How Digital Transformation Enables Small Businesses To Deal With The Pandemic?
Kapil is a young, dynamic, visionary who is a seasoned entrepreneur with strong business acumen and a solid background in strategic management, finance, Law and Information Technology. He is a qualified CPA (Ireland) and Fellow Chartered Accountant (India), a first-class management and law graduate, holds a diploma in Information System Audit. A key learner, Kapil keeps rekindling the fire of knowledge. He has dedicated his life to continue pursuing more studies because he firmly believes a business is only as strong as the people behind it. He is currently pursuing his doctorate (PhD) in Business Administration from AIMA-AMU.
A part from impacting the public health system, the ongoing pandemic situation has led to significant economic problems, forcing small and large business enterprises to rethink the way they operate. People across the country are limiting their movement, and with restrictions for public gathering to contain the spread of the coronavirus, the supply chains and cash flows have witnessed an extensive disruption. Many small businesses are getting closed permanently due to the irreparable damage caused by the pandemic outbreak.
During this crisis, we have seen businesses laying off their staff and allow employees to work remotely from home. Thanks to the latest technological innovations and the internet, organizations were able to transition smoothly into the remote work culture. Small businesses are also struggling with the burden of repayment of loans and interest payments. Some of the troubling issues that small and medium-sized enterprises are facing include liquidity crunch, decline in demand, lack of funding, and a general sense of uncertainty over when things would go back to normal.
In addition to the policies introduced by the government, businesses can adopt technology and tech-enabled services for the resources and opportunities they need to adapt to the new normal. Due to challenges posed by the novel coronavirus, companies started putting more focus on digital transformation and taking advantage of digital solutions to reach their customers. Even organizations like schools that require person-to-person interaction were
quick to adopt remote or distance-learning.
Because of the always-on nature of the internet, businesses are prioritizing the needs of the customers and accordingly planning their digital transformation strategies. Such transformation drastically changes the way, companies operate and deliver value to their customers, enabling them to integrate digital technologies into the entire business cycle. The successful adoption of digital solutions not only includes technological transformation within an organization but also of suppliers and other stakeholders.
Technology Adoption for Small Businesses in a post-COVID World
Due to the strict social distancing guidelines and state-wide lockdowns, small businesses, especially with the physical establishment, are struggling to reach their customers and are compelled to move their business online. They need to integrate digital solutions in all business processes, including inventory management, accounting, customer support, sales and marketing, and more, allowing them to optimize their performance, enhance operational efficiency, and steer the business towards growth.
With the coronavirus disrupting businesses across the country, the benefits of digital transformation, such as cost savings, disaster recovery protection, and efficiency gains, look more enticing than ever. Small businesses are catching up with large enterprises by investing in revolutionary technologies, including artificial intelligence (AI), machine learning (ML), and business process automation, and start gaining the most from transforming their internal processes. However, digital transformation requires deliberate effort from all individuals, from senior management to individual contributor, and also demands significant investments.
Improving Customer Satisfaction with Artificial Intelligence
To maintain customer satisfaction and reduce churn rate, businesses need to focus on providing better customer service and support. AI-based solutions like chatbots can help small businesses to reduce response time and provide prompt customer service so that customers are not waiting hours to hear back from you. Such bots can also answer customer questions in an instant, which keeps your users happy and make them to subscribe or buy your service.
Nowadays, CRM (customer relationship management) software uses AI to make it easier for businesses to manage their interactions with existing and prospective customers. Such tools help you to make predictions and provider e-commendations based on your business processes and customer data. Moreover, you can use the valuable insights to take quick actions to keep your customers happy.
Improving Productivity with Process Automation
The automation of repetitive, mundane tasks can improve productivity by manifold and leads to increased profits for businesses. Automation can also be used to perform accounting tasks, ensuring greater accuracy and freeing uphighly-skilled staff for value-added activities. Small business owners spent a whole lot of money to maintain an in-house accountant, instead, they can utilize cloud-based accounting solutions to automate invoicing and chasing of unpaid invoices. Instead of investing significant time and doing multiple paperwork, business automation ensures that your employees remain productive and efficient at what they do.
While big businesses have always been ahead to adopt innovative technologies, with the social isolation and the need for digital transformation, small businesses are also now quick to embrace the transformation bought by digitization. The combination of automation and AI can help businesses to save time and resources, making them more efficient and profitable.
