Running a business successfully is a challenging task in today’s competitive world. The dynamic customer requirements and the ever-changing market trends have brought many significant changes in the global business sector. For instance, the use of AI-driven chatbots has transformed customer support operations. Likewise, the use of digital enterprise solutions has also automated many critical business processes to a large extent.
According to trusted sources, most global companies will spend $1.3 trillion on digital transformation in 2021. The number is expected to cross 6.8 trillion by 2023! Well, the custom enterprise solutions and technology services are clearly benefiting businesses in handling modern-day business challenges.
But what are the common business challenges of 2022, and how are digital solutions resolving those issues? Let’s find out in our blog below!
What Business Problems Can Be Solved with Digital Solutions and Services?
Coping with Dynamic Industry Trends
The first and foremost business concern many companies face today is coping with the dynamic industry trends. In today’s digital world, change is the only constant. And, to win the competition curve, you need to adopt and address those ever-changing trends.
However, companies, especially start-ups, are commonly unaware of those drastic market trends. Even if some companies know the latest trends in their industry, they do not know how to cope with those changes.
The best way to resolve this business challenge is to connect with an expert software engineering services studio. You can easily implement cutting-edge solutions and tools in your organization by leveraging expert consultation and digital transformation services.
The expert carefully evaluates your business requirements and suggests the best possible services and solutions required to move towards a digital platform. They can also educate you on the latest trends in your industry that can make you a pioneer in your niche.
Slow and Outdated Legacy Solutions
Another common business challenge faced by the companies in 2022 is slow and outdated legacy systems. Now, you may tell that digitization has taken over a large part of the market. However, certain companies are still using legacy systems.
In fact, most businesses still have unknown enterprise solutions like HRM, AI-based recommender engines, and visitor management solutions. Due to those old legacy systems, many organizations have become prone to cybersecurity.
They cannot automate their operations and become ineffective in handling modern-day business challenges. Not to mention, customer satisfaction decreases since the company cannot offer fast and mobile services to its customers.
The best way to cope with this business challenge is to migrate to a digital enterprise solution. Partnering with the right software development company and investing in enterprise software development and app development service can help you tackle all the modern-day business challenges.
Whether automating your HR operations, managing visitors, evaluating your company’s expenses, or even marketing your products/services, custom enterprise solutions, and mobile apps can streamline all your business operations.
Besides that, these solutions are equipped with the best security tools and can also be integrated or scaled to meet your business requirements. You can even migrate to a more tech-friendly platform in the future by adopting custom enterprise solutions.
Data Security and Analysis
Data security has always been the top concern of businesses, and even after digitization, it has remained a global business challenge. Protecting crucial business and customer data from thefts, frauds, and hazards has been difficult for companies worldwide.
And now, when online business trends have boomed, online frauds and malware attacks have added to the concern. Many still use legacy systems which further invites phishing and other online attacks. Companies working in the finance sector are greatly affected by these cybersecurity attacks.
Adopting advanced enterprise solutions with the best security tools is the primary solution to the problems mentioned above. Besides that, consulting with a reliable cybersecurity company that can protect your data and other business solutions is also a better option.
While developing any custom solution or app, remember to adopt the best security practices. For instance, incorporate multi-factor authentication or data encryption functionalities in your apps. Moreover, you must also invest in cloud computing to further protect your data from thefts, frauds, and hazards.
Complex and Time-consuming Business Operations
Time is the biggest asset for any company in today’s competitive world. However, numerous tasks consume a great time for a majority of companies. Entering the details of each of your employees, tracking their working hours, preparing email replies for your customers, or even auditing your business operations, countless work processes are tedious for your employees.
Not to mention, the task of data entry and customer support are further added to the list. Hence, the companies, to save their time, hire more employees, and that increases their operational costs.
The best solution to address this business concern is to adopt next-gen ai development services. AI-based chatbots, unsupervised ML algorithms, or smart inventory management software can automate your everyday business operations.
Moreover, solutions like ML-based fraud detection systems, audit software, and CRM can further simplify your tedious business processes. You can automate your email replies, get real-time data from your employees, and even streamline your accounting tasks with smart enterprise software solutions.
Hiring and Retaining Top Resources
Hiring talented resources and retaining the existing ones is the top-most challenge for organizations. The HR department seeks thousands of resumes and selects the most appealing ones from the list.
Once that is done, they contact all those candidates and then record their answers to simplify the list further. Besides, storing specific information about each employee and maintaining their performance reports is another level task. All that eventually consumes a lot of time and cost for businesses.
Solutions like HRM software, performance management software, payroll solution, and asset management software can greatly reduce the workload of your HR team. They can easily track the working hours of the employees and can generate their salaries. Reimbursements and performance evaluation can also be automated using robust HR software solutions.
Moreover, finding the perfect CVs from multiple lists can also be done via a dedicated HR solution. You only need to analyze the selected ones; even the email replies can be automated using a custom AI-based HR solution.
Tedious Accounting and Audit Tasks
Managing assets, general ledger, internal and external audits, cash flow statements, profit & loss statements, etc., there are multiple tedious accounting operations of any organization. Even a single mistake in any of these can cost your company thousands of capital.
However, many organizations still use legacy accounting systems or rely on human resources to perform these time-intensive calculations. They may even suffer losses due to small human errors. Besides, the preparation of audit forms used in every audit is also a mundane task the employees perform. That’s why you need an audit to ensure accuracy, compliance, and financial security for your organization.
You must adopt custom accounting and audit solutions to eliminate all the mundane and tedious tasks and bring automation to your organization. Fintech software development, including accounting, audit, and invoice management, can greatly reduce your operational time.
Moreover, these solutions can be further equipped with smart AI tools that ensure zero errors and faster calculations. That means that you can easily calculate the expenses of your organization and can know what facets of your business need to be optimized. Additionally, automated audit templates and saving the last audit reports for further use are the functionality of an AI-based audit management solution.
All in all, you can easily cut down your operational cost and can focus on other important tasks with custom fintech solutions.
The advent of digital solutions and next-gen technologies have completely revolutionized how businesses used to work. Furthermore, the introduction of the global pandemic further facilitated digital adoption. Hence, adopting modern-day digital solutions is the best approach if you are a business seeking innovation and profitability.
Besides automating your workflows and mitigating the risks, custom enterprise solutions can also drive customer satisfaction and better revenues for your organization; you can easily analyze your business data and generate useful insights that result in profitable operations. Hence, connect with a reputed enterprise solutions development company for a smooth digital transition.