Small to medium enterprises (SMEs) are essential to the UK economy. The government has noted that they contribute to 99.9 per cent of all private sector business in the country with a turnover of 2 trillion [pounds sterling].
However, entering the largest recession since records began and even after unprecedented financial help, small firms remain at risk of failure in navigating their business through the pandemic. The current situation has rapidly changed the way that we interact with customers, how consumers buy, and the interests of clients and customers alike.
Everyone has become increasingly reliant on technology in 2020, whether to contact family or to order groceries. Businesses are also seeing the advantage of using technology to continue and progress their business.
With the World Economic Forum predicting that the value added by digital transformations across all sectors could be larger than $ 100 billion by 2025, this key strategy may be the answer to your business survival.
Digital transformations give business leaders the opportunity to step back, uncover the best practice for their organisation, and help to grow and recover their revenue. Here, we look at how a digital transformation can help recover SMEs and the steps businesses should take to integrate them.
The new experience for customers.
Where the customer experience is at the heart of good business practice, it is also at the centre of digital proficiency.
Improving customer experiences through digital transformation is being adopted by leading businesses around the world. In fact, 92 of the top 100 organisations have "mature digital transformation strategies in place" to improve how consumers interact with their brand. Compared to other organisations where only 22 per cent of businesses have this strategy in place, it's clear to see how SMEs are falling behind.
Digital transformations needn't be complicated. Simple examples include the integration of an e-commerce platform on your brand's website. Digital transformations are about identifying problems in your current system and finding a better way to represent the needs of your customers. The recent national lockdown emphasised the need for businesses to adapt with technology. For example, retail leader Primark dropped from 650 million [pounds sterling]in monthly sales to nothing in April, but digital-first enterprises thrived.
SMEs benefit from reactionary business and recognising the successes of businesses to...