4 tips for keeping on top of digital disruption

Cashmanager | 8 years ago

There's no denying that the digitisation of many companies' processes is shaping the future of business both here in New Zealand and around the world. Enterprises that are able to swiftly adapt to this digital disruption will be in a better position to provide a higher level of service, improve efficiencies and ultimately command a higher share of the market.

So, what can you do to maximise the chances of your enterprise's success in this increasingly tech-driven business landscape?

Small business software can streamline many traditional company processes.

1. Leverage technology  

In the globalised business world, competition is fiercer than ever, and companies that fail to make use of the technology available to them are at risk of being left behind. Small business tools such as CashManager from Accomplish can play a key role in streamlining your company's tax compliance processes and other financial elements, allowing you and your employees to put more time into other areas of the business.

2. Consolidate finances  

Business leaders with one eye on their company's bottom line will be pleased to know that going digital can reduce overheads and help them consolidate their finances. As Deloitte explained, this is largely possible thanks to an increasingly wide range of available small business software, which has simplified administration and allowed decision makers to achieve more cost effective solutions.

3. Gain insight from data

Accounting software can provide you with the insights you need to make more informed decisions.Accounting software can provide you with the insights you need to make more informed decisions.

In this age of information, data is key, and enterprises that are able to keep an accurate record of their financial patterns through small business accounting software will be best positioned to take advantage of the market.

In fact, McKinsey & Company surmised that analysing such information can help you make the most of valuable opportunities. For example, being able to gain insight into past data could help you make a more informed decision when it comes to resourcing for marketing strategies and aid you in developing a more accurate projection of equipment depreciation.

4. Understand that the customer is in charge

Business is increasingly becoming a collaborative endeavour between enterprises and consumers as the former addresses the needs and wants of the latter and modifies its offering accordingly.

Forbes contributor James McQuivey went so far as to say that companies that wish to excel in the face of digital disruption need to surrender entirely to the customer and design a strategy that's specifically tailored to satisfy their demands.