For most wholesale distributors, it is no question that reexploring business models, business processes and workforce are key to staying ahead of the competition. However, often the challenge is when to start it and most importantly, how to do it.
It seems very risky to change core processes, but the pressure to compete with new, upcoming, and innovative companies becomes stronger and stronger.
There is no doubt that before stepping in new opportunities and investments, wholesale distributors should consider lowering their risk by transforming through smaller steps based on real-time insight to change the direction, before the path becomes impassable.
Wholesale distributors should make sure that their journey into digital transformation should be accompanied by the highest level of real-time information, not only available to the trusted advisers and decision makers, but also to the concerned people in their related environment. Wherever they work, no matter their geographic location, one single source of truth should be available to everybody, with relevant information in the granularity they need, that is easy to use, at any time.
A solid and flexible finance department is a key player in the preparation of investments, and also in the monitoring of the defined adaption steps. In today’s digital world, this means to be able to execute a dynamic planning and analysis, see your economic value results quickly, be able to simulate and predict, and to accompany decisions with real-time actual-to-plan cash management information.
Here are some of points to consider when reimagining your business:
- What would it mean to your company, once you were able to reduce your budget and forecasting costs, your general ledger and financial closing and audit costs as well as your treasury and cash management costs, each about 10 to 20%?
- What would it mean, once you were able to provide relevant KPI’s to all of your concerned workforce in any location on any device? To enable them to track their activities by themselves in real-time?
- What would it mean to your company, once your board and high-level management would be equipped with three-screen Digital Boardroom technology, showing real-time information, being able to drill-down with any granularity to answer questions and to speed up in decision making significantly?
Reimagining business requires guts and determination, as well as a digital framework that underlies both internal business processes and models as well as external customer interactions.
All of this may seem scary at first, however a robust, reliable and scalable finance system will address all of these issues for you and furthermore, help you achieve your business vision for growth no matter where you are in your growth phase.