What is the Future Of Medium-Sized Companies?
Digitization – and with it, the automation of routine processes – is making slow progress in small and medium-sized companies. According to their information, the corona pandemic has caused a surge in digitization in companies. According to their report, around half of medium-sized and small companies are lagging in digitizing their business and service processes. There are enormous opportunities for medium-sized companies in digitalization.
Late Digitization – What’s Wrong?
The hurdles of delayed digitization in medium-sized companies are quickly identified: high costs, lack of resources, and low standards. Around 70 percent of SMEs shy away from the increased investment requirements and do not have the time to devote themselves to developing a digital business model and the integration of new software in addition to their operational business. In addition, there are high demands on data security – many SMEs remain in the status quo because they fear an escalation of security issues.
SMEs Also Meet Customer Expectations
But it doesn’t help:
- Customer demands have changed.
- Expectations of companies have increased.
- Customers do not differentiate between corporations, medium-sized companies, and small companies.
You want good service – direct and personalized. SMEs should therefore not let anything stop them from digitizing their business processes – this is particularly true of customer service.
Especially in medium-sized companies, digital business processes should be seen as an opportunity to use scarce resources efficiently and to increase performance in the long term, “With the right design, the digital office becomes a competitive advantage for medium-sized companies.”
How To: See Opportunities Instead Of Hurdles
The chances of digitization and automation of service processes lie in the most significant worries of SMEs. Because the integration of intelligent software solutions does not have to be time-consuming, nor does it require a lot of IT effort. The costs pay off quickly, and the positive results in customer service are also shown promptly.
There are three reasons for prompt automation of service processes:
Fast Integration, Little IT Know-How
Many SMEs hesitate to invest in new software because they suspect complex programming that, once set up, can only be changed to a limited extent and with a high level of IT know-how. Fortunately, those days are over. Today there are many excellent no-code and low-code applications on the market, the tools of which service employees can set up intuitively and without extensive IT knowledge.
Intelligent software for process automation was also integrated in a short time. SMEs only have to provide their general process knowledge. Only a few employees need to be available to integrate the software, and operations continue to run almost undisturbed.
Costs Pay Off Quickly
Modern software solutions based on artificial intelligence are set up quickly; they are designed according to a kind of modular system and adapt to the unique needs of companies. Corporations require different functions than SMEs. Accordingly, there are solutions on the market today that specialize in smaller companies’ conditions and investment budgets.
Investments can often be amortized within the first year through the benefits gained from intelligent automation. SMEs save up to 80 percent time in customer service when they automate routine processes such as the distribution of e-mails, the collection of essential customer data, and the processing of inquiries. Employees in service can use this time to devote themselves to challenging tasks and personal customer contact. In addition: You reduce your error rate by up to 95 percent.
Better Service, High CX
The versatile functions of an intelligent help desk significantly improve customer service and back-office work. In the medium term, SMEs not only save around 30 percent in costs, but they can also offer customer service that meets customer requirements. This includes a 24-hour service with automated answers in real-time and an intelligent self-service, which customers can use to find many answers themselves – which, by the way, they also prefer. Smart analytics and reporting tools also play a vital role in the customer experience. The analysis of touchpoints, customer reports, and performance parameters helps to understand customers (better) and to be able to make them the right offers at the right time.
Conclusion
SMEs shouldn’t let themselves be deterred from digitizing their business model and automating their service processes for the wrong reasons. Indeed: The development of a digital business strategy takes time and is a significant challenge to the operational business. But all further steps require far fewer resources than many decision-makers in SMEs assume. Many modern software solutions today are based on no-code and low-code approaches and can be set up quickly. They adapt to the requirements of the company in terms of needs and budget and achieve immediate benefits.
