As the world continues to become digitized, it’s increasingly becoming vital for companies to embrace business transformation to remain competitive. In 2023, this need will be more pressing than ever. Digital transformation isn’t just about updating technology but fundamentally changing how businesses operate. Every aspect of a company can benefit from digital transformation, from customer engagement to supply chain management. In this article, you’ll learn why digital transformation matters in 2023 and explore some of the key benefits it can bring to businesses of all sizes.
Boosts Data Collection
Digital transformation has become a key driver of innovation and efficiency in companies across all industries. With the rise of cloud computing, the Internet of Things (IoT), and other emerging technologies, businesses can have unlimited access to vast amounts of data. Here’s how digital transformation enhances data collection:
Real-Time Data Collection
Digital transformation technologies can collect and process data in real time. Your company can collect and analyze data generated through IoT devices and sensors and make faster and more accurate decisions. For example, a manufacturing company can use sensors to monitor equipment performance in real-time and predict when maintenance is required. This can minimize downtime and boost operation efficiency.
Increased Data Accuracy
Digital transformation systems increase data accuracy by automating data collection and reducing human error. Automation tools can extract data from several sources, eliminating the need for manual data entry. These systems also use machine learning algorithms to identify and correct real-time errors, improving data accuracy.
Data Integration
Through business transformation tools, businesses can integrate data from different sources. Collecting and storing data in a separate data silo presents several business challenges. Luckily, digital transformation systems can break down these silos and integrate data from them into a single platform. This can offer you a more comprehensive view of your company’s performance.
Scalability:
Companies can easily scale their data collection capabilities using digital transformation systems. Cloud-based data storage and processing solutions offer the flexibility and scalability required to manage the growing data volume. If you embrace these systems, your business will adapt to changing customer needs and market demands.
Improves Customer Experience
Digital transformation systems can help companies boost their customer experience in several ways, such as:
Personalization
Through digital transformation, a business can personalize customer experiences at scale. Through the customer data and insights it offers, you can personalize content, products, and services to meet your customers’ unique needs. You can also personalize product recommendations and marketing messages to attract new prospects and boost customer experiences.
Omnichannel Support
Digital transformation systems can enable your business to offer omnichannel support. Through them, your customers can connect with your company through several channels. These channels include social media, live chat, phone support, and email. These systems can also enable your company to track customer interactions across channels, regardless of where the exchange occurred.
Self-Service
You can use digital transformation technologies to empower your customers with self-service options. Through these systems, your customers can access information, troubleshoot issues, and purchase without human intervention. Self-service options can also help your business reduce wait times and provide customers with a more convenient, streamlined experience. Moreover, digital transformation technologies can help you offer real-time customer support. As a result, you’re likely to improve their satisfaction and loyalty, address their inquiries and concerns, and receive feedback that can help you boost your growth.
Streamlines Resource Management
A company can use a digital transformation system to change how it operates and delivers services to customers. Through digital tools, your business can automate many tasks and free up resources that can be allocated elsewhere. One way digital transformation streamlines a company’s resource management is by improving data analysis. With these tools, you can collect data about your company’s resources, such as inventory levels, machine performance, and energy usage, and analyze them to identify trends and patterns.
You can also use digital transformation to improve communication and collaboration between departments. Employees can easily share information and work on projects in real-time through project management software and cloud-based collaboration platforms. This streamlined communication can minimize errors, reduce delays, and ensure resources are related to the most critical projects. It can also enable your organization to automate routine tasks, such as inventory management, procurement, and scheduling. Using automation, your company will reduce the time and effort required to complete tasks. This can lead to increased productivity.
Improves Operational Efficiency
Integrating digital technology into various aspects of your business can improve its operational efficiency. With digital tools, such as robotic process automation (RPA) and artificial intelligence (AI), your company can automate repetitive tasks, such as data entry and customer service inquiry. Automation can also reduce the time and resources required to complete these tasks, freeing up your employees’ time and enabling them to focus on more complex and strategic initiatives.
Digital transformation also improves operational efficiency by boosting collaboration. It can enable your employees to work together in real-time, regardless of location. Your workers can also use them to collect data on various aspects of their operations. The collected data can then be used to identify inefficiencies and address them proactively.
Increases ROI
Most businesses are concerned about their ROI. Adopting digital tools and processes can help you enhance customer experiences and increase profitability.