In times of a crisis, the success of any organization depends on how well they take advantage of technology so that their employees can work remotely with ease and provide uninterrupted solutions to the customers. Additionally,digital transformation can help to improve workforce performance and optimize the sales cycle and supply chain. As technologies like artificial intelligence and automation continue to evolve, small businesses will also need to adapt so that they can gain a competitive edge.
A part from impacting the public health system, the ongoing pandemic situation has led to significant economic problems, forcing small and large business enterprises to rethink the way they operate. People across the country are limiting their movement, and with restrictions for public gathering to contain the spread of the coronavirus, the supply chains and cash flows have witnessed an extensive disruption. Many small businesses are getting closed permanently due to the irreparable damage caused by the pandemic outbreak.
During this crisis, we have seen businesses laying off their staff and allow employees to work remotely from home. Thanks to the latest technological innovations and the internet, organizations were able to transition smoothly into the remote work culture. Small businesses are also struggling with the burden of repayment of loans and interest payments. Some of the troubling issues that small and medium-sized enterprises are facing include liquidity crunch, decline in demand, lack of funding, and a general sense of uncertainty over when things would go back to normal.
In addition to the policies introduced by the government, businesses can adopt technology and tech-enabled services for the resources and opportunities they need to adapt to the new normal. Due to challenges posed by the novel coronavirus, companies started putting more focus on digital transformation and taking advantage of digital solutions to reach their customers. Even organizations like schools that require person-to-person interaction were
quick to adopt remote or distance-learning.
The automation of repetitive, mundane tasks can improve productivity by manifold and leads to increased profits for businesses
Because of the always-on nature of the internet, businesses are prioritizing the needs of the customers and accordingly planning their digital transformation strategies. Such transformation drastically changes the way, companies operate and deliver value to their customers, enabling them to integrate digital technologies into the entire business cycle. The successful adoption of digital solutions not only includes technological transformation within an organization but also of suppliers and other stakeholders.
Technology Adoption for Small Businesses in a post-COVID World
Due to the strict social distancing guidelines and state-wide lockdowns, small businesses, especially with the physical establishment, are struggling to reach their customers and are compelled to move their business online. They need to integrate digital solutions in all business processes, including inventory management, accounting, customer support, sales and marketing, and more, allowing them to optimize their performance, enhance operational efficiency, and steer the business towards growth.
With the coronavirus disrupting businesses across the country, the benefits of digital transformation, such as cost savings, disaster recovery protection, and efficiency gains, look more enticing than ever. Small businesses are catching up with large enterprises by investing in revolutionary technologies, including artificial intelligence (AI), machine learning (ML), and business process automation, and start gaining the most from transforming their internal processes. However, digital transformation requires deliberate effort from all individuals, from senior management to individual contributor, and also demands significant investments.
Improving Customer Satisfaction with Artificial Intelligence
To maintain customer satisfaction and reduce churn rate, businesses need to focus on providing better customer service and support. AI-based solutions like chatbots can help small businesses to reduce response time and provide prompt customer service so that customers are not waiting hours to hear back from you. Such bots can also answer customer questions in an instant, which keeps your users happy and make them to subscribe or buy your service.
Nowadays, CRM (customer relationship management) software uses AI to make it easier for businesses to manage their interactions with existing and prospective customers. Such tools help you to make predictions and provider e-commendations based on your business processes and customer data. Moreover, you can use the valuable insights to take quick actions to keep your customers happy.
Improving Productivity with Process Automation
The automation of repetitive, mundane tasks can improve productivity by manifold and leads to increased profits for businesses. Automation can also be used to perform accounting tasks, ensuring greater accuracy and freeing uphighly-skilled staff for value-added activities. Small business owners spent a whole lot of money to maintain an in-house accountant, instead, they can utilize cloud-based accounting solutions to automate invoicing and chasing of unpaid invoices. Instead of investing significant time and doing multiple paperwork, business automation ensures that your employees remain productive and efficient at what they do.
While big businesses have always been ahead to adopt innovative technologies, with the social isolation and the need for digital transformation, small businesses are also now quick to embrace the transformation bought by digitization. The combination of automation and AI can help businesses to save time and resources, making them more efficient and profitable.
In times of a crisis, the success of any organization depends on how well they take advantage of technology so that their employees can work remotely with ease and provide uninterrupted solutions to the customers. Additionally,digital transformation can help to improve workforce performance and optimize the sales cycle and supply chain. As technologies like artificial intelligence and automation continue to evolve, small businesses will also need to adapt so that they can gain a competitive edge.
