Need a reason to prioritize business digitization? We’ll give you three

With the new fiscal year, many companies are looking for ways to invest in easy-to-implement, time-saving technology solutions.

Despite the belief that the pandemic has sparked a large-scale digital transformation, many Australian businesses are still lagging behind, with 28 percent using just one to four SaaS solutions, compared to the national average of eight.

Embracing SaaS technology is a powerful way to digitize, streamline and accelerate many core business processes that give your business a competitive edge, save you time, money and boost the customer experience.

New research from DocuSign highlights that implementing Software as a Service (SaaS) is the most important way SMBs view digital investments. As the government encourages companies to invest in new technology, now is the time to expand your SaaS portfolio. But there is often a misconception that digital transformation is a large and expensive task. That is not the case, as many SaaS solutions, such as electronic signatures, are cost-effective, quick to implement and have a fast time-to-value.

Three reasons to prioritize the digitization of your business this year:

There are so many reasons why investing in SaaS solutions to help your business is great. Below are my top three reasons to get your business started on its digitization journey.

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The government has subsidies available for you

A significant focus of this year’s federal budget was on services that could help small businesses kick-start their digitization journey. This included a digital skills proposal and a technology package to help businesses compete in an increasingly digital economy. The Small Business Technology Investment Boost and the Small Business Skills and Training Boost (included in the federal budget for 2022) offered participating companies an additional 20% tax deduction on relevant expenses, including investments in new technology or external digital skills training for staff.

In addition, the Australian business.gov website has a list of scholarships and mentoring programs available to sole proprietors, small businesses and large corporations. These all offer free or discounted advice for entrepreneurs who want to invest further in digital technologies.

It will save you time and money.

While Australian companies still have room to grow when it comes to their technology investments, it’s clear that cloud services are delivering incredible returns. Cloud software – especially SaaS – has played an important role in improving operational models and fostering more innovative, faster ways of working.

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Since the pandemic, the adoption of cloud-based digital tools has accelerated significantly. Gartner predicts that public cloud spending will account for more than 45 percent of all enterprise IT spending by 2026, up from less than 17 percent by 2021. Australian companies are also looking for time-saving tools. Research from DocuSign shows that 57 percent of companies prioritize SaaS solutions that deliver fast time-to-value.

Without digital tools such as e-Signatures, companies would not have been able to turn contracts around so quickly. Digital solutions allow businesses to generate revenue faster and adapt to the changes brought about by COVID-19. Meanwhile, businesses can reduce paper consumption as an added environmental benefit.

Your company becomes more sustainable

By using digital-first, SaaS solutions not only reduce time wasted, but can also reduce your carbon footprint. Each year, the average office worker in Australia uses about 10,000 sheets of A4 paper, 50 percent of which go straight to the bin. Since the production of one ton of paper emits more than 1.5 tons of CO2, digitizing processes and going paperless can have a significant impact on the environment.

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Reducing paper consumption by digitizing old, manual processes is an overall win as businesses can save time, money and the environment, while appealing to your customers. Today, 90 percent of consumers say they would be more willing to buy from companies that participate in sustainable practices than from those that don’t. That means investing in digital solutions that drive sustainability will attract more customers to your business.

to round off

Digital transformation and cloud adoption aren’t just for large enterprises. Many SaaS applications are easy to deploy, provide significant ROI, and enable you to build cheaper, more sustainable business practices.

Companies of all sizes — and across most industries — risk being left behind if they don’t consider expanding their SaaS portfolio and adopting more digital-first solutions. Now is the time!

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