized. Employees and teams have access to better project management systems; there is clearer dissemination of information; work flows more smoothly on every level.
Productivity is also improved, even in the face of a pandemic. Teams can work remotely and still produce results. All of this is made possible through advances in technology and business modernization.
Modernization in today’s world accounts for development, integration, and expansion into newer industries. Let’s take a closer look at the reasons why you need to modernize your business in 2021.
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6 Key Reasons Why Business Modernization Is Important
Going back to the survey by Boomi, we see that the most important benefit of modernization is customer enhancement, with 49% of businesses agreeing to this. Only about 1% claimed that they saw no benefits in business modernization.
Modernization goes beyond simply benefiting your company directly. It’s about improving the customer experience and engaging with your shoppers on a deeper level. It improves efficiency, add convenience, grows communication, increases customer outreach, builds more security, and expands marketing channels.
It’s the future of marketing
Sure, we don’t know what tomorrow may bring, but we have some pretty good clues from today’s trends. One key part of marketing is learning to embrace the changes that evolve over time. These trends are currently technological and IT-related services for businesses.
For instance, customers now crave a mobile experience for their business dealings. A company that is not up to speed with live engagement, social media interactivity, personalized shopping experiences, artificial intelligence, and other modernized trends will be quickly left behind.
Modernization of your technology also impacts speed. And speed is profoundly important for consumers. If you can’t deliver goods and services in the timely manner that your customers expect, you’ll lose a whole lot of them to your competition. Asos is a great example of a company that has adapted to this trend easily. Personalized experience through modernization can help speed up the sales process and will convert more leads.
It improves the efficiency of processes
Through modernization, tedious task processes become simplified. This helps your business operations to become smoother and more efficient. Tasks become automated and help reduce stress on the workforce, leading to happier employees.
Modernization through technology allows upgrades in existing processes, helping employees and organization leaders to prioritize what is important and focus on it. It helps with accuracy and swiftness of response in getting tasks done, drastically reducing distractions and upping productivity.
This also helps the company reduce cost expenditure and channel the money saved where it matters.
It allows for improved revenue generation systems
Revenue is the driving force of many organizations. If your company still runs on old, clunky payments systems an upgrade is necessary. Through modernization, you allow for an improved system that ensures quick and fast payment methods for your clients.
Diversifying payment channels improves the customers’ convenience and helps to bring in more profit. Allowing different payment outlets increases customer satisfaction and influences their purchase decision. Businesses must accept various payment methods, including EMV, contactless, mobile, and online.
Innovation through the POS system with payments, mobile wallets, loyalty programs, and more, is quickly becoming standard. Incorporating these strategies in your business will help you remain relevant and in line with the trends.
Like the new POS system, some of these innovations are so efficient that they give you access to customer information and sales reports in real-time. This eases the work of sales personnel and account managers. It also helps to improve the customer experience through data advanced data.
Your employee communication gets an upgrade
Emails are old news. Many companies are starting to rely less on interoffice email communications, with new technology like Slack and Zoom.
Companies no longer need to hang around waiting on emails when they can get swift responses through channels that have been created to enable real-time responses. All members of the team can see and refer to previous information, keeping everybody up-to-speed on new developments.
These new communication channels are also adept at integrating with other technology. This keeps your work well organized, instead of spending hours trying to find email discussions that may have been buried.
Strengthened communication with customers
Through Chatbots and AI, you can improve your customers’ shopping experience. You can now have improved responsiveness to customers with the various integrations that help businesses communicate with clients in real-time.
For example, sites like Whisbi incorporate conversational marketing tools that allow a shopping experience that feels like it’s happening in a physical retail store. They help you to use interactive marketing to educate people on your products and services.
Many similar sites like these allow you to support online customers and supply them with answers when they need it, where they need it.
It prioritizes security
One of the major issues businesses face is keeping their data secure, whether it is customer data or company data. Even if you choose not to go modern, cybersecurity risks have not ceased to exist, and cyber fraudsters are looking for easy prey to attack.
So that you don’t fall victim to them, implement modern security practices into your work processes, data collection, and other services. Security technology is also necessary to reassure your customers that their data is safe.
It also encourages them to hand over more data, helping you improve targeted marketing and future outreach. This data helps tremendously with customer research and analysis.
As you begin your modernization process, let these four essential tips guide you:
- Your modernization process should follow a clear and defined modernization strategy
- Identify modern technology and innovation that works in line with this strategy
- Make the most of the abilities and opportunities that these modern processes will provide
- Stop the guesswork, use analytical tools to provide accurate information to improve upon.
These tips will help open you up to opportunities in the modern business world that will keep you relevant. For more information on the point of sale, eCommerce, loyalty, and payments end of things, reach out to us at KORONA POS. We were one of the first points of sale systems to make the jump to a modern cloud-based solution. We’re here to help each of our customers make similar leaps and continue to grow.