Top Challenges Businesses Face in the Digital Era
In the digital era, businesses face a number of challenges, from the need to be able to adapt quickly to the ever-changing landscape of technology to the need for companies to think about how technology can help them get ahead.
Despite the fact that digital transformation has been a major topic of conversation among businesses for decades, only 15% of companies were digitally advanced in 2021, as found by Forrester’s Predictions 2021. This would mean a majority struggled to stay relevant as they faced a barrage of challenges in the digital era.
What does that mean for you? Well, if you want your business to thrive in the digital age, then you need to be aware of these major challenges so that you can think about how best to overcome them.
Securing Digital Systems
The State of Ransomware 2021 by Sophos found that 54% of organizations lack the necessary IT resources to manage advanced cyberattacks. This is a serious problem, especially as hackers become more sophisticated and move away from ransomware towards more damaging attacks.
Such attacks can disrupt enterprise systems, digital processes, tools, networks, and employees, taking a heavy toll on your business. Many businesses are finding themselves unprepared to deal with these kinds of threats, and it’s because they don’t have the right tools and dedicated staff in place.
The consequences of such an inability to access needed resources can be catastrophic for businesses both financially as well as reputationally speaking, and they should take steps now before things get worse.
Here are some tips for keeping your data safe:
- Encrypt your digital systems: Encryption is the process of coding information so that only authorized users can access it. Once you’ve encrypted your systems, it’s useless to hackers or anyone else who hasn’t been given permission to see what’s inside.
- Ensure Employee Training: Make Sure that all employees have been given cybersecurity training and understand how to identify suspicious activity.
- Ensure all of your software is updated: A lot of malware attacks occur through outdated software that has security vulnerabilities. It’s better to stay on top of updates than risk being hacked.
- Keep an eye out for suspicious activity: If you notice something fishy going on with your system, immediately hire resources that can help you out.
Streamlining Sales Processes
One of the biggest challenges businesses face in the digital age is streamlining their sales processes. Many businesses have traditionally been B2B. But with the rise of digital marketing and e-commerce, there’s a lot more opportunity to reach customers.
However, many companies still struggle with implementing a streamlined sales process that allows them to sell more efficiently without sacrificing quality or being able to affordably accommodate new clients’ needs.
Being in a B2B space, you may have multiple different systems for managing leads and tracking sales, which can make it difficult for employees to monitor everything they need to do in order to close deals. This can lead to missed opportunities and lost revenue for your business.
However, when it comes to B2B accounts, account planning can help you streamline your sales process and create a friction-free environment wherein you can better approach your target accounts. Creating an effective B2B account planning process will allow you to identify which buyers are suitable for your business model and build relationships with them so they will buy from you in the future.
Along with account planning, there are several other ways that can help you streamline your sales processes:
- Create an effective marketing plan: This will allow you to reach out efficiently to these companies.
- Create an efficient sales funnel: This will help you convert leads into customers.
- Create an efficient customer service system: This will guarantee customer satisfaction after purchase and improve brand loyalty.
Finding the Skilled Employees
The digital era is here, and it has already changed the way we do business. The first challenge that businesses face in this new environment is finding skilled employees.
According to Statista, 70% of organizations face a skills shortage in the context of tech. This creates a challenging environment for businesses in the digital era because they need to be able to keep up with technological innovations, but they don’t have enough employees who can help them do this.
With a few things, however, you can increase your chances of finding the right employees for your organization.
In addition to offering competitive salaries, you can also offer other perks that may appeal to potential employees who have other options available to them. For example, flexibility with work hours or remote work options can help attract top talent when competing with other companies that offer similar benefits.
Finally, you should consider working with a staffing agency that specializes in finding the best candidates for your open positions. Such agencies do all of the legwork for you so that you can focus on running your business. This way, you won’t have to spend hours looking for skilled employees yourself, especially in the technology sector.
Managing Massive Amounts of Data
It is no secret that data has become the new currency of business. As a result, companies are racing to collect more and more data on their customers. With all of this data, however, comes the challenge of managing it effectively.
The bad news is that only 19% of firms have a data culture in their organization, according to Statista. The figure indicates only a small percentage of organizations are managing their data well while the majority still lack behind.
But the good news is that there are ways to manage this massive amount of information. Here are some of them:
- Use a data management platform that is built specifically for your industry
- Create a governance process that includes data ownership, retention policies, and access controls
- Use automation tools like machine learning and artificial intelligence (AI) to reduce manual processes
Data can be a huge asset for businesses, but it also represents a lot of risks. If you don’t know how to manage your data well, it can lead to poor decision-making, security breaches, and even lawsuits.
The digital era has brought about a lot of changes for businesses. The challenges businesses face in this new age are much more complex than those their predecessors face. However, the best thing about these challenges is that they can be overcome with proper planning and execution.