Step-by-Step Guide to Digitally Transform Your Traditional Business
May 17, 2022
the INFT team
Digitisation has always been a thing business owners looked to embrace. Long before COVID-19.
As one of the leading alternative digital banking platforms in Singapore, INFT keeps a close eye on global developments. Digitization, we've observed, is no longer just a buzzword. It has become a new norm necessity and a natural business evolution.
Before the pandemic, nearly half the world already had relatively-reliable internet access. For example, in 2009, there was a 20.1% internet penetration in Asia. In 2021, it jumped to 64.1%.
A part of the digital transformation process involves offering an online payment method, it also means moving your operations towards cloud-based tools to help businesses save both time and money.
How to Digitise a Business
1 - Having An Optimised Website
Many Singapore digital neo-banks have emerged as an alternative to traditional financial banking because of increasing demands.
The target audience, your customers, simply need services and products to be delivered not just fast but also accurately and efficiently. Searches are done online, and so are payments. How does this relate to having an optimised website? You need to make it easy for them to find you wherever they are - your website.
Approximately 64% of business owners do not have a website while the remainder believe that their business is too small to have one.
Your website and social media accounts act as the frontliner, dealing with customer relationship management and a sales acquisition tool. Your website helps brand your company and provide an avenue for your customers to reach out to and communicate with you any time, anywhere.
When we speak to the professionals at Exabyte which has been around since 2001, we believe in the same things - that at the heart of our products and technology lies an unwavering commitment to help small and medium businesses develop an online presence, market their businesses online, create web solutions, and help others realize their dreams of owning their own businesses.
2 - Have an Active Social Media Presence and Encourage Engagement
Big digital enablers have the data to prove that digital transformations culminate in reduced costs, improved security, and enhanced productivity.
You can shortcut one of your business processes like customer service and customer relations management with social media. Although not an end-all-be-all, it definitely helps.
In this digital world, information, data, and trends rule. Most social media and online management tools, free or paid, can give you deep insights of your business' performance. Invest time and talent into digging into and processing the data.
3 - Moving to Cloud-Based and Digital Solutions
In some instances, especially when security is a concern, you may want to keep business details out of cloud-based systems.
Otherwise, mobilising your business operations with cloud-based solutions makes more sense. Popular and affordable project management tools like BaseCamp, Google Workspace, Asana, Salesforce (and many more) will help your business save costs and time.
Of course, with technology, it takes time to get everyone onboard. So, consider the time you will need to learn the new software, migrate to the process, and train your team.
4 - Make Payments Seamless and Secure
Being a digital financial solutions provider, INFT offers a host of financial tools and funding solutions. With a neo-bank in Singapore like INFT, it is all about cost-savings, security, and providing seamless features.
Nothing beats the accessibility and convenience of mobile payment capabilities and is one that your customers or partners will appreciate.
With that said, there is a no one-size-fits-all business digitisation guide that will 100% guarantee you a smooth transition.
In time, not only will you need less office space, but there will be fewer folders, less printing, sorting and filing, and the reduced need for physical resources. With integration and accessibility in place, the performance and productivity of your team will increase. And so will your bottom line.
Your customers and field workers are the biggest beneficiaries.
5 - Leverage on Platforms, Marketplaces, SaaS, and Aggregators
We live with a world of Generation C - people who are highly Connected digitally to one or more digital ecosystems.
This applies not just to consumers but also to businesses.
Example? Nike is a good one. While the brand struggled with the sudden dip in production, shipping, and demand for their products, they dealt with problems related to store closures and the changing economy with digital transformations.
Admittedly, not every company has the deep pockets Nike has. To solve this, consider adopting the aggregator model. It involves lining up your processes with a platform that collects and distributes information about your products and services to a network of interested parties.
Another great alternative would be to form partnerships with companies offering complementing goods or services. As partners, you are free to make independent business decisions while helping each other create more sales and leads.
Using platforms, marketplaces, and aggregators to increase your reach is a fitting approach to reach out to your community and skillfully leverage a company's strengths, offerings, database, and USPs.
Whether you start with setting up your digital business account first or hop onto a project management tool, what you need to do is to set up an online presence.
Once the digital transformation is underway, there will be better collaboration, streamlined project management, accurate budget management, and a more secure support system.
And we have some good news for you! We’ve partnered with Exabyte to give you an exclusive 20% off for website design, eCommerce website design, and 5% off for Facebook and Google ads marketing! Don’t wait and order your package now!.
If you’re trying to decide on a payment platform or secure funding for your company’s expansion, get started by signing up for an account with INFT. Our customer service team is always ready and willing to help if you have questions. Just reach out to us via firstname.lastname@example.org or call us at (+65) 6635 5668.
We are happy to answer any questions you may have about using our tools and features.
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Consumer advisory – Payment Services in Singapore are regulated under the Payment Services Act 2019 (the "PSA"). Remittance is powered by Wallex Technologies Pte. Ltd ("Wallex"), Raypd Holdings Pte. Ltd. (“Raypd”), and In Remit Pte. Ltd. (“In Remit”) , who are regulated by the Monetary Authority of Singapore and is a licensed Major Payment Institution under the PSA for the provision of Cross-border Money Transfer Services in Singapore (License No. PS20200433). Funds that constitute "relevant moneys" (as defined under the PSA) received by MAS licensed partners shall be held on your behalf in a trust account opened with a Safeguarding Institution as required under the PSA. Visa cards are issued and powered by NIUM Pte. Ltd. (formerly known as INSTAREM Pte. Ltd.), who is regulated by the Monetary Authority of Singapore under RA No. 01454 and is a major payment institution under the Payment Services Act No. 2 of 2019. Virtual accounts are powered by Wallex & Raypd, who are regulated by the Monetary Authority of Singapore. Business Cashline is powered by Cash In Asia Pte. Ltd, who operates as an excluded moneylender under the Moneylenders Act (Cap 188).