Toward a Successful Digital Business Network – Step 5: A New Era
Buyer-Supplier Ecosystem, Digitalization, Business Network
In this series of blogs, we have discussed the way in which companies can achieve a highly digital business network. Even when a company has achieved its dream of 100% digitalization, it is unlikely that this situation will remain static, as it is natural for developing companies to change suppliers regularly and acquire new customers.
Therefore, it is of utmost importance that the services and technologies used are standardized as part of the company’s day-to-day operations and implemented in various business processes. A competence center or service, with the daily task of communicating information and serving various processes, such as sales and purchasing, also needs to be identified in the company. The management will be required to provide its full support to this operative function so that the number of digital transactions can be increased consistently with trade partners.
Modern and advanced business analysis tools provide a good foundation for monitoring the way in which digitalization is serving the organization. The solutions allow the company to produce its own way of charting the purchasing processes, enabling the monitoring of suppliers within the company, for example. These data management services also provide a real-time overview for sales monitoring or even stock control.
As the entire business of a company is dependent on the information entering and leaving the business network, business decision-makers must aim for 100% digitalization in all operations. This means the implementation of new business processes must not be based on manual operation but on the use of a digital channel, right from day one. Put simply, this will improve the management of expenses, enable stock optimization and ensure effective receipt of orders. Ultimately, this will optimize the company’s cash flow and growth will be facilitated as part of the digital business network.
You can read the previous parts of this blog series here:
The writer has fifteen years of experience in customer-focused business development, particularly electronic supply chain management, electronic invoicing, and integration and data management solutions. At OpusCapita, he is working with B2B integration solutions and for promoting digital business networks among customers and stakeholders.
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