5 ways to boost your bottom-line using customized business applications
The following is an excerpt from our white paper: Top 10 ways to boost your bottom line with low-code/no-code technology. Click here to download the full white paper.
Read any business blog or listen to any technology expert and one message comes across loud and clear – operating digitally is the only way companies will be able to stay relevant in the years ahead. Importantly, a number of business leaders believe that those unwilling to embark on a “digital transformation” are unlikely to survive the coming 5-10 years.
For businesses developed before the recent digital age, that means swapping in-house spreadsheets, legacy databases and standalone systems for cloud technology and sustainable, smart software such as “apps”, that not only manage data but provide essential insights to help grow customer bases and profits.
Businesses must adapt. Full stop.
Generally, larger companies have already begun to adopt a digital approach, but it will be crucial for all businesses, no matter their size or market share, to embrace the digital trend. These new technologies, and the data they allow a company to gather, can positively influence relationships with both customers and employees.
For some, digital transformation goes hand in hand with the “experience economy”, as Brian Moran, of Brian Moran & Associates, a firm dedicated to helping small business owners and entrepreneurs, explains: “A good example is Starbucks. They took coffee, which people would normally buy “to go,” and used free Wi-Fi to create an in-store experience for customers. Starbucks gathers information on their customers who use the company’s mobile app to order and pay for their drinks. And customers can order their venti skinny vanilla lattes on the app, pay for them with a stored credit card, and have the drinks waiting for them. All they have to do is walk in, sit down, and open up their laptops.”
Given that, according to the International Data Corporation, “by 2020, at least 55% of organizations will be digitally determined, transforming markets and re-imagining the future through new business models and digitally enabled products and services” there is no better time than the present to fully digitize your business through customized applications. (Read: 5 Reasons to buy a customized business application rather than off-the-shelf)
Applications can create direct revenue streams, as with many mobile apps, but there are seemingly hidden, indirect ways that customized apps help to generate revenue within your business. In e-commerce alone, 79% of people use mobile phones to shop. And by 2021, 53.9% of retail sales will be on a mobile device. And where brick and mortar businesses have stalled, they can generate revenue by creating an online, mobile optimized store. People can buy 24/7.
As enterprise businesses move deeper into the digital space, an evolution is taking place. Digital transformation not only means streamlining business practices and processes, it means re-evaluating how a business can generate revenue.
Custom apps help SMBs and enterprises achieve their objectives in a more efficient manner, through tools internal to a business that help to increase productivity and growth and indirectly generate revenue.
$14,000 worth of productivity is lost per worker per year due to their inability to find the proper data they require to do their job.
So in case you weren’t already convinced, here are our top 5 ways your business can boost its bottom-line through the adoption of customized business applications.
Access to key data and analytics: When companies can track activity and identify what works, they can stop investing time and money in what doesn’t. Potentially these efficiencies can be passed on to the customer, increasing the company’s competitive position.
Enhanced customer service: That same data provides valuable insights into customer requirements. With that knowledge, companies can improve their service, adapt to changing market needs and inspire returning custom.
Improved productivity: With less time spent using manual work-arounds or updating multiple systems, employees have more time to focus on income generation.
Creation of new efficiencies: Working digitally offers opportunities to introduce improvements and efficiencies across the business, from the production line to logistics.
Opportunities to identify new growth areas: Drawing on the data gathered, companies can uncover lucrative opportunities and divert resources accordingly.
The above is an excerpt from our white paper: Top 10 ways to boost your bottom line with low-code/no-code technology. Click here to download the full white paper.