What “Digital Disruption” Means for your Growing Small Business

Digital disruption is affecting every type of company out there, regardless if you’re small, mid-sized or large. Companies must respond quickly to new and improved demands for digital technology. If your company does not act and stay on top of digital transformation trends, then your company will lose valuable business and revenue.  Once a customer is lost to someone who is doing it better, it’s hard to get them back.

First, Some Statistics on Digital Disruption in 2018

Over half of the world’s population is online with 4.1 billion internet users. During the past 12 months, there was one quarter of one billion new users. The average person using the internet reports spending about 6 hours each day online.

The cloud continues to gain momentum. By this year, 60% of enterprise IT will be in the cloud versus off-premises. Also, this year, 90% of the population will have data storage in the cloud that is both free and unlimited.

Good news comes in spades when it comes to companies keeping up with digital disruption. A recent article from Converge Technology + Business says that 65% of businesses feel positive about change. They feel that, in the next 3 years, they can adapt to disruption. What’s even better is that almost half of company’s digital transformation efforts are being led by CEOs or Board Members. Most companies, 2 out of 3 in fact, report to being capable of making the change for digital disruption.

Digital Disruption Offers Many Challenges to SMBs

Small and midsize businesses need to consider multiple departments beyond IT. While the information technology department must be working on efficiency, customer service and other client-facing departments also are a big part of customer experience. The way that your people interact with your customers, organization wide, needs to be efficient, top-notch, seamless and flawless. People are judging your business not only by others in your industry, but by the best-case examples they see any time they open a browser window or click an app.

The biggest challenge for departments to overcome barriers to today’s digital transformation is being on the same page.  Small and midsize businesses may have difficulties integrating with one another. Misaligning objectives and lacking resources create obstacles. To be competitive in today’s digital market, SMBs must finds ways address these challenges.

What’s an SMB to do?

It starts with one word: innovation. Using the same model, “making patches” and “tweaks” no longer works. Technology professionals and small and midsize business leadership must understand what challenges are being faced, both in the present as well as down the road, and find ways to handle it. From application development to new systems, procedures and approaches, recycling old assets won’t win the digital disruption race. Companies must throw out old solutions and create new ones, from the ground up.

They needn’t be wholesale changes, just new ones.  Ones that speed up a process, combine workflows from other applications they use, or remember key information so the customers only have to enter it once, or not repeat it on the phone when they call you. And they needn’t be new to the internet, simply new to your industry.  Efficiency and being nimble is what gives SMB companies an advantage over the enterprise level.

While AI technology may seem like an old topic, with Alexa, Siri, and customer service chatbots being around for some time, it doesn’t mean that it won’t continue to play a big part in the future of digital disruption. There is a lot of power to be seen in artificial intelligence for SMBs, from customer service, to robotics, to analytics and not to mention marketing. AI has the power to surprise and amaze customers. Artificial intelligence can connect and communicate your business with its customers in a way that they may not expect, but will certainly appreciate. From email to content generation, this can be faster, cheaper and smarter automation for your business. When technology professionals are innovating ways for better customer service, make sure to leverage AI.

Further, to conquer digital disruption challenges, once technology professionals create or find new innovative solutions, think API or application program interface. By definition, according to webopedia, API is a set of protocols, routines, and tools for building software applications, specifying how software components should interact.  By making your technologies interface better with the other technologies your customers use, you can increase their satisfaction and the ‘stickiness’ of your solutions.

The ability to connect applications and data – and help your customers interact with you more efficiently – is the difference between surviving and thriving versus being left behind.