It’s tempting to recoup costs or prevent overspend to keep your budgets in check during economic uncertainty, but the advantages of digital mean that investment doesn’t have to be a burden. In fact, transformation can leave you with a bigger budget to work with. This is because investing in technology can allow you to (among many other things) reduce inefficiencies and cut waste.
On top of these benefits, you’ll have fewer capacity and resource issues, and using technologies can even result in the creation of new jobs. Digital tools can actually increase your sales growth and give you an early adopter advantage – boosting your competitiveness as well as topping up future budgets.
Parity Medical, a MedTech manufacturer, were looking to reduce the number of miles that their sales and engineering teams needed to travel (around 270,000 every year!). With the support of Made Smarter, they invested in an off-the-shelf software package which allows them to work with customers via an online virtual showroom. This has the potential to cut annual travel by 30,000 miles and carbon emissions by 11 tonnes. As a result, they will achieve substantial financial savings, efficiencies and a better service offering to customers.
The financial benefits are backed up by evidence too. A report by the SAP Center for Business Insights and Oxford Economics found that 80% of organisations experience a boost to profits following a digital transformation. 85% manage to raise their market share, and 23% anticipate higher revenue growth than their competitors.
There’s proof of the disadvantages of not using technologies as well. A McKinsey survey revealed that 40% of those who have reported significant hits to their revenue in the last few years are behind their competitors when it comes to using digital technologies.