Companies today have optimization and digitalization of internal processes high on their list of priorities – and the same is true when companies look at how to make services aimed at customers more efficient. More and more companies are embracing digital strategies, and thereby taking advantage of opportunities for streamlining their processes.
However, there is still room for improvement – business models need to be challenges and traditional ways of doing things must be revised in order to keep up to date. The digital movement has great advantages and companies who understand how to exploit it to their advantage can achieve significant savings, increased productivity and better insight into their data. But there are even more good reasons to choose to embrace the digital movement. Acubiz has compiled a list of 5 reasons why increased focus on digitalization is an important step to company growth.
1. Digitalize or risk being left behind
In order to stay relevant in an ever changing market, it is important to stay up to date with customer demands as well as market evolution. The digital race is becoming ever more competitive and companies risk being left behind if they do not evolve and keep up with the digital developments. Many companies have already learned this the hard way. Pierre Nanterme, CEO of Accenture says that digital is the main reason that over half of Fortune 500 companies have disappeared off the list since year 2000. Read more in the article “Digital disruption has only just begun”.
2. Make workflow more efficient with digital services
Companies today are requesting tools to ease administration while increasing efficiency, more than ever before. Digitalization is unavoidable in this quest. Digital services eliminate unnecessary processing and time wasted as well as solving tasks faster and with fewer errors.
“Increased digitization can make companies more productive and enhance competitiveness” says Danish Minister for Growth and Business Troels Lund Poulsen in a press release (in Danish) and points to the Danish study “Report on Growth and Competitiveness” that shows that higher productivity, more cost efficient processes and fewer errors in production are among the advantages of digitization.
3. Focus on skills and core services
Several studies point to a positive correlation between productivity and digitization – e.g. the study “ICT, Innovation and Productivity Growth“, made for the Danish Business Authority, which has shown that productivity grows on average 2,4 percentage points faster in companies who focus on digitalization.
This is due, in part, to the fact that manual typing takes time, costs money and removes focus from companies’ core services. Leaving manual typing and other laborious processes to technology frees up employees’ time – time they can spend on optimizing customer relations, sales and other activities that create growth.
4. More control and better insight
Transparency is a central concept in digitalization because companies gain more control over, and insight into processes and data as well as the tools to analyze these. This is why tech- and business analyst Jan Horsager says that transparency is the core of digital and that it gives an invaluable insight which, when used correctly, can become a significant source for innovation. Read more in Danish here.
Here at Acubiz, our experience is that customers achieve more control and insight by using digital services. Read more about how Louis Poulsen made their processes surrounding expense management more effective here.
5. Electronic documents do not fade!
According to the Danish Accounting Law, companies must retain documentation for at least 5 years, however documentation can legally be stored electronically! And there are advantages to doing just that. Physical receipts fade quickly, the text becomes unintelligible, they get lost easily and take up a lot of space in the archives. Retaining documents electronically makes them easy to retrieve and ensures that they are readable! To learn more about the laws for document retention in the EU, read the report “European Document Retention Guide”.