Leveraging Digital Technology to Maximize Operational Efficiency
As many of us go about our workday – Leveraging Digital Technology is always present, rapidly evolving and continually changing the way we do business. For organizations to survive, it can be used to succeed both the company and the people who run them to be better responsive, agile and open to change. In the end, organizations must innovate from the inside to achieve optimal operational efficiency, fueled by the power of digital ecommerce technology.
To address the age of digital transformation, Katalyst Software Services Limited recently sponsored an International Business Forum Event hosted by the Executives Club of Chicago on “Leveraging Digital Technology to Maximize Operational Efficiency”. Co-Chair for the International Business Forum, was in attendance along with other industry and field experts who were encouraged to add to the conversation.
To begin, the panel gave a brief description of what digital means to them and their organization. And although each panelist represented different industries and experiences, their answers were fairly similar. All agreed that “going digital” is just another method of doing business. Whether leveraging it for internal or external purposes, digital technology allows companies of all shapes and sizes to achieve their goals more efficiently.
So, what comes first: operational transformation or digital transformation? According to the panel, a company’s digital journey will vary depending on its size, industry, market competition, company culture and more. However, the foundation of digital transformation begins with reliable, quality data. Once armed with that information, businesses can start to uncover the opportunities that exist by way of digital technology. Regardless, there’s always an opportunity to innovate from the outside-in with technologies that are made to divide capabilities and enhance processes.
To determine whether digital has lived up to its promise, Lynn S., VP of Delivery at Katalyst and moderator of the event, asked the panel to share an example of when digital technology has helped bridge silos and improve visibility across teams. In the case of YWCA Metropolitan, Sharon McFeders, Chief Paradigm Officer, spoke on maintaining congruency throughout the organization as it operates in multiple locations across the Chicagoland area. As a result, company information is transferred and translated holistically no matter the location. Mana Mehandru, COO of mHub, also shared a success story of his own. He was able to build out a well-structured team with processes backed by data governance and real intelligence.
Today’s technology enables organizations to reimagine and redesign old processes. But before jumping on the digital wagon, Bade Dahunsi, Senior VP of ERP at Katalyst, recommends businesses to ask themselves this one question: “What problem are you trying to solve?”
Once the organization has uncovered its core issue, it’s time to choose a solution that will provide the most user-benefits. Each panelist shared their expert opinion on details to consider when evaluating new systems and processes. From a B2B standpoint, Rosemary Concillo, CFO and VP of Administration at Simple Green, champions data validation and open communication as critical factors when selecting a solution. For John Savage, Regional VP of Sales at SAP, it always comes down to investments in technology that provide ROI. Bade advises, “Digital is not just about the technology – you need the strategy and framework to get it kick-started.”
All parties must be onboard to prepare for a company-wide digital transformation, according to the panel. Senior management, however, is responsible for driving change management by encouraging an innovative culture, eliminating multi-layer organization structures and driving speed in decision-making. Rosemary mentioned that change isn’t easy for everyone but it is necessary for the long run. Similarly, Mana expressed the challenges that can come along with a digital overhaul but encouraged businesses to be patient in the course. Sharon conceded, recommending organizations pay attention to marketplace demands and shifting the strategy to accommodate them. For Bade, it’s about being transparent with employees on the digital approach. He recommends senior management build and execute a plan that is trustworthy, clear, agile and open to feedback.
To summarize the discussion, the panel left words of advice for the audience. All panelists were in agreeance that welcoming change and challenging the status quo pushes businesses to achieve operational optimization in the age of digital transformation. From Bade’s perspective, digital and ecommerce is more than just the technology and software – it’s about the strategic plan to utilize those resources to enhance your organization. And because innovation is happening faster than we can adapt, companies must plan to be prepared for what’s to come.
Thoughts on digital transformation? Let us know in the comments below!
