The Advantages of a Digital Transformation

• Digitalization enables companies to simplify their processes.
• A digital payment and registration platform improves client experience.
• The Bureau of Internal Revenue (BIR) created a digitalization roadmap to make registration and payment easier for taxpayers.

Companies that have adapted to the digital evolution have reaped the benefits of doing so. They have made it easier for their customers and clients to pay, sign up, and contact customer service. Organizations that have adapted were able to leverage the advantages of going digital.

What are the advantages of going digital for your company?

Cut Costs

Many companies go digital because of its cost-effective benefits. They spend less on equipment, training, infrastructure, and other expenses because they move their data to the cloud or automate some of their tasks. Going digital also provides support for their employees to improve their productivity. Artificial intelligence and digital tools simplify and streamline their tasks. The extra savings going digital provides enables your company to maximize its resources and boost its profits.  

Boost the Quality of Services

One of the advantages of going digital is that it improves the quality of the services you provide. It reduces inefficiencies and redundancies along the process. Digitalization makes everyone’s work easier through consistent data collection and management, improved traceability, and boosts problem resolution. The delivery of first-rate services has a cascading positive effect on your users and clients. They are more likely to recommend your products and services to others because of their positive experience.

Improve User Experience

Users want a smooth and efficient process whenever they have to register, pay, or other related tasks. A cumbersome process is inefficient and time consuming. Manual processes and bureaucracy slow everything down and create a bad experience for users and clients. One of the advantages of going digital is that it improves user experience. Digital platforms, payments, and registration make it easier for users to pay, register, and input their information securely.

Promote Compliance

It’s easier and more efficient to implement policies through digitalization. Companies can monitor their data regularly when they frequently upload information in their cloud servers. This enables them to track their progress or identify the reasons they were unable to comply with certain policies. Digitalization makes it simpler and easier for them to implement the changes they need for compliance. Agencies also become more efficient in tracing non-compliance and monitoring companies’ actions. Going digital also removes layers of bureaucracy that makes it difficult for agencies and companies to comply with policies.

Focus on Data-Driven Decisions

The companies that can collect and analyze data and implement their insights are the ones that gain a competitive advantage. Digital platforms allow your organization to store data in the cloud safely. You can access the information you need instantly whenever you need real-time data for important decisions and strategy formulation and implementation. A data-driven approach enables your team to pinpoint inefficiencies and areas for improvement in your processes and workflows. Insights derived from data allow you to make informed decisions. This approach reduces or eliminates mistakes.

Enhance Team-to-Team Collaboration

The teams within your company need to work in-sync to get the results you want. One of the advantages of going digital is that it enables broader and better collaboration within your organization. Silos within your company result in inefficiency, slow turnaround times, and delays in decision making. Digitalization makes it easier and more convenient for teams within an organization to communicate and collaborate. They can send instant messages or call each other in real-time whenever they need a quick brainstorming session or need a different perspective about a campaign or a set of data.

Drive Growth

A transition to digitalization provides your company with plenty of internal and external growth opportunities. Digital platforms simplify and remove redundancies in your processes. This has a positive effect on your team’s productivity and efficiency. This frees them up for creative solution finding. They have more time to discover new ways to improve processes and strategies. A digital transformation of some of your services improves user experience. Your business will be able to attract new customers because of the positive reviews and feedback they hear about your company. Digitalization also enables your team to identify new ways to generate profits for your business.

These are the advantages of going digital for your company. Going digital provides you with opportunities to improve customer service and user experience, simplify processes and remove redundancies, and make complying with local regulations and policies easier.

In the Philippines, government agencies are seeing the advantages of going digital. The Bureau of Internal Revenue or BIR created a roadmap towards the digitalization of its processes. Some of the digital transformation projects include:

1. One of the noteworthy projects is the launching of ORUS or the Online Registration and Update System. This web-based platform enables taxpayers to register and update their information online. This allows them to skip potentially long lines just to update their information or register. They can now do this at any location and at their convenience.
2. The BIR has REVIE the chatbot on its site to assist and answer the general questions of visiting taxpayers. They can also send an email if they are unsatisfied with the response they received.
3. E-payment channels such as eFTIS or the Electronic Fund Transfer Instructions System, the eFPS or Electronic Filing and Payment System, and others now enable taxpayers to pay their taxes through these digital platforms.
4. The BIR now uses IRIS, an Internal Revenue Integrated System which is a repository and central tool that allows the agency to process the information of taxpayers.
5. The agency launched an Online Survey Feedback System that enables taxpayers to provide feedback at their convenience. This provides the BIR with insights on how to improve the quality of their services.

These are some of the digitalization projects the BIR has launched to improve their services and better cater to the needs of taxpayers.

If you need assistance with tax compliance and/or need accounting and bookkeeping services, we at Manila Bookkeepers can assist you. Our team has the expertise and experience to assist your company while doing business in the Philippines. Visit our website www.ManilaBookkeepers.com to learn more about how we can work together.