Discover the secrets of digital transformation and explore how you can ensure success by preparing your business for a digital revolution
Digital transformation is no longer a ‘nice-to-have’; it is the essential first step on a journey that may ultimately embrace some, most or all of the following: big data, robotic process automation, blockchain, AI, virtual and augmented reality and 3D printing. If this transformation is to deliver the expected return on investment, it is vital that procurement is at the heart of it. To make that happen, procurement and supply chain leaders must first confront some inconvenient truths.
Success starts with clarity. Digital transformation sounds obvious – it’s about using digital technology to transform the business, isn’t it? – but different stakeholders will almost certainly have different priorities. That’s why senior management, hopefully guided by the CPO, needs to define, agree and repeatedly communicate their strategic goals.
In the age of cloud computing, technology is evolving so rapidly that companies need to build the internal capability to understand emerging technologies and how they might – or might not – improve corporate performance. Technologies can protect and create value. For senior management to conclude that what they already have is sufficient is a bit like deciding that the company is efficient enough.
Download The Digital Transformation Game today to explore practical steps and examples of how you can prepare your business for the digital revolution. Offering information and insights in partnership with Supply Management Insider, you can gain a competitive advantage today.
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"Technologies can protect and create value. For senior management to conclude that what they already have is sufficient is a bit like deciding that the company is efficient enough."
The value of digital transformation
Digital transformation is a journey with no fixed destination for your business. You can’t simply buy the technology, like you might have done with an old-school turnkey system, plug it in and then sit back. The old mindset, where companies invest in technology at set periods, will no longer suffice. This is not always an easy case to make – internal competition for resources is always intense – but it’s worth noting that Amazon is estimated to have spent $22.6bn on R&D in 2018 – slightly more than the GDP of Iceland. Technologies can protect and create value. For senior management to conclude that what they already have is sufficient is a bit like deciding that the company is efficient enough.
The importance of staying ahead
The secret of successful digital transformation is not to stop. If you don’t stay constantly ahead of the competition you’re just giving them a chance to catch up and or beat you.
No company is an island. It’s not quite what John Donne said in his most famous poem but it certainly applies in the 21st century where technologically is transcending market boundaries, encouraging disruptive innovation and enabling closer, more innovative, collaboration with suppliers, partners and, in some cases, even competitors.
Download the full white paper today to discover the secrets of digital transformation and to explore in more detail how this can benefit your business.
"Digital transformation is a journey with no fixed destination for your business. You can’t simply buy the technology, like you might have done with an old-school turnkey system, plug it in and then sit back. The old mindset, where companies invest in technology at set periods, will no longer suffice."