Paper Process Automation
One of the most tempting features of digital transformation, from the standpoint of the CFO, is the removal of paper invoices and checks. This reduces both hard and soft costs while improving money velocity on the accounts receivable side. The second step of such initiatives includes automating communications with vendors in client supply chains, resulting in less accounts payable paperwork.
All of this necessitates system interfaces with third-party systems such as TreviPay, as well as the transfer of AP and AR from corporate software to the eCommerce platform.
Revenue Growth
The attractiveness of automation, on the other hand, isn’t limited to the greater efficiency, effectiveness, and cost savings that come with digital transformation. The potential value contribution on the revenue side of the income statement is equally, if not more, important.
“One thing that is changing as organizations undertake digital transformation is that, instead of being a totally or primarily cost-cutting debate, CFOs are increasingly understanding that digital transformation is basically about value creation,” Lokschin said.
Unlocking new possibilities, markets, and audiences; increasing and broadening the pie; and higher, deeper monetization of the existing client base through the use of more efficient technologies.
Begin by creating an organizational chart.
Digitalization, according to Lokschin, extends beyond technology to include the entire organizational structure.
“They might have to rethink the setup in the future.” They may require additional technology and data. They may need to consider the platform as a product, or as an asset that will determine whether or not they have a competitive edge. It may include learning a new way of working – one that is faster, more agile, and more modern.”
Intelligent Pipes
He cited Wilo, a pump manufacturer including over 80 production and distribution organizations throughout extended decision-making journeys, as an example. Spryker specializes in such sophisticated business-to-business digitalization initiatives.
“Pipes would not be the first product you would think of when talking about digital,” says Lokschin. But there’s a lot of innovation going on, not just in terms of how they’ll be sold in the future and how services will be marketed around them, but also in terms of how you can make them smart, contribute to the environment, save water, and all the transactional use cases that go with it.”