To increase your profits, you need to reduce costs. Automation can help you minimize the costs associated with quality control and rework. They can also help you establish a remote working system and reduce overhead costs, such as utilities and rent. You can also use mobile apps and social media to engage customers in real-time, and obtain data that you can use to enhance their experiences. This will increase customer satisfaction and loyalty, leading to repeat clients. The tools can also offer you information through predictive analytics to let your organization anticipate customers’ needs and tailor their offerings accordingly.
Summing Up
Digital transformation no longer just helps companies to gain a competitive advantage but is required to make your organization thrive in a fast-paced digital world. By adopting digital tools and processes, your company will boost its efficiency, reduce costs, and enhance customer experiences. This will ultimately lead to increased profitability and competitiveness.
ERP systems are designed to integrate with other systems to provide a more efficient way of doing business. The best ERP integration solutions allow companies to share data and information across multiple departments, making it easier for employees to work together.
The following are some factors that you should consider when choosing an AP integration solution:
Should provide a seamless user experience
The integration should be able to provide a seamless user experience. Users must be able to seamlessly access their data like they would if they were using desktop software or an intranet portal. Additionally, you can expect your clients or employees to remain productive while accessing their business data from any platform.
Control over data
The other feature to look for will give you more control over how your data is presented and managed. For example, some integrations allow you to set up rules defining how certain data fields should be displayed and what types of information should be included. This can help ensure that everything is kept up-to-date across all platforms, so your organization isn’t wasting time on repetitive tasks or missing important information due to outdated data.
Cost
This is one of the most critical factors when choosing an AP integration solution. It’s crucial to remember that many different software systems are out there, so it can be difficult to determine which one will be right for you.
Ease of use
If you have multiple departments that need to access the same data, it can become challenging if they don’t work well together or if they’re not easy enough for everyone involved. An easy-to-use system will make it easier for all involved parties to get the job done without having any issues along the way.
Functionality
It’s crucial to know exactly what your end goal is in terms of how your company will use this particular data. Some organizations may want employees who have access only to certain parts of their ERP system. Others may want them able to pull up all kinds of information from anywhere at any time.
Confirm whether the AP platform supports specific requirements
The most critical step in choosing the best AP integration is to confirm whether the AP platform supports specific requirements.
For example, if you want to import data from an ERP system into an AP, you must ensure that the ERP system and the AP can communicate with each other. You should also check whether both systems support certain features or functions. Some ERP systems may not communicate with each other if their data formats are incompatible. In such cases, choosing a different solution that supports both platforms would be wise.
An AP platform’s user interface and features are critical to your success
The best AP integrations are in-depth, feature-rich, and easy to use, not just for you but for your users. For example, look for an AP system with built-in reporting tools, a strong CRM component, mobile support and the ability to integrate with other popular apps. If you’re trying to choose between two AP platforms, ensure they offer comparable features. If one platform has more advanced features, it’s better if the other platform has some equivalent functionality.
Check out the AP platform’s available integrations and APIs
AP integrations allow you to export information from your ERP system into an external database or application, such as Salesforce, SugarCRM, or Google Analytics. This integration allows businesses to access more data than they would otherwise receive in their systems.
Consider what kinds of security measures are included with each AP integration
AP integrations often include advanced security features that prevent unauthorized users from accessing sensitive information while maintaining ease of use for regular users who just want to view reports or interact with their customers via email marketing campaigns.
Check out the AP’s support team
Support is another integral aspect of choosing an AP for your organization. You want to ensure that you can get support anytime you need it, which means having someone on staff who is dedicated to helping businesses use their platform effectively and efficiently. A good support team can answer questions about how the platform works, what features are available, how they work together, or if there are any limitations in using them.
Evaluate the platform’s compatibility with your ERP system
What you do is evaluate the platform’s compatibility with your ERP system. The AP integration should be compatible with your existing software to keep your data and accounting processes in check.
If you want to integrate AP with your ERP, make sure that it is compatible with the other systems you use daily. This will help ensure that your business remains efficient and effective.
Evaluate the pricing model and pricing structure
AP pricing models vary from vendor to vendor, but most products offer three tiers: Basic, Standard, and Advanced or Premium. The basic tier will include most of the features offered by advanced tiers at a lower price point. The standard tier includes all of the features available in advanced tiers at a higher price point. In comparison, the advanced tier includes all of the features available in standard tiers at a higher price point.
Check if you can use an API to retrieve data from the cloud-based AP solution
What you should do when evaluating AP integration solutions is to check if you can use an API to retrieve data from the cloud-based AP solution. The API is an application programming interface that allows a software application to communicate with another application. An API can be used to access data from other systems and applications.
