The biggest benefit of uncapped wireless internet is, undoubtedly, the opportunity it offers businesses to make use of digital tools such as cloud services and e-commerce.
According to Xero’s latest ‘Time To Build’ report, adoption of digital tools such as cloud accounting has surged in South Africa, going from 13% of SMEs using it in 2017 to 61% in 2020. This number was expected to go up as more businesses go online post COVID-19.
Cloud computing is the most widely used tech among small businesses. Research reveals that the portion of small businesses that already use cloud (44%), report significant benefits. Of those that use cloud technology, 70% say the main benefit is time savings – with almost half (48%) stating that they have claimed back more than ten hours per week. A further 52% also say that cloud technology has saved them money.
Businesses can use cloud technology for a wide range of operations, including:
Accounting- Cloud-based accounting software makes it easier for businesses to access financial data, make collaborations and complete financial reporting. The technology provides businesses with greater flexibility, this is because data can be accessed from anywhere. Businesses also enjoy greater efficiency by automating key business calculations of tax and payroll. This saves businesses both time and money and takes the hassle out of tax compliance.
HR/payroll – Businesses can now automate the entire process of managing employees with cloud-based payroll software. These solutions streamline the many processes associated with payroll, including managing employee records, performing payroll calculations and issuing payslips. The software is also able to generate compliance reports and handle all employee tax matters. All data is accessible at any time and on any device.
E-commerce – E-commerce has transformed the traditional retail business model of a brick and mortar store and has taken it online. Cloud-based ecommerce enables businesses “to manage and scale data storage, hosting, and digital commerce applications such as virtual payments, inventory management, and product information management.”. E-commerce technology has increased efficiency and profitability for businesses as they now have the opportunity to scale their business and reach a wider market. For consumers, online shopping has introduced greater convenience, allowing them to shop from anywhere at any time.
POS Systems – A point-of-sale (POS) system that is cloud-based enables businesses to manage and utilise their POS software through any device that is connected to the internet. These systems are usually offered on a subscription basis with a range of features included. The benefits for businesses range from increased convenience for customers and 24/7 access to data, to better sales insights that support informed decision-making.
Customer service – Cloud-based customer service software enables small businesses to provide a better customer experience by offering faster internet speeds and improved connectivity. This can enable businesses to offer more digital services, such as online ordering and customer support, which can improve customer satisfaction and loyalty.
Digital marketing – By using digital marketing tools, businesses can advertise their products and services and communicate with customers across the world. Some of the online marketing tools that business owners can take advantage of are social media, SEO and email marketing. These tools can help small businesses stay ahead of the competition and attract their ideal customers.
Payment solutions – With cloud-based payment systems businesses can accept and process payments via the internet. Examples of the different types of payment solutions available are payment gateways, mobile payments and Point-of-Sale (POS) systems. These online payment-processing methods have many benefits for businesses, they are fully flexible and can be scaled to meet changing business needs. The data stored on these cloud-based systems is also more secure than data stored on physical systems.