The digital revolution continues apace and is now taking finance with it. Research reveals clear link between digital maturity and business success – yet a striking number of SMEs arebeing left behind.
Below are the top 10 reasons why your business shouldn’t be one of them:
1. Anywhere, anytime: Smartphones can save a business an hour a day – that’s 33 days a year! Mobiles let businesses meet orders and even do the books when it suits them.
2. One of the cloud: It’s no longer just retailers who are taking advantage of the cloud: airlines, travel agents, financial services, and content providers have also joined the gold rush to speed up payments and cut admin costs.
3. Ditch the paper trails: Digital transaction management and electronic signature solutions allow companies a secure, reliable way to manage documents online.
4. Biometric security: Biometrics, from fingerprint readers to iris scanners do away with cumbersome passwords and can often provide greater security. Consumers are coming round: one in five think they will be regularly using fingerprint technology by 2025.
5. Payments on the move: There is an abundance of accounting, billing and invoicing apps out there. Many form part of cloud applications that allow 24/7 access from anywhere in the world. ‘The cheque’s in the post’ is no longer a valid excuse.
6. Mine craft: Use Big Data to “Know Your Customer”, monitor competitors, and improve efficiency – boosting your firm’s productivity, sales and the bottom line. The key to success is integration with your customer’s path to purchase.
7. Find funding fast: There are numerous online AltFi options now available. Some fully digital AltFi lenders, such as Verus360.com, can offer a funding decision within an hour and the money in days.
8. Boost the brand: Digital allows an SME to pander to a customer’s needs at every stage of their journey – while controlling the brand to ensure staff deliver a consistent and positive experience.
9. Feel the algorithm: The robo-adviser (automated online technology) is firmly established in the US and growing in the UK. Part of the attraction is transparency – the robo-adviser is paid no commission, so there’s no conflict of interest or fees.
10. Sell some loyalty: Digitising finances does more than offer customers another way to pay, it transforms engagement. Starbucks has turned this into an art, with nine million using its mobile loyalty scheme.