What would you do if you could start your current business or company anew, right from the start? This is the question to ask now.
What would you do if you could start your current business or company anew, right from the start? This is the question to ask now, as the next wave of digital transformation in companies is picking up speed.
The prevailing trend of the last decade, consumerization, has allowed us as the end customers to enjoy digitalization everywhere. I can go to a grocery store today and pay for my purchases just by holding up my smartphone, and even get a digital receipt in an app on my phone. Many companies are well on their way in the digital transformation journey towards their customers.
Despite this progress, I have found that inside and in between businesses, digitalization is still easily simplified and thought of as a mere tool. The general misconception seems to be, to put it bluntly, that “if we just provide our employees with tablets, we will be digitally transformed”. But if you approach digitalization from this perspective, you are going to miss the point. That is why I think the idea of restarting is an excellent way to look at digitalization in companies. If you start over, you are not limited by the history or the past ways of doing things.
Companies that truly embrace digitalization end up re-architecting their processes. They turn the focus on all of their key functions. They look at how the company is operated, and how they interact not only with their customers but also with their suppliers and vendors, and with their partners and coworkers. As a result, they become a lot more efficient in their processes than before, and are able to channel more resources from operations and maintenance to the true areas of growth – leading to higher sales, increasingly satisfied customers, and new innovations into smarter products and services. The overarching value of the digital transformation eventually becomes the competitiveness for the future.
And the fact is that in a few years’ time we will not be talking about transformation anymore. Regardless of the industry you are operating in, you will be challenged by technology, one way or another, if you have not been already. Take a well-known example: an entirely electronic business model, Airbnb, emerged and challenged the traditional accommodation industry. The digital age is raising the same issues in business-to-business interactions that have been afloat for years in the consumer world. Are you able to run a smooth, effective organization towards your suppliers, vendors and partners? Or simply, are you easy to do business with?
We at OpusCapita want to enable companies to take the next step and we want to support them in transforming their business and operations for the digital age. The first waves of digitalization did pick up their speed from the advantages gained through the sheer volumes of paper and manual processes that were digitized in B2C. This might have created the illusion of the phenomenon as the prerogative of the large. But the businesses’ need to interact, in particular the need to sell, buy and pay each other effortlessly is not specific to the size of their operations or the broadness of their customer or supplier base.
We believe in a dynamic ecosystem that harnesses the power of the internet and the cloud and facilitates the connections between buyers and suppliers, vendors and partners, large corporations as well as small and medium-sized companies. In this environment, reaping the true benefits of the transformation can of course mean cost-savings. But as more and more companies are starting to realize, it also means the possibility to fundamentally change. Being a part of a real-time network actually allows companies to redesign more and more areas in their operations. What would you do differently?
Jesper Ritsmer Stormholt Head of Global Sales and Marketing, OpusCapita