The Impact of Digital and Data Transformation on SMEs: Real-World Success Stories

Data and digital initiatives sound very exciting because everyone tells you that this is the right way to go about, but what does this actually mean? What's the impact of modernise my company with digital and data capabilities?

We’ve helped several companies in the last few months, and these are some of the areas where data and digital capabilities can make a real difference:

Operational efficiency

Most of our clients have automated time consuming and boring processes that were reducing resources available for business critical activities. Such as:

Automating CV processing

We've helped a recruitment firm automate the CV parsing process, freeing up internal resources that have been allocated to other tasks.

Impact: This has resulted in a 75% faster turnaround parsing time, freed up 4 full time resources from the manual process and increased accuracy by 50%.

Automating invoice processing

We have helped an airport deal with thousands of invoices a day, by automating the parsing of invoice data into the finance system giving them insights on where they were spending money and how often, and identifying areas of improvement within their supply management chain.

Impact: The automation of invoice parsing has freed up 5 full-time employees from manually parsing invoices into the finance system. As a result of the insights we provided, the leadership team has been able to leverage spending data to negotiate better terms with suppliers and launched an initiative to control costs in high expense areas, saving 2 million a year.

Automating contract review

We assisted a large regional law firm in handling thousands of contracts every day. We've built a tailored AI chatbot able to review contracts and flag dubious contractual clauses.

Impact: After their lawyers started adopting the AI chatbot to review contracts, the time spent by each lawyer on a contract drastically decreased by 80%, allowing them to provide a higher quality service elsewhere.

Informing decision-making

Data solutions can be expensive and costs can snowball quickly if not managed well. Also, the benefit may not be immediate if you don't have a priority plan in place and a governance structure to track success. Below we list a few examples of how we've helped a few of our customers build tailored data solutions that helped them make key business decisions.

Inventory management

A small high-end clothing shop decided to adopt our data analytics solution to optimise inventory management and increase sales. We helped them analyse historical sales to identify best selling items and slow-moving stock. We also helped them segment their client and forecast demand for each cohort.

Impact: Inventory turnover increased by 20%, reducing the amount of unsold inventory stock and the associated holding costs. We were able to tailor offers for the main two client demographics which resulted in an increase in sales by 15% by ensuring popular items were always in stock.

Pricing optimisation

A hotel chain requested our help to improve guest experience and optimise pricing. We analysed guest reviews and feedback to spot areas for service improvement. We also supported them in the implementation of a dynamic pricing strategy based on occupancy rates, booking habits, and local events.

Impact: In the space of 5 months, we saw an improvement in guest satisfaction scores by 25% through targeted service improvements and increased occupancy rates by 10% using the dynamic pricing model and targeted promotions.

Real-time production analytics

We supported a small snack food producer, by leveraging data analytics to optimise production and reduce waste. We implemented real-time quality control KPIs based on data from the production line to reduce defect rates.

Impact: The overall production efficiency increased by 15% because as soon as one of the quality control KPIs was triggered, measures were quickly taken to address the issue, resulting in a 10% cost saving for wasted products.

Enhancing customer experience

Another area where data and AI solutions can make a significant experience is customer experience and support. In this area, we believe that combining the latest technology with a passionate team that cares for your client is key to success. Below are a few examples of how we’re blending people and AI.

AI chatbot

We partnered with an e-commerce client in fashion retail to build an AI chatbot on their website to enhance customer experience and increase sales. The chatbot operates 24/7, answers questions and helps buyers find products based on their search criteria. It also analyses browsing behavior and purchase history to offer personalised recommendations.

Impact: Our client has managed to achieve a 20% increase in sales from personalised recommendations, reducing customer support costs and freeing up internal admin resources by losing the need to answer common questions.

AI financial assistant

A new fintech reached out to us asking for support in enhancing customer experience on their digital banking platform. They wanted to develop an AI-powered financial planning and budgeting tool for their customers.

Impact: After the implementation and deployment of the tool, our client saw an increase in retention rate by 18% among the clients who were using the financial planning and budgeting tool. It also led to an increase in customer savings and deposits.

AI customer support

We helped a healthcare provider develop an AI tool to improve patient interactions and streamline their operations. We designed an AI chatbot to help our client manage appointment scheduling and patient inquiries and send reminders to patients for appointments and medication schedules.

Impact: The chatbot has reduced the no-show rates by 20% via timely reminders and improved operational efficiency, by allowing staff to focus on other non-admin tasks.

Competitive advantage

In today's world, if you want to remain competitive and stay ahead of your peers, you need timely information about your market, industry and competition. With the advent of social media, competition has moved from the high street to the digital world, and having your website fully optimised has become crucial.

We now live in a world dominated by influencers and brand ambassadors that can boost your brand reputation and allow you to access new markets and demographics.

Below are a few examples of clients leveraging data, influencer marketing and content creation to stay ahead of the competition.

Market competitive analysis

A newly established eco-friendly home goods store needed a market mapping and competitor analysis to expand its market reach and establish its competitive position. We ran a competitor analysis to figure out the strengths and weaknesses of other eco-friendly shops and to identify unique selling propositions. We helped them analyse regional market data to identify neighbourhoods that were underserved with high demand for eco-friendly products.

Impact: Our analysis report helped them make the decision to open 2 new shops in areas with high potential that were identified through market mapping. The 2 new shops reported sales growth of 20% on average 6 months after opening, this is also thanks to the differentiation in product offering following the competitor analysis.

Influencer marketing

We supported a gourmet snack brand in finding niche influencers to increase brand awareness and drive online sales. Using our partners and data providers we were able to find micro-influencers in the food and lifestyle sectors to promote their products on Instagram to a young audience looking for healthy snacks.

Impact: Our client reported an incredible boost in sales of £100k, mainly driven by referral links from the Instagram campaign. We were also able to identify top influencers and help them secure a long term collaboration.

SEO optimisation

A cybersecurity software provider wanted to improve their blog articles and optimise their SEO to improve online visibility and attract new leads, as well as become thought leaders in the space. We helped them produce quality content such as blog posts, whitepapers, and a few case studies on cybersecurity topics. We also implemented SEO best practices, including keyword research, on-page optimisation, and backlink building to improve their search engine rankings.

Impact: The number of forms submitted via organic search increased by 40% over 4 months.

Conclusion

The impact of digital and data transformation on SMEs is undeniable. From operational efficiency to enhanced customer experience, these initiatives can significantly improve competitiveness and profitability. For visionary SME leaders, the time to act is now. Click here to learn more and start your journey towards a more competitive and profitable future.