With the new fiscal year, many businesses are looking at ways to invest in easy-to-implement, time-saving technology solutions.
Despite the belief that the pandemic sparked a wholesale digital transformation, many Aussie businesses are still falling behind, with 28 per cent running just one to four SaaS solutions, compared to the national average of eight.
Embracing SaaS technology is a powerful way to digitise, streamline and accelerate many core business processes that will give your business an edge against the competition, save you time, save you money and super-charge the customer experience.
New research from DocuSign highlights that implementing software as a service (SaaS) is the number one way SMBs look at digital investment. As the government encourages businesses to invest in new technology, now is the time to expand your SaaS portfolio. But there’s often a misconception that digital transformation is an extensive and costly job. That’s not the case, with many SaaS solutions like electronic signature being cost-effective, quick to implement and seeing fast time to value.
Three reasons to prioritise the digitisation of your business this year:
There are so many reasons why investing in SaaS solutions to help your businesses is a great thing. Below are my top three reasons to get your business started with its digitisation journey.
The government has grants available for you
A considerable focus of this year’s federal budget related to services that could help small businesses kick start their digitisation journey. This included a proposal for digital skills and a technology package to assist companies in competing in an increasingly digital economy. The Small Business Technology Investment Boost and the Small Business Skills and Training Boost ( included in the 2022 federal budget) offered participating businesses an extra 20% tax deduction on relevant expenditure, including investment in new technology or external digital skills training for staff.
In addition, the Australian business.gov website has a list of grants and mentorship programs available to sole traders, small businesses and large corporations alike. All of which provide either free or discounted advice for business owners looking to further invest in digital technologies.
It will save you time and money.
Though Aussie businesses still have room to grow when it comes to their technology investments, it is clear that cloud services are delivering some incredible returns. Cloud software – especially SaaS – has been instrumental in improving operational models and fostering more innovative, faster ways of working.
Since the pandemic, the adoption of cloud-based digital tools has accelerated significantly. Gartner predicts that public cloud spending will exceed 45 per cent of all enterprise IT spending by 2026, up from less than 17% in 2021. Aussie businesses are also on the hunt for time-saving tools – with DocuSign research finding that 57 per cent of businesses prioritise SaaS solutions that deliver fast time to value.
Without digital tools like e-Signatures, businesses would not have been able to turn contracts around so quickly. Digital solutions allow businesses to deliver revenue faster and adapt to the changes brought on by COVID-19. All the while, businesses can reduce paper usage as an added benefit to the environment.
Your business will be more sustainable
Adopting digital-first, SaaS solutions not only cuts down on wasted time but can also reduce your environmental footprint. Every year in Australia, the average office worker uses about 10,000 sheets of A4 paper, with 50 per cent of those sheets headed straight for the bin. Considering the production of one tonne of paper emits more than 1.5 tonnes of Co2, digitising processes and going paperless can significantly impact the environment.
Reducing paper usage by digitising old, manual processes is an all-around win, as businesses can save time, money, and the environment — all while appealing to your customers. Today, 90 per cent of consumers say that they would be more willing to buy from companies participating in sustainable practices versus those that don’t. That means investment in digital solutions that boost sustainability will attract more customers to your business.
To round out
Digital transformation and cloud adoption aren’t just for large enterprises. Many SaaS applications are simple to implement, offer considerable returns and allow you to build cheaper, more sustainable business practices.
Businesses of all sizes – and across most industries – will risk being left behind if they don’t consider expanding their SaaS portfolios and adopting more digital-first solutions. The time is now!
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