Why Are Some Small & Medium Enterprises Averse to The Idea of Digitization?
The impact of the internet on businesses needs no explanation. It has opened up new horizons for businesses thus, enabling them to reach out to countless prospective online customers across the globe. However, many small businesses shy away from digitization due to various misapprehensions.
Here are few myths that are preventing some small and midsize businesses from going digital:
1. Digitization is a fad that will soon fade out.
2. Digitization is a costly affair that suits big brands.
3. Small companies do not require undergoing digitization.
4. Digitization is quite convoluted; we need a simplified process.
5. We are short of resources.
6. We do not cater to young tech-savvy customers.
These are some of the myths that are standing as obstacles in the path of digital transformation, thus, preventing few enterprises from realizing the potential of digitization in creating long-lasting business value.
Facts about Digitization:
1. Digitization is certainly not a fad and holds all the aces in the present time.
2. Digitization is not as expensive as you think; in fact, it is cost-effective.
3. Digitization is not meant to be implemented only by the big brands; small and midsize companies are equally reaping the benefits of going global by means of digitization.
4. Small companies need to digitize themselves as much as the giant industry players. The internet is rampant with stories of how small businesses have been transforming themselves via digitization.
5. Digitization is a simple and innovative way to streamline any business– big or small. It saves your time as well as money.
6. Digitization is not meant for catering only to the younger generation of customers. The bug of digitization has bitten the young and the old alike.
The ever-increasing popularity of smartphones in every nook and corner of the world is motivating more and more businesses to go digital. Cloud-based technology, real-time mobility, data analytics, Internet of Things (IoT) and social media platforms are helping small and midsize enterprises significantly to digitize their businesses. Thus, considering the current global scenario, it is not sensible to pay no heed to the power of digital transformation as it has kindled many positive developments by bringing incredible business opportunities to countless small and midsize businesses.
How Digitization Helps Small/ Midsize Companies?
1. It increases the opportunities of boosting the number of potential customers in digital space.
2. Offers flawless user experience to prospective customers worldwide.
3. Helps businesses sustain a long-lasting relationship with global customers by developing an emotional connection.
4. Helps businesses cater to customers’ needs by providing a comprehensive picture of the target market with the help of data analytics.
Way Forward: Don’t get left behind
The 21st-century consumers expect every small and big business to provide them with a seamless digital experience, and failure to meet the expectations of the consumers can spell disaster for businesses. Digitization offers multiple benefits to businesses– from new marketing opportunities to greater productivity and efficiency, besides enabling you to eliminate the unwanted and cumbersome business processes. Thus, it is imperative for small and medium businesses to break out of their comfort zone by leaping into the digital era.