With the changing investor priorities where operational profitability is now the talk of the town, it becomes imperative for a business to embrace measures that help streamlining day-to-day operations. Having a track of the processes, people, revenue flow etc. and the very tools to improvise or to prune the aberrations off, in real time, speaks of the solidarity of a business's fundamentals.
Now the question arises, 'how to have such detailed view of the business?'
Go Digital!! Map your business processes to a real time digital database that tracks each and every detail that needs attention. Sales and invoicing, payroll, inventory, operations, logistics, UI/UX etc. are some verticals that not only can be rewarding in terms of information about the business, but also in the financial bottom line.
'How do I upgrade my business to the digital platform?'
You need an App!! Finding the right partner to trust with this critical migration is the next step. A mobile app development company may have the in-house mettle to not only develop different versions of the app (android/IOS) but also to support the tool over a period of time. TechAhead, which has served 600+ startups so far, is one such umbrella firm. Alternatively, you can go for third party solutions such as a specialist iOS app development company, only support solutions etc.
Coming to the reasons why digitization is indispensable for a business today, we limit our study on the early age/ seed funded businesses.
Structured Business Processes
Having real time track of the key activities in the business value chain results in data based decisions rather than hunches and assumptions. Sales funnel, identifying bottlenecks, budgeting, communications etc. can be standardized to support scalability.
User Experience/ Marketing and promotions/ Communication
Optimizing the user experience, notifications/ offers based promotions, new product launch, strategies to up-sell etc. can be done through an app with a lot more efficiency as compared to traditional techniques. Identifying and interacting with target audiences with tailored solutions results in higher sales pitch conversion.
Tracking the supply/business value chain for the key processes, Identifying lacunas and dividing them into sub-processes enables the business to alter only what is needed, without affecting the rest of the structure. New features can be updated from time to time, through updates, with much lesser resources and costs.
Going digital gives you an unmatched access to data. Reports related to processes, people and performance can all be studied and used for decision making, in real time. How did the last promotions campaign perform? How much was the pilferage/wastage in the inventory last month? How did the workforce react to the new incentive structure etc. can be quantified pragmatically and worked on.
Better Investor Trust Investors need genuine and real time information of how the business is performing, given the funds invested/being invested. They prefer businesses that have the vision and technology to vouch for. Not only it brings in more efficiency to the business but also makes it a lot more transparent.
To sum it up, early stage businesses have far better odds of sustaining and scaling the business with the help of the right technology. While having a mobile app does give you a better platform for front end (user interaction) processes, it also helps the business grow organically.