Digital Disruption is the New Expectation

Digital disruption – it sounds a little scary, doesn’t it? With technology changing the way businesses do everything from finance to inventory, it is important to stay up with the times. Thankfully, engaging in the digital disruption that is ever present in today’s economy does not have to be overwhelming for small business owners. In fact, digital disruption – and transformation – is the new expectation for businesses of all sizes.

Insight #1: Digital Disruption is Here to Stay, for Both Small and Large Businesses

The ship has sailed when it comes to the integration of business and technology. Even if word of mouth remains the best marketing method for small businesses, there are some aspects of technology that simply must be integrated – no matter the size of the enterprise.

“Software-led advances in technology are digitally transforming industries and enterprises. Digital transformation tends to be a catch-all phrase these days, but one that nicely encapsulates everything from increased efficiency, lower costs, accelerated innovation, easier and newer forms of interaction with partners, higher employee productivity and enhanced customer experience and satisfaction.”

~ Report from PwC, a global professional services network and consulting firm

While small businesses may not necessarily need the large networks and ironclad security measures of large firms, they do need to participate in the technology available to them. This includes having an active social media presence, using low-cost marketing tools, and maintaining an engaging website for their customers.

Insight #2: Engaging in Digital Transformation Takes Work

It can be a little daunting to jump into digital transformation – particularly if your small business’ industry has nothing to do with tech.

 “What holds business leaders back from plunging full-throttle into digital transformation? It’s fear – fear of the unknown, especially since everyone is learning their way around this new world as they go along.”

~ Joe McKendrick, Forbes Magazine

The key is to take the transformation process for your small business step by step. Start with a high quality website. This will allow both current and potential customers to find all of the information that they need on the web – saving both you and them time and money. From there you can start to branch out to social media, direct marketing campaigns, and maybe even an app.

Insight #3: Digital Disruption is an Opportunity for Small Businesses

Even if transforming your business to fit modern Internet technology takes work, it also represents a huge opportunity for growth. Having a user-friendly website can set you apart from your competition by leaps and bounds.

“As new markets emerge, profit pools shift, and digital technologies pervade more of everyday life, it’s easy to assume that the economy’s digitization is already far advanced. According to our latest research, however, the forces of digital have yet to become fully mainstream. On average, industries are less than 40 percent digitized, despite the relatively deep penetration of these technologies in media, retail, and high tech.”

~ McKinsey & Company

As a small business owner, there are a few advantages to engaging in digital transformation for your company:

  • You can use new payment technologies (known as fintech) to streamline payments for your customers.
  • You can take advantage of low-cost, high-impact technology (i.e. WordPress websites, MailChimp newsletters, social media advertising, and more).
  • The social nature of modern technology means that you can keep the personal touch of a small business while also keeping costs low.

If you still aren’t sure where to start in this process, feel free to contact us today. We are here to help!