Telecommunication technologies are changing every few months and it can be overwhelming for small and medium-sized businesses.
Yet SMEs have a distinct advantage over multinational companies in the digital environment - the ease of employing and adapting to new tech trends as long as a secure digital investment structure is in place.
Digital transformation essentially describes advancements in real-time connectivity and technology - between individuals, businesses and society. Many companies are already continuously investing in digital transformation resources.
This includes cloud computing, faster and more powerful internet connectivity, virtual telecoms support, VOIP and collaboration software. As well as integrated mobile communications and software support.
Areas of digital transformation changing the digital telecoms industry include:
- Hyper-connectivity - the ability to communicate anytime and anywhere across multi-platforms (e.g. smartphones, VOIP, laptops).
- Unlimited computing power available via multiple and diverse platforms
- Secure cybersecurity that minimises external and internal vulnerability
- Cloud-based phone systems and call management software
If not, what areas should you be looking at to improve your digital infrastructure to ensure you stay ahead?
A recent report revealed that 'customer acquisition, revenue growth and efficiency' are top priorities for small and medium-sized businesses worldwide. Concerns of SBMs also include also how best to lower operational costs and find the best innovations to facilitate wider customer engagement.
There can be a lack a clear vision of future tech needs and not staying ahead of changing regulations. A lack of cohesive decision-making or a delay in decision-making, accessing capital and getting the right digital tools are all challenges.
When there is no clear vision or plan for the future, the chances to respond and remain competitive are weakened. It is much better to engage with and ride emerging trends rather than be overwhelmed by them, or worse still, ignore them.
Digital transformation is a disrupter across all business sectors, and particularly important for small and medium enterprises. Keeping up with required regulations and changes in digital tech is paramount.
With digital upgrades in place, your company can then focus on creating and nurturing new business relationships. The result? Increased value to clients and key stakeholders.
The success of early adopters in the sharing economy (Uber, Airbnb et al) is proof that collaboration is key. Pool your resources and collaborate. This digital revolution is just as much about human interaction as it is the blockchain and fibre optics.
In summary, the benefits of digital transformation are:
- Business remains competitive: being agile and open to change is one area of business that will always be relevant
- Increases efficiency: switching to new, modern hardware and removing old depreciated technology means you can save valuable time
- Improves decision making: having access to data (e.g. calls, customer profiles) can feed into the wider business strategy
- Enhanced customer satisfaction: when all communication is streamlined, there's little room for mistakes
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