Companies every year find themselves being left behind in a rapidly changing market that demands innovation. Small & midsized businesses need to be prepared to face the technological advancement in today’s age, or else they will get lost in the noise. Failing to go digital in the modern marketplace is essentially dooming your company to mediocrity.
One way to think of this is the saying that “every company is a tech company in a global marketplace.” The only way to maintain and grow market share is to innovate, digitally. There are a handful of reasons that digital innovation is so crucial, and why it is absolutely necessary to evolve by using the many digital solutions that are available today, such as ERP…
Understanding the Mobile Revolution
This year marks the first time that mobile app usage has grown beyond that of internet domain usage. This is a trend that is born out of efficiency and convenience. Today, there are estimated to be nearly 40 billion internet-connected devices in use around the world.
Any business planning strategy that does not take phone usage into account is lacking a major asset. Real-time, cloud-based ERP systems are designed for mobile efficiency, so that a business executive can keep track of important information, updated by the minute, from the seat of a car, an airplane, or even in the comfort of their own bed.
Meet Changing Customer Demands
The ever-changing ebbs and flows of the marketplace are entirely caused by consumers and the relationship that they have with companies. People are fickle beings, and they never want the same thing for very long. However, they will always gravitate towards innovation, and so will their money. The real-time interaction that business executives are able to have with prospects and information enhances connectivity and allows for greater innovation that will draw people to your company, all at incredibly low costs. Avoiding the inevitable digitization of the world secludes businesses from their consumer base, and inevitably results in market share loss.
Manage Data in New Ways
A major purpose of cloud-based ERP systems is to help you manage data in a way that is immediately accessible throughout your entire business enterprise. If you aren’t digitizing your methods of data management and planning, you will have exposed a major bottleneck in your organization. According to an EMC Digital Universe study, the amount of data in the digital sphere has been exponentially growing, as it doubles every couple of years.
In 2020, the human race is expected to generate 40 zettabytes of data. To give you an idea of this scope, LiveScience.com states that streaming a single zettabyte would be the same as streaming 36,000 of HD video. If small-to-midsize businesses are not innovating to organize their data in a way that is cost-effective and highly efficient, specifically digitally, then they are in grave danger of losing market share.