The Benefits of Business Transparency: What It Is and Why You Need It
The word transparency has been thrown around in every industry, meaning something slightly different to each person that uses or reads the word. However, at the core transparency, no matter the industry, means something can be “distinctly seen”, according to a definition from Oxford. Or simply put, something is directly visible.
And when it comes to your business, you want to have direct visibility into all that encompasses daily operations. So what is digital transparency vs. business transparency vs. transparency with your I.T.? And what are the benefits of a transparent business? Let’s take a closer look at each.
The Benefits of Business Transparency: What It Is and Why You Need It
What is Digital Transparency?
Digital transparency is complete visibility into your technology, processes, systems, and anything in the digital realm. This could mean digital transparency with your I.T. provider, through your social media and digital marketing channels, transparency within advertising, your software and third-party vendors, and so on.
Example: You visit a website that has a pop-up for an ad. When you close the ad, the advertiser gives you the option to opt-out of their advertising tracking methods. Giving website visitors this option to not be tracked allows the consumer to know advertisements won’t be targeted at them based on specific website actions they take. Thus, creating more trust with the consumer by giving them the option to be tracked or not.
What is Business Transparency?
Business transparency is complete visibility into all of your business operations. Such as sharing information and insights with your staff, stakeholders, vendors, and customers regarding business performance, revenue, pricing (this one is huge!!), and other business functions.
Example: When filling out an application for a mortgage loan, the provider you are working with has a progress bar on the main page of your account that lets you know what step you are on in the process, what’s needed to go to the next step, the estimated completion date for that step, and other details that give you total visibility into the mortgage loan process.
Now Let’s Combine the Two for Complete Transparency with Your I.T.
Oftentimes, when partnering with a technology provider many business owners feel like they are left in the dark when it comes to their tech. It’s almost as if they hand over their information and then you never hear from your technology provider about what’s going on until there’s a major problem that needs attention. However, digital transparency within your business I.T. aims to limit this feeling of not knowing what’s going on and instead always give you total clarity and insight into each and every one of your support tickets that are open, SLA reporting, network reports, and so on.
In fact, a recent survey found that only 15% of business owners felt in control of their business. This is why there’s a need for transparency with your business I.T. So, business owners can feel in control of their business again.
Example: Your MSP has a dashboard that you can log on to view all of your assets and support tickets in real-time. Like the one at Omega Computer Services.
The Benefits of Business Transparency
The growing reason behind the importance of transparency is that consumers have been manipulated, lied to, and trust has been lost with companies large and small for decades. This can be seen as not disclosing certain information, using misleading language, hiding pricing, or making it difficult to get a straightforward answer, just to name a few.
Let’s take a closer look at the benefits of business transparency below:
Make more informed decisions – When you have real-time insight into your processes and technology you are able to make decisions backed by the most up-to-date data.
Builds trust – Take it from Alex Sheridan on winning clients, “If you’re worried about certain questions hurting your chances of them hiring you. Don’t. Because transparency, trust, and genuinely helping them through their journey. That’s what will get you hired in the first place!”
Increases loyalty – Stronger relationships create better loyalty to one another. When you build a relationship off of trust, honesty, and transparency you are increasing your long-term customer loyalty to have them stay with you. Why would they need to break off your partnership if you have a solid relationship?
Increases satisfaction – A study by Harvard Business School found that when customers feel like they’ve been a part of the process they are happier with the product or service provided.
How an MSP Can Help
A lot of factors play into the decision of which MSP you are going to partner with. One factor is how open and honest they are with you throughout the entire process. From the day you submit a form on their site, to onboarding, to quarterly reporting, and keeping you in the know about your tech year after year - It’s important for the MSP you choose to establish this open line of communication and trust.
With the right MSP handling your technology, they are able to provide you SLA and network reports, updates on live tickets, information about the way your staff uses their technology, and other insights to guide you in more informed decision making.
If you are interested in learning more about how the right MSP can help your business achieve greater transparency, send us a message!
