5 Signs your company needs digitalization
At some point in a company’s development, it might feel like work is ‘stuck’, growth is not happening as fast as it used to, and changes are needed to keep the company growing and evolving. The following are the most common signs of digitalization as a powerful tool to reinvigorate a company:
1. Business efficiency and productivity issues
As a company grows and the number of employees and business processes increases, its operations become more complex and sophisticated. The length of business processes, the number of employees involved, the length of decision-making, and efficiency and productivity issues start to appear on the agenda naturally and unnoticed.
2. Declining competitiveness
Business indicators show that competitors are not catching up and the company’s profits start to decline. This is a red flag that something needs to change in the way the company operates to maintain its business position and not lose it.
3. Adherence to compliance rules
If a company is in an industry where specific compliance rules need to be followed and compliance is becoming too resource-intensive and worrisome, e.g. in matters related to secure storage and archiving of customer data, etc.
4. Business growth and labor shortages
Business is growing, orders are increasing, but they can no longer be fulfilled within the previous deadlines. The labor market is either too tight or too expensive to attract.
5. Sustainability and corporate social responsibility
These issues are becoming increasingly important for the success of businesses. In the future, sustainability standards and corporate social responsibility are likely to be as important as a company’s financial performance, e.g. to secure a better loan from a credit institution or to ensure a high corporate reputation.
In all of the above-mentioned scenarios, technology solutions related to the digitalization of processes can provide significant support to business success, both in terms of simplifying and speeding up processes and in terms of addressing labor shortages.