Digitalization has brought about many benefits for businesses. For one, it has allowed companies to reach a wider audience more quickly and efficiently than ever. By going digital, companies can communicate with customers and clients worldwide with a button. Additionally, businesses can increase their sales and marketing efforts by utilizing digital platforms to reach new customers. Further, companies can improve customer service and support by providing online resources and FAQs that customers can access anytime. Finally, by going digital, companies can save time and money by automating tasks and processes that used to require manual labor. Overall, the benefits of digitalization are vast and far-reaching, and businesses that do not take advantage of them are missing out on a wealth of potential opportunities.
However, some businesses need to learn what to prioritize when transforming their company processes to be digital. Marketing, sales, and customer service aside, you should digitalize a few business areas as soon as possible.
Accounting and Finances
One of the most critical areas of any business is accounting and finance. This area is responsible for keeping track of a company’s money, ensuring that bills get paid on time and that income and expenses get correctly accounted for in your business operations. Accounting and finance were largely manual processes in the past, with employees tracking every penny manually. However, with the advent of digital accounting platforms like QuickBooks and Xero, these processes can be automated, saving businesses significant time and money.
You can start digitalizing accounting with the following:
- Open a business account with an online bank
- Set up automatic payments for bills
- Create invoices and send them electronically
- Receive payments electronically
- Use accounting software to track income and expenses
Another area of business that can be significantly improved by digitalization is human resources. Human resources are responsible for hiring, onboarding, training, and payroll. In the past, these processes were largely manual, requiring a lot of time and paperwork. However, with the advent of digital HR platforms like BambooHR and Gusto, these processes can be automated, saving businesses significant time and money.
You can start digitalizing human resources with the following:
- Posting job openings online
- Utilizing online tools to screen and assess candidates
- Onboarding new employees online
- Using online training platforms
- Automating payroll processes
Some human resources functions, such as performance reviews, might need digitalization. However, even these can be partially digitalized using online tools to collect and track employee data.
Legal processes, such as contracts and compliance, can also be digitalized to save businesses time and money. In the past, these processes were largely manual, requiring a lot of time and paperwork. However, with the advent of digital contract management platforms like Docracy and Shake by LegalShield, these processes can be automated, saving businesses significant time and money.
You can start digitalizing legal processes with the following:
- Creating contracts
- Storing contracts
- Tracking contract changes
- Signing contracts
- Compliance tracking
Even hiring process server professionals is achievable with a few taps on the internet; there’s no need to visit their office. You can do it in the comfort of your home.
Another area of business that you can digitalize is inventory management. In the past, inventory management was a manual process requiring employees to physically count and track inventory levels. However, with the advent of digital inventory management platforms like TradeGecko and Brightpearl, these processes can be automated, saving businesses significant time and money.
You can start digitalizing inventory management with the following:
- Tracking inventory levels
- Reordering inventory
- Creating invoices for customers
- Fulfilling orders
Logistics might include many tasks, such as warehousing, transportation, and packaging. You can now find a single solution that will do all these for you so you can focus on your business goals.
Customer Relationship Management
Lastly, customer relationship management (CRM) is an area of business that companies can digitalize. CRM is responsible for managing customer data, tracking customer interactions, and managing sales processes. In the past, these processes were largely manual, requiring a lot of time and paperwork. However, with the advent of digital CRM platforms like Salesforce and Zoho CRM, these processes can be automated, saving businesses significant time and money.
You can start digitalizing CRM with the following:
- Tracking customer data
- Managing customer interactions
- Automating sales processes
It might take time before you can see significant results. But once you do, you’ll be able to reap the benefits of a more efficient and organized business.
Going digital is no longer an option for businesses; it’s necessary. By digitalizing your business, you’ll be able to save time and money, and you’ll be able to compete better in today’s digital world. While marketing and customer service might be the first areas that come to mind when you think of going digital, remember other areas of your business.