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What does it mean to include a budget for digitization? Business survival in today’s markets

Digitizing a business is the key to withstand junctures and crisis periods, and this has become evident in recent times.

Nowadays, there are two realities that are the common denominator of companies, at least in Colombia: the need for digitalization and limited budgets.

Need for digitization:Covid made clear the value of 100% digital businesses: online stores, online academies and training centers, online consultancies… They, without knowing it, had adapted their business model to a context unfriendly to physical contact.

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On the other side of the coin were businesses that had not invested at all in digital transformation. Most of them experienced at first hand the need for a website or an online store.

Although we are already facing a new reality, recovering physical contact without eliminating the pandemic, digital channels, sales, virtual customer service and process automation are an obligation rather than a necessity. Digitalization requires rethinking your business model from start to finish, you have to look at it with perspective to get it right, and that perspective brings us a topic that is not very comfortable to discuss… Budgets…

Budget limitations: This is one of the challenges that companies generally face. We are still living the consequences of a serious pandemic that is still present in our realities, environments and markets.

So, we can say that the limited budget is a limitation that you can overcome with the intelligent management of resources. How to do it? By having clear objectives to minimize operations, expand sales channels, move into the forefront of omnichannel, thinking and prioritizing your end user, involving all areas of your business or company in these needs. Surely all areas will benefit and contribute to business growth.

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Here are some important arguments to support a budget for digitization

  • Investing in process automation is to generate integration of processes, platforms and minimize effort in repetitive tasks to increase employee productivity.
  • Investing in online sales channels is to reduce costs in physical stores, with a chatbot you can minimize call center costs and generate an excellent customer experience 24/7.
  • Having a website, social networks and portals for the end user is to position the brand and/or products.
  • Developing internal and external personnel allows companies to be more competitive and be at the forefront of trends such as omni-channeling.
  • Expanding sales channels means increasing revenues, there are no land borders.
  • Having an online presence means gaining the loyalty of employees and customers

Only through digitalization can a business aspire to a privileged position in today’s markets and grow with scalability and sustainability.

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