Staff Writer

Every day, people interact with technologies that make their lives safer, more efficient, and more satisfying. While enterprise-sized corporations have been among the first large-scale entities to identify this trend and evolve toward more digital-forward processes, products, and services, they’re no longer alone. Small businesses are joining the digital transformation revolution, too.


Digital transformation is exactly what it sounds like — an integration of current technology into every process, system, and department. Modernization is one benefit, but another is new revenue streams and opportunities made available through new tech. It’s not just about growing your tech stack, however. Digital transformation also describes an intentional and fundamental shift in culture, a willingness to experiment, evolve, and challenge the status quo.


Thanks to the mass availability of digital solutions in the mainstream marketplace today, smaller companies can compete on a scale that would have been unthinkable just a decade ago. According to research from McKinsey & Co., 64% of business leaders across several industries and departments are planning to rebuild their workflows to take advantage of digitization.


The Benefits of Digital Transformation


There are several ways that digital transformation can help businesses. For one, because it gives individuals and teams the means to test, iterate, and deploy new ideas, it can lead to more internal innovation. The ability to move quickly and work creatively allows employees to make adjustments in real time.


Digital transformation can also enhance the relationship between consumers and companies. Because so much consumer communication occurs through streamlined digital technology, consumers expect the same seamless, intuitive experience when they interact with their favorite companies, too. This also applies to consumers who buy on behalf of companies in a B2B marketplace. In fact, digital transformation is relevant to virtually all interactions and exchanges between businesses and customers.


What’s more, well-planned transformation initiatives can attract talented employees who want to work for employers that have invested in cutting-edge tools and ideologies. These strong performers are more likely to apply for open positions, and they’re more capable of helping their employers achieve revenue goals. They’re further enabled by the reduction in repetitive manual processes and unnecessary wait times that digital transformation makes possible.


Still, while digital transformation is overwhelmingly positive for businesses, it’s not without its challenges. Its cost is arguably the most significant.


Overcoming the Financial Challenges to Digital Transformation


Many founders, CEOs, and other company leaders are limited in their digital transformation efforts by their budgets. Take 3D printers, for example. These devices have revolutionized the way business is done, but they can cost thousands of dollars, depending on their applications. Some are less expensive, but they may not provide the full range of solutions that a higher-priced 3D printer would.


The cost of digital solutions doesn’t stop at 3D printers, either. Whether cloud-based software or high-end, sophisticated machinery, all digital solutions require a healthy digital transformation budget. Fortunately, small businesses that can’t tap into a digital transformation fund can apply for a working capital loan to acquire these technologies.


What Can a Working Capital Loan Be Used For?


Because working capital loans are meant to cover operational costs, they can be valuable resources for leaders engaging in digital transformation. For example, companies can use working capital loans to buy digital equipment immediately. They can use the equipment as soon as it arrives and pay back the loans over time.


Essentially, working capital loans act as short-term financial vehicles. They’re an excellent option for leaders who know how to lower business technology costs without giving up on rapid digital transformation.


The Top 3 Reasons to Choose a Working Capital Loan


To make the most of a working capital loan, it’s critical to choose the right provider. Every financial partner offers something different, and PEAC is no exception. With PEAC, businesses don’t just get to add more to their digital transformation budget — they get a full-scale financial team that works on their behalf.


Here are three ways PEAC surpasses other providers:


1. The experience is customized to the company. 

PEAC treats every customer as an individual. Working capital loans and payback terms are adjustable, with some as short as six months. Approved working capital loan applicants can decide how often they want to pay back their loan, whether that be daily, weekly, or monthly.


After a working capital loan is approved, support is continuous. Customers can use PEAC’s digital self-service tools or contact a representative to speak with a human being.


2. Fast credit and application approvals. 

Because PEAC understands that business opportunities can arise practically overnight, credit decisions are made quickly. PEAC strives to provide access to some of the most competitive rates in the industry, as well as zero “interest on interest” renewals and discounted early payoff incentives.


This gives leaders who can quickly determine whether they can afford to buy digital technologies a significant advantage. They don’t have to hesitate when the chance to move forward presents itself.


3. Same-day funding may be available. 

Though most accepted working capital loans are funded within 48 hours, same-day funding may be available. Business owners in search of same-day funding can contact PEAC directly for more information. Same-day funding, or at least 24-hour funding, is especially valuable when companies are presented with large contracts that can only be fulfilled through the use of digital equipment.


Digital transformation is almost always an achievable objective, even for a startup or small business. Sometimes, all it takes is a working capital loan to make it possible.


Equipment financing is provided by Marlin Leasing Corporation. Working capital loans are originated by WebBank.