When it comes to adopting new business technologies, Filipino entrepreneurs will offer different sentiments. One sector of the population welcomes the adoption of new business technologies, especially if they have the budget and tech-savviness to accommodate them. Another sector, however, may still need to warm up to the idea of investing in new technologies. It’s understandable, given that new digital solutions—such as those for cashless payments and web integration—demand not only investments, but new ways of doing things. If adopting these technologies means changing up the way a business operates, entrepreneurs will need proof that the change will be for the better.
For Filipino business owners who are still unsure of what technology can do for them, here’s a guide to some of the possibilities. Below are five ways that you can use technology to your advantage, all in the interest of helping your business thrive. The best new technologies will provide a significant return on investment and prep your business for success in the digital era.
Build a Creative and Intuitive Business Website
One way that you can leverage technology is by building your business a professional-looking and user-friendly website. With a good website, you can extend the reach of your business beyond the space and operating hours of your physical store. You have the chance to grow a wider customer base and accommodate transactions from customers on a 24/7 basis.
The first investment that you should make for your business is web development for a functional and appealing website. If you sell physical goods, work to build an e-commerce website that offers customers a pleasant shopping experience. If your business deals in services, for example consultancy, you can put up a visually engaging and informative website that invites your customers to put their trust in you. This is what will drive them to sign up for your service or set up an appointment. If you use technology to build a virtual storefront that’s welcoming and useful to your customers, they will visit you again and again.
Make Payment Processes Faster and More Efficient
Another area of doing business that you should upgrade your technologies for is payment processing. Nowadays, customers demand more options, greater flexibility, and faster turnaround when it comes to paying for goods and services. Though some may still want the option to pay in cash, an increasing number actively look for digital and cashless methods. The issue of payment can be a make-or-break one for Filipino businesses. If there aren’t a lot of payment options available to them, the customer may choose to patronize another business.
In response to the demand for faster, more flexible payment options, your business can take advantage of available payment gateway solutions, like those of offered Maya. For transactions done on your website, you can improve customers’ online checkout experiences with web plugins that make e-wallet and card payments much quicker. For transactions done at a physical store or upon delivery to a customer’s address, you can accept QR code payments with Maya QR. Both of these improvements will appeal to a modern Filipino customer who values convenience, safety, and the availability of several options. Upgrading your payment technologies could be one of the most profitable decisions your business can make, so start looking for options that work for you.
Improve Your Invoice and Bills Payment Systems
Invoicing and bills payment are common pain points for business owners as well as customers. Both parties lose out when the company’s invoicing and bills payment systems are obsolete, delayed, inconsistent, or unreliable. Customers can become frustrated when they can’t keep track of what exactly they owe their provider or when they should settle bills. On the flip side, companies may encounter problems in their cash flow and liquidity situation if customers can’t pay them on time.
The solution is to use new business technologies that guarantee consistent billing processes, quick settlement of payment, and streamlined tracking of accounts. One way that you can guarantee all three for your business, even if you don’t have a website, is to issue digital invoices or payment links to your customers. They can open the invoices via email, SMS or any messaging app of their choice and settle payments right away from their credit cards or e-wallets. It will take less time for them to pay and less time for you to consolidate your finances if you upgrade to a digital invoicing and billing system.
You Can Try Mobile-Driven Strategies for Doing Business
Yet another opportunity for you to grow your business lies in using mobile technologies to increase your business presence. Many Filipino customers now transact with businesses using their mobile devices, as opposed to their computers or laptops. If you can adapt your business to be reachable to them via mobile technologies, you’ll be able to grow out of your current situation.
The extent of your strategy to become more mobile-driven depends on the infrastructure that you have. You can consider developing and launching your own app if you have the resources. If you don’t, you can find out how to get listed on a third-party app, for example for food delivery or same-day shopping. Find a platform that allows your business to be more accessible through mobile, and your profits may be all the better for it.
You Can Invest in New Data Analytics and Data Management Tools for Your Business
If your business definitely has plans to expand, you should also invest in tools that increase your data analytics and data management capabilities. “Data-drivenness” is not a mere buzz phrase that’s used exclusively by big corporations. The data-driven approach can also help small and medium-sized enterprises (SMEs) manage, interpret, and act on various business insights. Having a better toolkit to gather, analyze, and consolidate financial data will help entrepreneurs capitalize on emerging business trends or identify potential business risks.
When you’re ready to make the investment, you can purchase technology that will make you more adept with analytics and data management. One viable solution is an enterprise resource planning (ERP) system that can integrate your business’s financial data from your point-of-sales system (POS) and your website. Such a solution may also make the task of financial reporting much easier on your company. If you anticipate growing in your reach, you definitely need greater mastery over your business data, and getting more advanced technology is a must.
Final Words
It’s true that introducing any kind of new technology will change the way your business does things. But the examples listed above show that technology can bolster Filipino businesses, whether small, medium-sized, or on the way to becoming quite big in reach.
If you adopt any of these technologies for your own company, be creative in using them to realize your company’s vision. Look for ways to expand your reach and increase your business efficiency while still retaining your company’s values and timeless connection to your customers. This is the best approach you can take for growing your business and keeping its original commitment relevant in the digital age.
