Small businesses can unlock lots of potential by integrating modernised business practices and solutions from the ground up.
Owing to a litany of factors – from advancements in technology, and changes in consumer behaviour, to major societal events such as COVID-19 – businesses have changed a great deal in just a decade. What a modern business looks like has changed more drastically in the last 10 years alone, than in the last four decades.
This is precisely why modernization has become such a high priority for many organisations around the world. We discussed business modernization with TechQuarters, a London-based MSP that has been specialising in IT support Central London SMBs have used for the last 12 years. As an early adopter and proponent of public cloud solutions, business modernization has played a critical role in their work over the years. So, why should businesses – and particularly why small businesses – be focusing more on modernization efforts?
What Does Modernization Mean?
Business modernization is simply the process of businesses restructuring the way they operate to integrate modern practices and approaches. The benefit of this is that it enables organisations to better penetrate markets, provide a better service, and more accurately identify new opportunities. There are a few common topics to address with business modernization…
When we talk about modern business, practices are often brought up. But what are modern practices? For today’s standards, modern business practices tend to revolve around the use of digital data and digital channels of communication – this includes anything from emails and direct messaging to social media advertising. Modern practices may also refer to how organisations deliver their services to customers – for instance, TechQuarters’ IT support for Architecture firms is modernized, because it integrates virtual communication, asynchronous support, etc.
Another frequently cited goal for businesses that want to modernize is the ability to be more agile as an organisation – so what does this mean exactly? A great example of the need for agility was the impact of the COVID-19 pandemic. More agile businesses, due to integrating modern, digital practices, were better equipped to change their practices and services at the drop of a hat – which was about as quickly as businesses needed to adapt, considering how out-of-the-blue the pandemic was for many.
Another major aspect of modernization is the impact it makes on business competition. Modern markets are fast paced and full of options for the customer – this means that businesses, now more than ever, need to be able to differentiate themselves. Things that can differentiate a business include exemplary performance, fast response times, proactive services, and much more. These are all things that can be nurtured with the careful implementation of modern technologies – such as cloud computing.
Reasons for SMBs to Modernize
- Efficiency – Consider how much digital technologies have accelerated the different aspects of our life. Now, consider how this new standard will impact the standards of customers and consumers. Businesses that can operate more efficiently will be able to keep pace with the demands of their customers, and their markets.
- Customer Value – By integrating solutions like cloud services (Software as a Service, for example), businesses can serve their customers more quickly; this also means they can pivot more quickly to meet customers’ demands. Simply put, modernized businesses can generate more customer value than counterparts who have not modernized.
- Better Communication – Most leaders agree that communication is critical to business efficiency and productivity. TechQuarters even described to us how Microsoft Office 365 solutions like Microsoft Teams, and Outlook have revolutionised their communications. Modernized businesses are typically close-knit due to their internal communications, which allows them to be more streamlined, and pivot more accurately.