78.6% of the surveyees have digitized their business processes.
GoodFirms, a widely renowned research, ratings, and reviews platform, has recently rolled out a new research article titled “Digital Business Knowledge”. The survey attempts to identify and analyze the current state of digital businesses, their key driving factors, opportunities, barriers, and future scope of businesses in digitization. The study also highlights the most significant tools and technologies digital businesses use.
GoodFirms’ survey aims to provide the most valuable insights into business digitization and its potential in the current market scenario. According to GoodFirms’ survey, about 78.6% of businesses have reported a complete digital adoption of their businesses and have automated most of the manual work.
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According to the research conducted by GoodFirms, the most popular and known digital technologies are Machine Learning, Artificial Intelligence, AR/VR, Robotic Process Automation (RPA), The Internet of Things (IoT), Blockchain, 5G, Edge Computing, and Quantum Computing.
When inquired about key reasons for digitizing businesses, 72.8% of the respondents chose lower operational cost, followed by improved customer satisfaction (70%), quality & sustainability (64.2%), enhanced productivity (59.6%), better decision making (53.%), increased transparency & visibility (50.1%), and others,
When queried about major benefits achieved by organizations post-digitization, 72.8% of surveyees said improved customer experience as the major advantage followed by improved business growth (69%), less operational costs (54.2%), employee empowerment (48.4%), improved reach (35.7%), agility (27.3%), etc. These are the major benefits that organizations observed after digitizing their businesses.
GoodFirms’ study has also revealed some of the major challenges faced by businesses and entrepreneurs while digitizing their businesses. About 52.7% of the total respondents reported a lack of budget as the key challenge, while 49.3% responded with a lack of executive support. Other challenges include a lack of resources, digital business skills, customer focus, IT engagement, BPM skills, weak business skills, and complex tools.
“Digital Marketing, CRM, and Accounting are the top three tools that are used by businesses“, says GoodFirms.
While considering top tools used by businesses, digital marketing topped the chart followed by CRM, Accounting, HR, Social Media Management, Inventory, E-commerce, and others.
GoodFirms concluded that digitization benefits businesses by promoting automation and allowing them to increase operational efficiency. Digitization also reduces the need for human intervention resulting in low operating costs and reducing the chances of error occurrence.
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KEY FINDINGS
- Machine Learning, AI, and AR/VR are the most known digital technologies.
- 72.8% of surveyees considered lower operational costs as the major reason for digitizing their businesses.
- 70% of respondents said digital businesses provide better customer satisfaction.
- According to 64.2% of surveyees, digitization can help improve the quality and sustainability of the business.
- 72.8% of surveyees witnessed improved customer experience post-digitizing.
- 52.7% of surveyees say they cannot adopt digitalization due to a lack of business budget.
- 68.8% of the surveyees consider digital technologies and capabilities important to their organization.
- 48.4% of surveyees believe digitization can empower employees by providing them with the tools and resources they need to work more effectively and efficiently.
