No matter the market in which your business operates, or even the size of its workforce, the chances are you are already digitalizing the way that you complete business processes and transactions. You may already be managing your suppliers electronically, or perhaps you complete payments using sites such as PayPal. Perhaps you work in the marketing department and depend on tools such as Salesforce and HootSuite, to manage new and prospective leads, and content marketing campaigns. Thanks to the growth of the Internet, it’s now easier and quicker than ever before to make payments and contact your customers, but are you ready to embrace a fully digital economy?
You may have already heard or explored some of the hype behind bitcoin, which is a system that enables users to make payments without having to pass through any central authority. Usually, this would be your bank or a payment portal. Bitcoin is created and held electronically, and there are no notes. In fact, bitcoins can be produced by computers globally, using free software. So, what will this mean for your business? Bitcoin is rapidly becoming the currency of choice, and it could soon affect the way that you complete and pay for business transactions. However, this is one element of the digital economy that is still growing, so nevertheless, make sure that this remains firmly on your business radar.
You’re already automated
The chances are you are already embracing the digital economy without you actively realizing, such is our dependence on technology to complete simple business tasks. From trialing payroll on tools such as fake pay stub maker to managing expenses, digital is changing the way that corporations complete tasks. This is nothing to shy away from as the digital economy is actually saving you time and money. Rather than having to pay an employee to complete certain tasks, you can now make sure that core business operations are fully automated, reducing the risk of employee error. Great news if you are trying to cut down on overall costs and expenditure.
It’s shaping developing markets
If your business has offices or sites in developing markets, then the digital economy will vastly improve the way that you complete and action your business plans. Factors such as Artificial Intelligence (AI) and Machine Learning (ML) will no longer be a phenomenon of science fiction; instead, they will become a part of how businesses complete operations and train their workforce. So, if you are a digital economy skeptic, then think again. This one development is already having a marked impact on the very nature of how we conduct business globally.
The digital economy is already shaping and influencing the way that your business operates, even if you aren’t already aware of its influence. From the rise of bitcoin to the automation of core business processes, companies are increasingly looking to digital alternatives that will save time and costs. Not to mention, digital is shaping the way that developing countries operate and interact. The digital economy is very much here to stay.