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Business in East Europe – How Can Digitisation Support Business Growth?

While European countries like The Netherlands, France, and Germany are leading the way of digitalization, there are some countries in Eastern Europe that are falling behind. 

The constant political tensions and economic uncertainty have left countries like Serbia, Romania, and Bulgaria unable to fully realise their potential of leading international innovation and of domination as industry leaders.

It is becoming more evident that technology is not a choice for people, but rather a fundamental part of living  and  business strategy. Applying the right tools and technologies can allow a business to prosper and scale internationally. 

In this fiercely competitive environment, it can make or break  some companies. Although Eastern  European countries have been falling behind due to several reasons, there has been a constant adoption of different Western trends and technologies. 

However, as the adaptation is only in the early stages it is important to understand the positive impacts of digitalisation.

Customer Experience

The ability to onboard customers in a fast and easy way should be any company’s goal as the consumer is always adopting new technologies into their everyday life. 

Increased revenue, retention, and satisfaction are all related to customer experience—which is a fundamental principle. 

The average internet adoption in Eastern European countries is around 65%. To retain positive revenue, retention, and other factors, companies should adopt digitisation to facilitate a seamless customer path to purchase.

International Partnerships

By implementing digitisation processes in your company, you can  acquire foreign labour through remote working and also connect with other companies in the industry. 

With easier communication, new long-term relationships can be established with clients, partners, and other parties from different parts of the world. Expanding the company’s partners and relationships is vital to keeping your business competitive as new opportunities arise occasionally.

Better and Faster Decisions

By changing business processes like accounting and reporting to a digital environment, businesses can use different tools and software to analyse greater volumes of data. 

Today’s technological capabilities allow us to analyse large amounts of data within seconds. Used mostly for internal processes like decision making, companies need to leverage such technologies to successfully grow their business and to stay ahead of the competition.

Reduced Costs

For any company to operate successfully it needs to operate profitably. In today’s environment, when factors like the environment, logistics, and competition have to be taken into account when producing goods and services, businesses always ask the question —how can we reduce costs without losing quality?

Of course, there are many ways of reducing costs to your business. It could mean switching locations or choosing to change your service providers.  However, in recent times, digitalisation and automatisation have been the most useful and effective ways of reducing costs while maintaining quality.. 

Automation of processes not only saves labour costs, but also prevents human error. While some may perceive automation as replacing and taking human jobs, some see it as a way to allow humans to grow and develop by taking on other responsibilities and learning new skills.

Although digitisation of a business is something that raises all kinds of questions, applying the right technologies and tools can set you apart from the competition and bring in more effective and efficient operations.

With PayPugs in Mind

The PayPugs platform is designed for businesses and individuals to adapt to the changing environment of financial services. By providing access to different services like IBAN accounts and crypto transactions, PayPugs can be your gateway to the rest of the world.

At PayPugs we understand the complexities of financial services and uncertainty that our clients may experience. For that reason, we like to deal with each client individually and provide personal experiences by having a call that explains everything. Be sure to contact us and we will answer any questions you may have.

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