Why Digitization is Important for Your Business

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For years now companies have been concerned with how to make their business processes more efficient with the use of digital technology. Digitization can have a number of meanings, but you’ll usually see it used to refer to the method of converting manual processes and workflows into automated ones using digital software technology.

Every day the business world continues to digitize and the organizations that fail to keep up will often trail behind their more tech-savvy competitors. When digitization is implemented into a business, you can build stronger customer relationships, more efficient employees, and see significant corporate growth locally and internationally. This is mainly because when your company’s processes and information get digitized, it is easier to gather essential insights into your company that can help you manage it more productively and efficiently to meet your customer’s needs.

Enterprise Resource Planning

A core part of enterprise resource planning is the digitization of your company. Enterprise resource planning (commonly referred to ERP) is the term used to refer to software that can integrate all of your core businesses processes.

For example, there are a number of financial management systems designed for small businesses available on the market that can significantly improve the way your business runs. When you’re the owner of a small business you can often feel overwhelmed by the numbers coming and going, and mismanagement can lead to revenue and efficiency losses.

Financial Management Services

The best and most-relied on ERP software comes from Sage Software Canada, who have software solutions to accommodate any company size. For instance,their product Sage Intacct is a top-rated financial management service for mid-market businesses that uses web-based cloud technology so that users can access their company’s financials anytime, anywhere.

Instead of struggling with Excel spreadsheets and wasting hundreds of hours a month decoding your finances, ERP solutions like Sage Intacct consolidate the financials of your business into one easy-to-use software program. Sage Intacct financial software can also automatically create, send, and consolidate invoices, as well as auto-populate variables in your general ledger based on previous entries.

Be There or Be Square

According to research done by the Development Bank of Canada (BDC), businesses that have gone digital in the last three years were 62% more likely to have seen high sales growth, while companies with lower digitization have performed poorly and in a quarter of cases, experienced sales loses.

The current business culture is cut-throat and customers want to get the best services available. Unless your company is accessible via mobile and ready to meet customer demands 24/7, then you may not be making the cut. Most customers have the expectation that services should be on-demand, and a lot of companies are adapting digitally to make that happen.

Digitization allows you to automate processes that would have left your customers waiting in the past. Now they can check their account, see their balances, place orders, and pay bills, all from the comfort of their home – as long as you have the right technology to support it.

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