An IDC Study sponsored by SAP Offers Some Insights; join our Webinar to turn them into action!
Is your company getting its arms around the concept of “digital transformation” and looking for new ways to make the most of your technology investments to drive customer satisfaction and increased efficiency? If so, welcome to the club! A recent IDC survey sponsored by SAP highlights some of the drivers and experiences of small - to mid-sized companies that have begun their digitization journey - but you don’t have to be an SAP user to benefit from their insights.
According to the IDC InfoBrief “The Next Steps in Digital Transformation: How Small and Midsize Companies Are Applying Technology to Meet Key Business Goals”, the majority of small and midsize firms that rely on SAP say they are on the road to digital transformation - primarily in the form of aligning and leveraging multiple technology assets to achieve greater efficiency and ROI.
One common example is coordinating and updating customer information across CRM, financial, and other applications to improve internal efficiency and the quality of a vendor’s or a customer’s experience. Many of the companies surveyed by IDC indicated that they were in the early stages of acquiring and coordination of resources to transform their organizations.
If your firm fits the mold of a company seeking to get more out of existing technology platforms to achieve greater efficiency and customer success, you can probably relate to the biggest factors driving companies to invest time, money and resources into digital business transformation.
Those factors include:
#1: New and Increased Competition
Digitization is blurring the lines between industries, forcing companies to reinvent themselves. Those that ignore the prevailing trends will fail to adapt while new competitors move into their market and old ones capitalize on new markets.
Companies are increasingly coming to appreciate the importance of digitization. By the end of 2017, two thirds of Global 2000 enterprises will have a digital transformation strategy in place. But as the trend gains traction, it brings new risks. In fact, 66% of CEOs reported an increase in the number of business threats between the years 2013 and 2016.
#2: Growth and the Knowledge Gap
The pace of change in business has reached new heights as technology becomes easier to adopt and integrate into existing infrastructures. But 60% of CEOs in high-tech companies fear that technology is progressing at a rate they cannot match—and that this will hurt their growth prospects.
Under pressure to adapt, businesses require new expertise. Yet in a fast-moving, fiercely competitive environment, there is often not enough talent to go around. A quarter of CIOs cite a lack of available skills as their main barrier to success—digital transformation can compensate for a scarcity of knowledge and expertise to some degree by making the sharing - and institutionalization - of knowledge simpler and more effective.
It can also off-load routine tasks from knowledge workers so they are more empowered to focus on value added tasks and decision-making.
#3 New Business Models and Increased Revenue
Financial experts predict that the Internet of Things will yield $11.1 trillion in economic value by 2025. The question is: how do organizations guarantee their share of that opportunity?
Digitization can help companies to identify new business opportunities and respond more rapidly to capitalize on them. 60% of CEOs have identified more business opportunities since 2013, while 54% recognize the trend’s potential to create new business models.
Looking at How to Get Started and What to Do Next? Attend Our SAP Webinar on July 18 and Define Your First Business Digitization Initiative!
Our upcoming Webinar, “SAP Business One and Business Digitization with Smart Capture Technology” will focus on how SAP Business One customers and technology partners can automate business processes like accounts payable, sales order processing and check remittances by taking advantage of the capabilities of SAP Business One when integrated with the docAlpha Smart Process Platform.
You’ll learn about how easy it is to cost-effectively eliminate manual data entry, document filing and approval routing by relying on docAlpha’s intelligent capture and process workflow capabilities. Back office processes like AP invoice processes and customer sales order Processing are often PERFECT candidates to help companies digitize and quickly gain ROI for a well-defined business process.