How Can Small Business Digital Transformation Opportunities Be Bagged?

Sneha Hull | September 27, 2021 | 95 views

Small businesses are the backbone of the US economy, generating local jobs and innovation while encouraging entrepreneurship among minorities, women, veterans, and other community segments.

As stated by Florida tax monitor data, small companies employ 48% of all Americans and generate 43.5 percent of the country's gross domestic product (GDP). At the speed of light, the corporate environment is continuously moving to new digital technologies. However, many small company owners are unable to keep up with this small business digital transformation.

In the opinion of recent Google-commissioned small company research, 80% of small businesses in the United States are not fully utilizing digital technologies. A few more reasons at play prevent small firms from adopting digital technology and falling behind on digital transformation trends.

Ignoring digital benefits or refusing to adjust is a surefire way to fail in a constantly evolving digital world.

"At least 40% of all businesses will die in the next ten years… if they don't figure out how to change their entire company to accommodate new technologies."

— John Chambers, Cisco

Factors Contributing to the Lag in Digital Transformation Race


Keeping up with New Technologies Is Tough


Numerous small business owners are unable to keep up with emerging digital transformation trends. Various digital opportunities for small businesses exist to employ in their operations. However, companies lack the will to leverage digital capabilities and so fall short of their full potential. In addition, limited resources create an impediment to digital adoption inside. Employee experience and digital skills are other significant impediments to SMBs adopting digital technologies.

Small businesses need to overcome their fear of change to capitalize on the digital dividend, accelerate growth, and scale effectively.


Change in Customers Behavior and Persona


Changes in customer behavior and knowledge of SMB consumer personas are critical components of small business digital transformation and are the primary issue confronting small business owners. The most significant change that small companies anticipate in the next five years is a shift in consumer expectations and personas.

Owners believe they understand their businesses since they are small or medium-sized business owners. Still, customers have a different perspective more than 70% of the time due to social and digital transformation trends. For the next five years, the top three consumer trends are expected to increase product or service customization, increased emphasis on customer experience, and higher expectations of quality or value for money.


"Clients are going to expect a lot of personalization in their businesses; consumers are going to expect the same. To avoid data silos, having an emphasis on driving real-time information from customer data and sources is core for any company to become digitally native."

– Bibhakar Pandey, Vice President & Leader of Customer Experience, Marketing Services, Capgemini.

Need Assistance for Right Decisions


Making technological decisions is challenging for small firms. Additionally, many business decisions are made by small business owners. Therefore, they must have the appropriate knowledge and help when making digital decisions involving various conflicting obligations.

Because the costs of digital technologies are so high, it is critical for small businesses to have sufficient information about the value of sales, service, and marketing technologies to select the appropriate digital systems, upgrade digital skills, and provide adequate protection and security. In addition, the small owners need timely assistance to cope up with small business digital transformation.


Digital Gap


Small firms have several digital gaps in various areas, including internal skills gaps, financial gaps, and digital infrastructure shortages. Due to the utilization of high-speed internet connections and cloud-based technologies, these disparities are more significant for small businesses than large enterprises.

The owners need to cope up with different stages of digital transformation in small businesses. However, there is no denying the link between digital and productivity, which is critical for productivity.


Digital Transformation Approaches:


Adoption and Upgradation to CRMs


To evaluate client behavior, it is critical to implement and improve your customer relationship management system (CRM). In addition, businesses should leverage cloud-based solutions to strengthen their relationships with their consumers.

According to Deloitte, SMBS that use CRM generate 44 percent more income than those who do not have a system or only have a rudimentary system. However, numerous CRM features, such as omnichannel customer care, marketing automation, social tools, and predictive analytics with automation are not part of the classic CRM model.

"Right from the start, based on our ICP, we focus on what level of personalization and automation needs to be built out and what touchpoints like overlays, retargeting, and remarketing are to be done to convert the customer in the end and take them to the SQL stage."

– Amitabh Ramani, Global Marketing Director, Jade Global.

Adoption and up-gradation of CRMs will open new digital opportunities for small businesses.


Improvement in Digital Infrastructure


To fill the digital gap and be a part of digital transformation trends, small businesses must embrace high-speed broadband for small business digital transformation. In addition, adopt digital technologies in the workplace to enhance SMB productivity and connectedness.

By incorporating innovation and technology, small firms may increase their competitiveness.

Below are few actions that can be taken for more digitally engaged small businesses:
  • Raising awareness of digital opportunities
  • SME training and upskilling programs
  • Promoting business innovation and the provision of new digital solutions


Implementation of Sales and Marketing Tools


In today's competitive corporate climate, the focus is firmly placed on the sales and marketing aspects of the enterprise. As a result, small businesses strive to capitalize on possibilities for personalized marketing based on prior interactions or sales and engage clients through customized marketing.

Amaysim is an example of a company that focuses on customized marketing using a cloud-based marketing platform; they ensure timely marketing communication and connect with clients in real-time via SMS.

Only one in every five small businesses uses digital tools or social media platforms to acquire new consumers or connect with existing clients. Incorporate artificial intelligence into different business processes, such as predictive analytics, automated product recommendations, and upgrade suggestions based on consumer behavior.


