It’s no secret that businesses know they need to reinvent themselves digitally to succeed. But what to do first — and how to do it — may not be so clear for some.
For businesses looking for somewhere to start, the number one digital transformation priority is to improve the quality of their customer experience. They are the lifeblood of any business — and if they aren’t offered digital solutions they often look elsewhere. Keeping them front of mind will help keep you focussed on why you are going digital.
Business leaders are on board with the need to transform. As the pandemic took hold in 2020, KPMG research showed 67% of businesses surveyed accelerated their digital transformation strategy and 63% increased their digital transformation budgets.
No wonder, it’s great for the bottom line. According to a report from Deloitte, companies with higher digital transformation maturity reported 45% revenue growth, 29% reported a positive impact on growth and innovation and 41% noted a positive impact on sales and marketing functions.
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So let’s look at some of the ways to help digitise a business to ensure a better customer experience.
Develop a digital strategy
The first place to start is developing a digital transformation strategy. Ask yourself:
- Where are you today?
- Where do you want to be tomorrow?
- How will you get there?
Then get down to the basics and look at all your business operations, make sure your cash flow is not disrupted and invoices and expenses are managed as efficiently as possible as you start to introduce new processes.
Businesses that understand their core systems and processes will be able to identify where the opportunities are to be more efficient; and digital tools are often going to be a big part of that.
Look at how much effort and time goes into budgeting, cash flow forecasting and reporting. How long does it take for a customer to receive a product or service after purchasing? Are there ways to speed it up, or to communicate better with them on the way? Then, find out the average time it takes for your business to receive payment.
Run a business from anywhere, anytime
More than 6 billion people use their mobile phone to access digital services, according to latest research, and with that comes constant advances in mobile applications.
This means businesses can run on the go, from anywhere, at any time. And with the help of a mobile phone banking app, there’s no delay in fixing problems as they arise, or checking balances to make quick decisions based on fact. The ComBank app for example, provides around the clock support, world class security and multiple ways to pay bills, and to get paid.
There are some great business tools out there as well. A Business cash flow tool, for example, gives you access to a monthly summary of your incoming and outgoing cash flow on eligible business accounts.
It can also help make faster business decisions using readily available data. CommBank’s Daily IQ offers insights about your business to help you optimise cash flow, enhance performance, understand your customer demographics and help grow your customer base.*
Create an agile, flexible IT environment in the cloud
Digital transformation doesn’t have to break the bank. Cloud technology is critical to digital transformation, and thanks to the democratisation of cost — it can now enable any business to scale-up and grow without the infrastructure becoming a burden.
Take cloud-based accounting software as an example. Data on sales, income and purchases flow straight from a bank to accounting books removing the need to spend hours recording them.
It’s a simple way to create efficiencies and doesn’t take much to set up. Utilising CommBank’s NetBank for business, for example, lets you set up an automated bank feed with cloud-based accounting software including Xero, MYOB and QuickBooks, through secure and reliable connection.
You can see the current financial position at any time, collaborate online with your team and advisors and set up a dashboard showing important financial information, such as what bills are due, and how cash flow is tracking.
It’s all good for business — and once you’ve improved your own internal systems, you’ll be able to meet your customers online, which is where they are spending money, asking questions and looking for your attention.
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Things you should know:
This article has been prepared without taking into account your individual or business needs and objectives. You can view the Terms and Conditions for Business Transaction and Savings Accounts, our Financial Services Guide and the Electronic Banking Terms and Conditions and should consider them before making any decision about these products and services. Bank fees and charges may apply.
*Daily IQ has been prepared as a research tool for general informational purposes only and should not be relied on to make business decisions or for account reconciliation. The information may be incomplete or not up to date and may contain errors and omissions. Any projections and forecasts are based on a number of assumptions and estimates, including future events and contingencies, which may be inaccurate. Daily IQ is available to business customers with a CommBank Business Transaction Account.
The target market for this product can be found within the product’s Target Market Determination.
The Commonwealth Bank (ASX:CBA) is one of Australia’s leading providers of personal banking, business and institutional banking and share broking services. With more than 15 million customers and a history spanning more than a century, the Group’s purpose is to build a brighter future for all. The Commonwealth Bank is Australia’s leader in digital banking and maintains the largest branch network across the country. For more information on Commonwealth Bank, visit commbank.com.au/business.