Innovating Your Growing Business
During your new business’ first real triumphs you may notice the framework that worked at first no longer supports the increased demand and recognition. Suddenly needing to make alterations to your company while maintaining day-to-day operations may be stressful at first, but adopting new digital services and solutions can help satisfy your organization’s new needs while laying the groundwork for future growth.
Big-Data Analysis and Process Mining
Research is the smartest first step for any new undertaking, and innovating your company is no different. Big data analysis is the compilation and interpretation of data across large demographics, providing insight into current market trends. These reports allow you to make educated moves regarding what effects certain actions are likely to have. Big data is a growing industry, and studies project it will bring in $103 billion annually by 2027.
In the era of big data, organizations are increasingly turning to process mining as a way to analyze and improve their business processes. Process mining is a form of data mining that uses event logs to discover hidden patterns and trends in complex data sets. By understanding the underlying structure of a process, organizations can more easily identify bottlenecks and streamline their operations. Additionally, process mining can be used to monitor compliance with regulations and company policies. As big data continues to grow in importance, process mining will become an increasingly valuable tool for organizations looking to gain insights into their business operations. Click here to learn about process mapping and mining.
If your business is any larger than a single physical storefront, building and maintaining an online presence is not optional. Building as much of your company’s framework in cloud-based services will allow distant sites to collaborate using video chat services and shared online workspaces. The ability to work remotely removes any geographical restrictions on the talent you can hire for administrative and clerical jobs.
Cloud-based accounting is another excellent organizational idea. Having a constantly up-to-date, secure, decentralized bookkeeping system will keep you constantly aware of the company’s financial health. Customers receive bills and make payments all in one system without the risk of any lost paperwork or misplaced files. Come tax time, having well-organized and easily accessible accounting will decrease the unfortunately familiar stress of filing.
Your organization might benefit from commissioning or creating your own mobile app. Apps can facilitate inter-office communication or let workers track their time cards and benefits. They can even allow the requesting and approval of vacation time from anywhere with an internet connection.
Advertising and Outreach
The expansion of your business should bring with it an expansion of your clientele. Advertising in local publications, on local television, and on the radio are all tried-and-true ways to get the word out in your immediate area, but they’re limiting if your product or service can be shipped. Online advertisements can be purchased worldwide, and big-data analysis may reveal which demographics you should be targeting and how.
If brand recognition is holding you back, consider adopting an eye-catching logo. If you don’t want to pay to have one made, a free online logo maker will let you select icons, set unique text in various fonts and colors, and arrange everything to your liking. Having a memorable logo will remind your customers how satisfied they were with your product or service and set you apart from your competitors, making sure they come back next time.
Digital innovation is essential to keeping your business competitive in the current landscape. The interconnectedness of cloud-based services and online marketing are surefire methods to reduce the challenge and stress of your growing company.
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