how digitization can improve profit andf efficiency in Nigeria

How digitization can improve profit and efficiency

How digitization can improve profit and efficiency

How to improve profit and efficiency using digitization

Digitizing a business means adopting digital technology, tools, and processes to improve your business, boost productivity, profitability, and efficiency. In today’s fast-paced world, any business that is slow to adopt digitization has a good chance of been extinct or out of business. It’s a sad reality but can be avoided if you begin today. Below we explain few ways on how to improve profit and efficiency using digitization in your business.

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Reduction of business costs

Most business owners often dream about how to make more profit.  There are several digital tools and digitally driven processes that can drive profitability and reduce the cost of business. For example with the advent of eCommerce, you can reduce the cost of building more physical branches or the cost of operating such physical branches by deploying eCommerce tools to interact and enable your customers to buy from you.

Less dependence on external conditions

Thanks to digitalization businesses can continue to run their business and offer services or products to customers without depending on external factors such as weather, disaster, civil unrest, pandemic, or other related factors that one cannot control. For example at the peak of the COVID 19 breakout and subsequent lockdowns, most businesses that have digitized their operation made a lot of money and stayed afloat. Another example is some businesses resorted to the use of digital communication tools like slack, zoom, team, and chat tools to communicate with staff and customers and to facilitate working from home for workers. Some companies assigned tasks, reviewed work and milestones using project management tools like Trello, Clickup, Team, Asana, and others which assisted them to remain operational.

Growth and Scalability

Every business wants to grow and scale beyond its current areas of operation. Today, traditional or physical means of growth and scale are more expensive and difficult. With digital transformation, businesses can quickly grow and scale at a fraction of the cost. The internet has made the world a global village and democratized access to a wide market that never existed before.

Sustainability and Measurement

A business does not need only growth or success, in what it does today but should be sustainable in the long run. Digitization enables a business to achieve sustainability very easily than traditional means. With sustainability in mind, a business can utilize digital tools such as analytics to measure performance and customer needs so as to get an idea of what to improve and what to focus on. Digitization enables a business to track thousands of business metrics in real-time and take the appropriate action to address issues that may affect the business in the future.

These are just a few reasons why digitization is not just a good idea, but a necessity for almost every type of business, be it micro, small, medium, or big business.

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