Faced with a changing landscape of business, value-adding is the current major buzzword. How can you make your business competitive when companies are being faced with growing global competition and growing pressure on prices?
You must provide services beyond what is traditionally expected, and better communicate those services that may not be so clear to the customer. Essentially, you must clearly convey what you offer your customers that your competitors don’t, and what makes you unique.
The digital economy has led to an increasing global network and reach of companies, and this is a valuable asset that you must utilise in growing and value-adding to your business. The technology, data and different business applications that come with the digital economy are tools which enable you to leverage on your current assets locally and expand them onto the global stage.
Value-Adding with Professional Services
Digital systems for bookkeeping such as Xero are a fantastic example of value-adding. As with the automation of the service, it streamlines the time taken to compile accounting statements and makes the accounting statements easier to read. There is more transparency for both yourself, when you are trying to understand the statements and your finances, and for those who need to interpret them. By putting all this in the digital space and categorising it, you are saving countless hours for both yourself and those needing your accounting records.
Auditing firms, like KPMG have a similar interaction with their customers. As much as we may dislike the idea of an audit as it feels like an invasion of privacy, auditing helps your firm. It is not solely about catching malpractice, but it can raise potential upcoming issues in the future, or provide areas for significant improvement or insight.
Auditing also maintains regulation in an industry, thus enforcing better practices. It should not be perceived as just penalising one firm, but as improving the entire industry. Its presence and activities promote better practices, which adds value to its customers.
Telecommunications services companies like SingTel go beyond providing bandwidth and telephone lines between people and companies. They create networks and enable the extensive access of information that we have today. As telecommunications companies improve their networks, companies’ reach gets larger, which leads to a larger accessible customer base for them. This further enables businesses to operate in the global economy. By continually innovating and tapping onto telecommunications are the facilitators and creators of the highways of information.
Value-Adding with Data
The wealth of information available in the digital age has also enabled businesses to transform the way they operate and interact with their customers.
By doing so, businesses can add value for their customers by improving the experience for them, which enhance their brand reputation and attract more customers as well as increase the retention of existing customers.
Gathering customer data allows businesses to understand their customers and what they want. Customer data can inform a business of the whole journey that a customer takes right from the beginning when he first comes into contact with the brand. Data from social media and website behaviour to email interactions contain crucial insights that businesses can use to tailor their products and services to meet their customers' preferences. In this way, a business can add value to a customer's experience by adding a personal touch and providing them with what they are interested in.
With data available in the digital age, one can identify consumer trends and behaviour easily. Businesses also have a better understanding of their customer needs and satisfaction. With more information, companies can decide on what sort of marketing and sales activities they can conduct, as well as what products or services they can provide to attract customers. This data adds value to businesses by providing them with the insight to make better decisions and future plans. They can ensure that they remain competitive and efficient in the highly competitive business landscape.
With A7 IoB®, you can visualise your important data from different business functions on customisable and real-time dashboards. By consolidating all your data on one platform, you can save time and eliminate errors in your business reporting, and focus instead on identifying trends for further improvements and growth.
The ability to process information and visualise it in a manner that is easy to understand and use is the best facilitator to add value to your business, so try A7 IoB® now and enjoy all the features for free!