How important is digital transformation for small businesses?

Cashmanager | 8 years ago

Bettering both internal and external processes may seem like a challenge for many enterprises. Even when issues are mulled over at great length, it can seem like there's no silver bullet solution that can unlock productivity and growth in equal measure.

However, digital transformation is one process that can help businesses expand and improve considerably.

Innovation and diversification

The Ministry of Business, Innovation and Employment explained that innovation is key in ensuring small businesses continually innovate, and has even announced a raft of funding as a result. Over the next year, the government is set to allow more access to research and development grants, as well as provide more technical knowledge and expertise.

Moreover, the MBIE also announced that it is prioritising small businesses in its most recent annual report. Consequently, it's clear to see that small business innovation is being pursued by the government over the long term, but what can enterprise owners do to enable digital transformation in the here and now?

Big or small?

Guardian contributor and partner at Prophet Paul English explained that implementing innovative technology can be done in broad steps, or in more modestly-sized strides. Ultimately, one thing is for certain, there has to be a strong amount of strategic planning behind any of the decisions made.

Simply, there's no point in pursuing technology for technology's sake. That's not to say that leveraging digital solutions can't be done in a relatively simple manner. Many small business owners shy away from the most innovative options as they worry the whole process will be too difficult.

However, a system such as CashManager from Accomplish can keep small business accounting easy, proving that it's possible to be innovative and effective in equal measure. While digital transformation is likely to remain a priority for many enterprises over the months and years to come, getting it right really isn't as laborious as many may think.