Today’s business environment moves fast, and organizations need proper systems, processes, and technology to keep up. Many savvy businesses are embracing digital transformation to stay competitive, become more resilient, and adapt to changing market conditions. But what is digital transformation, does it make sense for your business, and how do you get started?
What Is Digital Transformation?
There are many definitions of ‘digital transformation,’ but here’s our favorite: adopting new technology – or modifying existing technology – to make your business run better.
Digital transformation doesn’t have to be overwhelming, expensive, or disruptive to your operations. It also doesn’t happen overnight. It’s a journey that begins with a single step – identifying your business’s biggest headache and finding a technology solution to relieve it.
Here are some common pain points you can solve with digital transformation:
- Bill of materials (BOM)
- Accounting/finance (AP/AR)
- Order entry to shipment
- Electronic data interchange (EDI)
- Banking integration
- Reporting automation
- Invoice to purchase
- Customer relationship management (CRM) quotes and sales orders
- Inventory fulfillment
Automation and Integration
If you rely heavily on paper-based methods or spreadsheets, you’re wasting time on manual data entry, copying and pasting, shuffling documents, and searching for emails – and likely making expensive mistakes. Wouldn’t it be better to spend that time on activities that bring value and revenue to your business?
A web-based solution simplifies, streamlines, and automates core business tasks like purchasing, AP invoicing, expense approvals, and sales orders. That means you can stop the finger-cramping data entry, reduce costs, control spending, and deliver stellar customer service.
Next, consider the applications you depend on every day. Can they talk to each other? Without that vital connection, you’re constantly entering and re-entering information that exists somewhere else. You need an integration platform that seamlessly connects, for example, your enterprise resource planning (ERP) solution to your eCommerce solution or warehouse management system (WMS). The possible connections are virtually limitless, so you can transfer data between applications at lightning speed, saving hours.
Benefits of Digital Transformation
According to the Massachusetts Institute of Technology (MIT), businesses that have embraced digital transformation are 26% more profitable than those that have not. Profits aside, technology has the power to make your business more agile and adaptable. Remember: A small modification can have a significant impact on the way you operate. By solving just one issue, you can spend more time on the things that matter – strategy, innovation, growth, and keeping your customers happy.
Where and how should you start your business’s digital transformation? Download our eBook to find out and to see the steps some of our customers have taken.