Digitizing Your Business Generates More Revenue And Profit

Digitizing Your Business Generates More Revenue And Profit

Money | Posted by YouInc.com - October 15, 2018 at 12:30 am
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BDC is the only bank devoted exclusively to entrepreneurs. It promotes Canadian entrepreneurship with a focus on small and medium-sized businesses. With its 123 business centres from coast to coast, BDC provides businesses in all industries with financing and advisory services. Its investment arm, BDC Capital, offers equity, venture capital and flexible growth and transition capital solutions. BDC is also the first financial institution in Canada to receive B Corp certification. To find out more, visit bdc.ca.

Digital technologies are transforming the way Canadian companies are doing business.

A recent study by the Business Development Bank of Canada (BDC) shows that businesses with an advanced digital maturity profile were 62% more likely than their peers to have experienced high sales growth over the last three years. They were also 52% more likely to have enjoyed profit growth over the same period.

Your business's digital maturity matters

Unfortunately, many Canadian businesses still lag behind, with only 19% of Canadian companies reaching an advanced level of digital maturity, while 57% are still conservative.

Our study shows that businesses with a conservative profile earn less revenue and have lower profits.

These results show that you need to make sure that your business is part of the digital revolution to avoid falling behind, or even becoming obsolete.

That means assessing your company's digital maturity.

Take BDC's digital test

To help you assess your business's digital profile, BDC has developed a Digital maturity assessment tool. This free, online tool will tell you in just a few minutes where you stand compared to other Canadian businesses in your industry.

What does a company's digital maturity mean?

BDC's Digital maturity assessment tool evaluates the digital maturity of a business on two different but related dimensions: its digital intensity and its digital culture.

Digital intensity measures the use of digital technologies in the company's operations. Key factors include:

- The use of digital tools to interact with customers, partners or suppliers
- The collection and use of data to make decisions
- The digitization and integration of business processes

Digital culture measures the ability to implement change in the company. Key factors include:

- A strong digital strategy and vision
- Support from leaders
- Appropriate planning
- Establishing an environment that rewards risk taking and collaboration
- A focus on training and continuous learning

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Canada Business Network

Canada Business Network - This blog is provided by the Canada Business Network – government services for entrepreneurs. Canada Business Network promotes entrepreneurship and innovation, and provides assistance through an organized network of service centres across Canada. There is a centre in each province and territory working with partners in many communities across their region, providing you with numerous service access points.

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