Shift to Online Interactions


Face-to-face transactions have decreased as a percentage of total sales, and the line between physical and digital is becoming increasingly blurred, resulting in behavioral adjustments.

The purchase is moving due to internet channels, or you might say that more consumers favor online purchases over in-person transactions. With the increase in online sales, small companies also need to enhance their delivery services to keep up with the demand. In addition, the shift in communication channels to emails, social media platforms, and websites have altered consumer behavior about enquires and complaints. As a result, implementing CRM software for service interactions has become a necessity of the hour to ensure a fast response.

Shift to online interactions of sales or any business operation is an escalating demand for small business digital transformation.


Final Thoughts

With the evolution of digital trends in small businesses, owners can leverage small business digital transformation benefits by using the techniques as mentioned above. Regular use of digital tools may help small businesses enhance their performance and adapt to dynamic business conditions and changing consumer expectations and the surrounding environment. Engage small companies in new digital prospects for success and business growth, resulting in a greater return on investment (ROI).


FAQs

Why is digital transformation important for small businesses?

Digital transformation enables small businesses to ease out their operations, increases efficiency, automates workflow, helps to improve customer relationships. Adopting digital transformation enables to fulfill changing behaviors and needs of customers.

What are the most significant trends of digital transformation?

Here are few significant trends of digital transformation in the coming year 2022 that will impact the work culture of businesses.

  • Improved connectivity (5G)
  • AI technology
  • Cybersecurity
  • IoT
  • Multi-cloud and APIs

What are key areas of digital transformation?

The key areas of digital transformation are as follows:

  • Business process transformation
  • Domain transformation
  • Business model transformation
  • Cultural/Organizational Transformation

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TreviPay Releases Small Business Supplier Network Banking Solution to Support Recovery for Small Business Sellers Serving Business & Government Buyers

TreviPay | August 10, 2022

Global B2B payments and invoicing network TreviPay today announced the launch of its Small Business Supplier Network (SBSN) across the United States, the industry’s first payments network built for banks and their small business customers. Following TreviPay’s recent launches of specialized networks for large enterprises and midmarket businesses, the SBSN completes TreviPay’s objective to meet the needs of businesses of all sizes.As a fully integrated, end-to-end payments network running in parallel with card payments, the SBSN enables banks, as members of the network, to deliver a new white-labeled structured financial service to small business suppliers that sell to business and government entities on invoice payment terms. TreviPay, which has a legacy of being the preferred B2B payment method of thousands of corporate sellers and their buyers around the world, will partner with banks to empower small business suppliers to offer flexible payment terms to their customers while getting paid virtually real-time and risk-free without incurring debt. According to research commissioned by TreviPay, American small businesses with 100 or fewer employees extend approximately $5 Trillion in B2B trade credit to their business and government customers every year when allowing them to pay on invoice terms (e.g., net 30, 60, 90+ days) - the original “buy now, pay later.” Extending trade credit to business customers is commonplace and often considered necessary to remain competitive, attract new or larger customers, and deepen existing relationships, all while building loyalty and driving retention. However, small business suppliers still fund most of the trade credit they extend from their own working capital. This long-standing, inefficient use of their limited cash flow is ultimately an impediment to their growth and resiliency. TreviPay’s SBSN allows member banks to expand their current small business product offerings by providing a safe and profitable way to tap into the largely unpenetrated small business B2B trade credit market, arguably the largest growth opportunity for small business banking. With SBSN, member banks can customize their solution, define and support their go-to-market strategies, control and manage their risk policies and set supplier fees, all while managing to their established exposure targets, growth rates, and profitability. Additionally, by joining the SBSN, banks can launch this new product without capital investments or technology integrations. “Our vision for the Small Business Supplier Network is to create the technological infrastructure and operating model to deliver a new structured financial solution capable of eliminating small business trade credit the same way the credit card networks virtually eliminated B2C trade credit for retailers, Working together, TreviPay and member banks have a real opportunity to transform the inefficient B2B trade credit market and give small businesses a better way to do business so they can re-secure their position in the U.S. economy.” -Rissi Lovern, Head of Small Business Markets at TreviPay Over the last 20 years, we have seen the small business trade credit market become increasingly stretched with cash flow pressure building to intolerable levels. This is especially true when small businesses are on both the extending and receiving end of trade credit,” continued Lovern. “With every recession or economic downturn, this phenomenon creates a long and arduous road to recovery. By combining the strength and reach of our financial institution members with TreviPay’s proven B2B payments network and our mutual care for the U.S. small business market, we can strengthen the backbone of small businesses. To learn more about the SBSN and how you can add the solution to your banking tech stack, visit TreviPay’s Small Business Supplier Network solution page. About TreviPay TreviPay is the global B2B payments and invoicing network built to optimize trade between buyers and sellers. With more than four decades of experience building networks, TreviPay is the preferred B2B payment method of corporate buyers and sellers globally, processing $6 billion in transaction volume across 32 countries, 19 currencies and 90,000 active buyers. TreviPay gives clients the power to offer trade credit, and is trusted by major brands – with 80,000 selling locations – to deliver invoices with net terms and guaranteed payment across all sales and distribution channels. TreviPay has created the only fully managed payment and invoicing network to support B2B commerce of the future. For more information, visit trevipay.com.

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