Businesses use applications and technologies like Martech to increase marketing efficiency and reach out to people interested in their products or services. Such new-age technologies increase productivity, agility, and most importantly, return on investments.
Digital adoption ensures that technology being used in an organisation or a business is not wasted. It provides proper steps and strategies to achieve digital transformation most effectively.
What is digital adoption?
The term “Digital Adoption” refers to the ability of an individual to fully utilise an application, program, or tool to its maximum capacity to carry out a range of digital processes. Achieving complete adoption from the user’s and employee’s side is imperative for companies to see a return on their investments. Moreover, if a business’s stack and software are not being used and implemented to their fullest potential, then Digital Adoption is not attained.
Why is it needed?
Technological advancements have changed businesses, especially concerning how they function. Today, many organisations have gone through digital transformation: out with the old methods and in with the new ones. New tools such as Martech are needed more than ever in a business to enhance its functionality. You see more virtual classrooms, training centres, and platforms designed specifically to suit the users’ needs.
People want to live their lives and carry out their tasks as they normally would but with the additional comfort of staying in their homes and spending time with family and friends. This is a closed loop cycle: People are drawn toward digitalisation, and organisations are spending more and more on digital transformation to profit from this. Hence, both lean toward digital adoption.
Importance of Digital Adoption
Digital Transformation in organisations has increased drastically, and so has the need for such applications and tools. This directly affects the cost of acquiring these tools. And looking at the current scenario, the prices are not coming down anytime soon. This means that companies need to ensure that these technologies are used to their full value to make a return on their investments. But sadly, 37% of companies are wasting their software spending. According to a 1E report, the cost of unused software in the US alone is $30 billion. This is where digital adoption comes in.
Organisations need a strong Digital Adoption strategy that supports efforts in digital transformation—eventually ending up with a better return on investments and digital innovation. Not only this, but Digital Adoption strategies also allow the staff to concentrate on actual work while also aiding organisations in remaining competitive.
Benefits Associated with Digital Adoption
Technology only benefits a business if it is used to its fullest. Digital adoption ensures just that. It allows the company to enjoy the complete benefits of the latest and greatest technology while maximising the return on investment for new technology.
A prime example is a website adopting AI technology and automating its newsletter section. This will allow them to utilise automation and artificial intelligence to send newsletters matching users’ interests. Hence, freeing employees from performing other important tasks.
Another example is Martech. Martech is a term that refers to a mix of marketing tactics and technology that digital marketers use to design, communicate, distribute, measure, integrate, automate, and modify marketing initiatives.
Martech provides marketers with data-driven insights and analytical tools to improve the success of marketing campaigns, tailor customer and prospect interactions, and connect with them proactively. Martech increases the marketing team’s productivity and helps with marketing efforts that drive conversions and a better return on investment.
Ultimately, Digital Adoption boosts productivity inside of a business and allows the organisation to be up to date within an industry. It improves workflow since employees and workers work more efficiently and generally improve overall productivity.
Moreover, since workers are now properly trained, this reduces the cost of technology, stacks, and frustration.
Adopting Digital Technology In Australia
On March 29th, 2022, the then Australian government announced the Small Business Technology Investment Boost and Small Business Skills and Training Boost as part of the 2022-23 budget. Based on this, the government took new measures to support small businesses. It will allow businesses to digitalise themselves and improve overall productivity. Not only this, but it will upgrade the cybersecurity aspect of a business.
Small Technology Investment Boost states that small businesses (with less than 50 per cent aggregated annual revenue) will be able to deduct 20 per cent of the cost of business expense on digital transformation up to a limit of $100,000 in a year. Preferably investing in cyber-security, cloud computing, and e-invoicing to improve a business’s efficiency, workflow, and, most importantly, security.
Helen Lea, a Chief Employee Experience Officer at MYOB, writes, The Federal Government’s announcement of support for small and medium-sized businesses adopting digital technologies and cloud computing is a welcome incentive.
Furthermore, Small Business Skills and Training Boost states that businesses will be provided with an additional 20% tax incentive for skill training of the employees. This will allow upskilling staff to improve productivity and ease of digitalisation.
Small businesses will now be able to adopt digital transformation since they will have access to technology and the required skill set to ensure they utilise these tools to their full potential. Hence, it will pave the way for such small businesses to keep up with the demand of the users and the technology that will benefit them greatly and the entire community around them.
These innovative business solutions will aid greatly with business processes. Small business owners can now manage cash flows by including payment solutions, manage supply chains-through innovative inventory management solutions-and grow revenue by accessing new untapped markets by means such as Martech. With these steps toward digitalisation, it will become inevitable for passionate business owners to chase their ambitions.
The Bottom Line
Digital Adoption is a must-have for any business, company, or organisation using technology to assist them. Because what good is technology if one doesn’t even know its full limits?
With governments allowing businesses to digitalise with reforms such as the tax breaks available for adopting digital tech in Australia, it makes Digital Adoption so much easier.
Technology has been out there for a while now, such as mobile phones, smartwatches, and tablets, but only now have people figured out how to use it to its full potential: with all the virtual classes, fitness checks, etc.
We know digital adoption may seem scary and you may think it doesn't apply to you. Would you like to find out the difference it could make to your business? Start a conversation.
At Dovetail Group, we provide simple, yet effective revenue growth services and solutions to make everything work well.
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