As more technologies are being presented to the world of B2B distribution and manufacturing, it can be a challenge for decision makers to focus on key business targets while implementing a successful digital transformation project. With many moving parts, guaranteeing digital transformation projects are delivering significant impact to the business while supporting the overall functionality is vital to implementing a successful transformation.
This year, businesses will spend a total of $1.3 trillion on digital transformation and by 2021, this total is expected to nearly double to $2.1 trillion. With that in mind, distributors and manufacturers need to not only embrace these projects but effectively implement them into the business to boost productivity and profitability. With many factors, calculations and impacts to consider, distributors and manufacturers should take into account key considerations for digital transformation projects. Here are three to think about:
Consider the team. Your employees are what keep the business running. Considering digital transformation projects that support employee roles by streamlining day-to-day tasks will not only improve the business’ productivity, but also facilitate their work on value-added tasks. In turn, removing tedious tasks from their work day delivers increases in employee satisfaction and a more rewarding contribution to the company’s goals.
Nothing too small. Many businesses are eager to implement technologies in the workplace but this can easily turn into a digital failure without careful consideration. Leadership of 53% of companies feel they are unprepared to effectively use it. Ensuring that distributors and manufacturers aren’t being drawn into the hype of emerging new technologies can be a challenge. Decision makers need to take one step at a time while validating against strategic goals in order to protect the investment while boosting overall revenues.
Fastest return on investment. Like any major business investment, ROI is always taken into consideration as a key factor that can and should influence the progression of any project. Considering the speed of the ROI ensures the business is making a smart investment, one that will support the growth, revenue and productivity of the business without bringing on a large deficit.
With any major financial decision or business change, decision makers should take a step back to analyze how best to implement a digital transformation project that suits the business. Ensuring the transformation is not only a smart investment, but one that can support immediate growth is the key to any successful digital transformation project.