Home topics news Marvin Meyer on Unsplash Digital News Digital Here’s how digital empowerment is changing the way businesses operate Yajush Gupta July 6, 2021 Australian and New Zealand small and medium-sized businesses are benefiting from the rapid digital change , according to a recent survey, which found that digital solutions generated new opportunities for businesses and helped them in accelerating growth. According to a poll conducted by management software solution SAP Concur , businesses that adopted digital solutions gained a significant competitive advantage over the past two years. When compared to other businesses, these companies showed: A 17.8% increase in productivity (compared to 1.3%) Profitability increased by 20.6% (compared to 0.3%) The cash-to-cash cycle is 17% faster (relative to the previous year) Consumer behaviour shifted when the pandemic shut down the country, and e-commerce became the default option for businesses of all sizes to interact with customers. Fabian Calle, managing director of small and medium business, SAP Concur Australia and New Zealand, said: “The digital economy will deliver many cost and efficiency gains for SMBs as they enter the new financial year. “For example, automating financial processes using digital tools opens up new opportunities for real-time customer insights while streamlining business operations. “Also, businesses that use digital solutions are generally more resilient and adaptable to market impacts, as was seen during COVID-19 restrictions. “SMBs now have the chance to fully embrace the digital economy to realise the efficiency gains, cost savings, and customer insights that digital tools provide. “SMBs