Interestingly, there have been beneficiaries such as the mega-cap FAANG stocks (Facebook, Amazon, Apple, Netflix, Google) which have all experienced spikes in business due to the millions of people confined to spend time at home.
On the other hand, many small-and-medium (SME) enterprises have struggled with the restrictions. Unfortunately, a large number of them will not survive.
The good news is, many are improving. Companies of all sizes have joined the race to digitise processes which would previously have been performed manually in a bid to reduce operating costs and improve efficiency.
According to a study released by consultancy firm McKinsey this month, the impact of Covid-19 has accelerated the digitisation of companies’ customer and supply-chain interactions as well as their internal operations by three to four years.
The acceleration is even higher for the companies’ creation of digital or digitally enhanced offerings.
The study found an average acceleration of seven years in this area, with a higher leap in Asia Pacific, where it has sped up by more than ten years.
To stay competitive in this new business and economic environment, requires new strategies and practices, according to McKinsey.
Respondents from companies that have executed successful responses to the crisis report a range of technology capabilities that others don’t. Most notably, they say that filling gaps for technology talent, using more advanced technologies, and the speed in which they are experimenting and innovating are all key factors.
At Docuworx, we believe that one such technology all SMEs should look at implementing is DocuWare.
BUT WHERE DO YOU START?
As Australia’s only Platinum Partner of DocuWare, Docuworx has assisted numerous SMEs in the region with their digital transformations.
From manufacturing to retail, healthcare and education, SMEs across Asia Pacific are quickly discovering the importance of taking that all-important first step.
The most common question Docuworx gets from new clients is ‘Where do I start?’. Below are three ways Docuworx can help.
#1 GO PAPERLESS
Digitising paper documents is a simple and most-effective digital transformation initiative that a company can undertake.
SMEs may not realise this, but the paper is a heavy burden on their business. Employees waste time and money managing paper documents as well as being exposed to the risk of losing crucial documents and facing compliance issues.
By going paperless with DocuWare, they can cut costs, improve security and streamline their operations.
#2 AUTOMATE COMMON BUSINESS PROCESSES
Automating business processes is the key way in which SMEs can free employees from the burden of manual data entry so that they can focus on the high-value work that drives profits.
Although we live in an increasingly digital world, many SMEs still rely on manual tasks for simple, repetitive processes such as those involved in accounts payable or receivable as an example.
DocuWare Invoice Processing automates the entire AP process – including electronic invoice delivery, associated documents management, approvals workflows and advanced analytical and reporting tools.
#3 ENABLE REMOTE WORKING
As Covid-19 continues to create movement restrictions worldwide, SMEs need to have the flexibility to adapt to a mobile and distributed workforce.
For sales managers in the field, all the documents they need, such as emails, quotes, invoices and contracts are accessible in a centralised database. And since DocuWare works on any device including, smartphones, tablets and laptops, receiving information and completing workflows are only a click away.
The same can be said for employees working from home. Messy and disorganised folders on their personal computers can be productivity killers. With DocuWare, they will have secured access to a central, well-organised database containing all the documents and workflows they need.
With DocuWare, teams are also synchronised in their productivity, ensuring that everyone is on the same page.
REQUEST A FREE TRIAL
The McKinsey study is one of many that have come out in recent months showing that digital transformations have accelerated worldwide.
Due to the disruption taking place around the globe, it has never been more critical for SMEs to embrace digital transformation and stay ahead of the pack.
With DocuWare’s capabilities, you can digitise and secure your information to flow effortlessly between your decision-makers – from anywhere, on any device, at any time.
To find out how Docuworx can help your business, Request a free trial