Embracing a digital strategy is becoming ever more important. Here, we explain why.
The word ‘digital’ has been a buzz word for the last decade or two, and whilst it is generally agreed that businesses need to embrace digital technology in some form, whether that’s using e-commerce and digital marketing, or utilising new technology for product development or manufacturing. However, many businesses don’t know how to go about this, which is where developing a digital strategy becomes important.
A digital strategy is a high-level plan for how digital technology can be used to achieve the goals of an organisation or business, and the role of it is to establish which digital technologies or platforms can do this and how. There are compelling statistics as to why you should have one.
Research has shown that SMEs that use digital technology as a part of their business processes have a 22% higher revenue that those with little to no use of the internet and SMEs embracing digital technology will likely experience an estimated 10% increase in productivity. Additionally, 38% of SMEs see a rise in sales after becoming connected to the internet. Despite this, one in three businesses still don’t have a website and 11% of SMEs said they did not use the internet or have access to it at all.
If you are looking to implement new technology and bring digital to your business, Business Growth Hub can help. In addition to our Digital Growth team, who carry out digital audits and help you implement the best technology for your business, we can also advise on eligibility for match funding from the Co-investment fund, who can give you anything from £1000 to £3000 towards embedding digital technologies into a business.
The digital landscape changes so quickly and our ongoing support and advice to keep up with the constant developments, but if you want to increase revenue and productivity we are happy to give you the tools and information you need.