An Unconventional Intro to Cryptocurrency

5 reasons why smart companies have gone digital.

                                                           

If there has ever been a time in history when the digital revolution has grown exponentially from development and mass usage, to the fluidity how society functions, it is today. It is evident that all the technological developments of the past decades have led us to this eventuality, where we rely on digital networks more and more to transact and interact without the need to be in the same geolocation.

Organizations that have integrated digital trends have seen tremendous benefits in their interactions both in the the micro and macro environment, and greatly enhanced their competitiveness in the market. Listed below are 5 reasons why organizations benefit from digitization. 

1.      Maximization of revenue potential

It is a well-known and documented fact that business drives technology, and the pinnacle reason for this is cost reduction, both in terms of tangible and intangible costs such as time, and profit maximization. Due to the reduced time spent in internal processes, the company can process more transactions in a shorter span of time, thereby increasing both revenue and revenue potential over a given period. For example before document digitization, documents are kept in hard copy format in file rooms, where retrieval requires one to physically leave their work station and go to the file room, then depending on how organized or not the file room is, the document can be retrieved quickly or if the file has been misplaced it could take a longer period of time to be found, and this will lead to losses in terms of both time, revenue and customer satisfaction. However, once the documents are digitized, they will be available to the interested parties in the organization conveniently, at the click of a button. This is further advantageous because of the greater potential to do business through many other channels online such as mobile apps and online links.

2.      Streamlining internal processes

Business has driven technology to come up with ways to ease internal processes in the various departments in the organization such as finance, marketing, IT, technology and research and development. The evidence of this is the large number of software solutions that are available to deal with each department of the organization, such as accounting software, marketing software, legal software, etc. However, Coseke’s C-One cloud solution streamlines all these into one solution for all departments. A major benefit of this solution is that it can be tailor-made for any organization, so the organization only pays for what it needs and uses. With the streamlining capability of C-One cloud, the various departments in the organization can collaborate online and in real-time to further reduce the turn-around time for both internal and external business processes. In addition, the departmental software that the organization is currently using can easily be integrated into the C-One cloud software solution. It is especially common for an organization’s finance or accounting software to be integrated into the C-One cloud solution.

 

3.      Enhanced document security

When documents are only available in hard copy, the organization runs the risk of losing the documents due to wear and tear or unfortunate events such as fires or floods or even malicious tampering. This could be disastrous to the organization if the documents are only stored in a physical central location without a backup copy of the same information. However, once the documents are digitized and stored digitally either in on-premise servers or cloud servers, it is more difficult for them to be tampered with by malicious intent. It is also more difficult for them to be destroyed, especially if they are stored on cloud. The security of digital data is further enhanced by cybersecurity software and firewalls, to guard against viruses and other cyber-attacks. Coseke Ltd, the producer of C-One cloud solution has partnered with Fortinet, a global leader in cybersecurity, to provide the best cybersecurity solutions to organizations. C-One cloud solution also has an access control feature, which provides an audit trail as to who accessed which document, and if the document is altered a new version of the document is generated, while also retaining the older or original version of the document, therefore ensuring no loss of information. As far as document storage is concerned, the old saying is true, that it is never a good idea to put all your eggs in the same basket. Documents are best stored both digitally and physically.

4.      Improved customer response time

Once a company goes digital, it also has a benefit to its customers in that the response time to their interactions takes a much shorter time than if the business processes were done in a manual analog manner. Digitization has greatly reduced the time it takes for customers to initiate transactions with the company, such as making it possible to process loan approvals and disbursements instantly, via mobile apps or the organization’s website links.

 

5.      Marketing and brand awareness on the go

Digitization offers the organization more channels to pursue marketing opportunities, for example via the use of a mobile app, which is an effective way for the customers to interact with the company and vice versa. The app can be used to send reminders or disseminate any arising updates or information, such as offers, deadlines, or the latest arrivals. This offers further advantages of brand awareness, ownership and loyalty to the company’s customers, provided that they are well developed and maintained so as to ensure consistent customer satisfaction. Bulk SMS is another effective channel for reaching customers. Businesses must adapt to new technological trends to reach their clients.

 

The running of businesses has changed so much globally and the government of Kenya has done its part in ensuring that Kenya remains competitive on both the internal and external front, by legalizing the admissibility of digital records, the importance of which has come to play during this Covid-19 pandemic season. Any SME or larger organization that desires to maintain a high level of competitiveness and leadership must be ready to adapt technological advancements and trends in the industry so as to thrive, failure to which it will fizzle off and eventually die as customers move to companies that serve them better and more efficiently. 

Author: Milka Maina.