Look for a solution that allows you to import the data from your ERP system into AP
Look for a solution that allows you to import the data from your ERP system into AP. This is because most ERP systems have their databases where all their data is stored and managed. So, if you want to integrate with an external database, this may be difficult for some companies. But if your ERP system supports getting its data into AP, it will be easy to import them into your AP solution.
Key Takeaway
A cloud-based AP solution is a good fit for your business because it allows you to access data from anywhere, anytime. With an API, you can retrieve data from an AP solution. However, before you start, you should check if your ERP vendor supports the API feature and if it is easy to integrate into your ERP system.
Businesses around the globe are turning digital, thanks to the major digital revolution happening right as we speak. According to surveys, 89% of global businesses have either adopted a digital business strategy or are planning to do so soon.
Various tools can take businesses to a new level of success. As more businesses become digital, these tools are necessary for companies to survive and excel.
Today we will look at one particular section of business — procurement. Procurement involves everything from purchasing services and goods for the company required for business needs.
In other words, procurement for businesses involves all the activities of business spending. Procurement can also rely on digital tools to make it better. In this article, we will look at a few smart tools that procurement can use in the coming year.
Sourcing Tools
Sourcing tools are essential tools that help manage and assist businesses’ entire sourcing and procurement process. It can help procurement teams locate and identify new suppliers.
Sourcing tools can also help you gain insight into supplier information and a complete view of your inventory, enabling you to understand what you need to source and from which entity to source.
Here are a few features to look out for while you are searching for a good sourcing tool:
Eradicates all kinds of paper agreements and converts all transactions and actions into paperless procedures
A seamless inventory that automatically updates existing information according to the latest occurrence
Includes feature to effectively manage the budget to understand the flow of funds and restrict overspending
Supplier Management Tools
Earlier, managing suppliers and vendors manually was a tremendous job. You had to consistently keep in touch with your suppliers and ended up with confusion and miscommunication. However, with the digital world set in, such issues are not a big hassle anymore.
What a supplier management tool does is just as its name suggests — help you manage your business suppliers. So, the entire process is condensed into the software with a centralized dashboard to help you see complete information about your vendors and their status.
It also helps ease communication, thus making it easier for collaboration and data management. Take a look at a few must-have features for a good supplier management tool:
Efficient tracking features to automatically update information regarding suppliers and the status of deals
A centralized dashboard or management system that allows you to have an overview of all supplier and vendor image
Self-servicing features for suppliers such as information and status updates
Easy interface and communication features to avoid delaying matters
Contract Risk Management Tools
Lastly, one of the intelligent tools that your procurement team must have is the contract risk management tool. Anyone in procurement understands the time and effort it takes to review contract risk. While you may be extremely careful while tracking such risk, it can easily get difficult when multiple vendors come into the scene.
Contract risk management tools help you keep track of all such risk factors efficiently and easily. From tracking risks to tracking the lifecycle of contracts, these tools are simple yet miraculous tools that help simplify the entire process.
Here are a few characteristics that a good contract risk management tool will offer you:
Identification and data mining properties enhanced with automation
Automated notification and workflow systems to avoid complications of duties and tasks
Robust risk management, assessment, and mapping features
Conclusion
The world is progressing at a fascinating rate where everything and anything is being impacted by technology and the internet. In such an environment, it would be a waste not to use these benefits to develop your business.
These procurement tools are precisely the opportunities that can benefit your company in the coming year. Now is the time to take the leap if you have not yet stepped into the digital era.
Procurement tools can help you manage your procurement procedures much more easily than traditional methods. Not only that, they help contribute to reducing expenditure costs while enhancing supplier relationships.
With the aid of artificial intelligence and automation, almost everything in the procurement process is simplified and made efficient. Help your procurement team ace their jobs, and take advantage of these procurement tools in 2023!
Cryptocurrencies are all the buzz right now especially following Elon Musk’s Saturday Night Live debut. Musk has been publicly tweeting about the cryptocurrency DogeCoin. His backing of this coin has made the coin rise in value in a very short amount of time.
Many coins of various cryptocurrencies
Elon’s public display of the backing of digital currency doesn’t stop there either. He also started accepting BitCoin as a form of payment for his Tesla Vehicles. This raises a lot of questions about what cryptocurrencies are and how they are worth anything. This article will go into detail about what cryptos are and why they are becoming so popular.
Investopedia defines cryptocurrency as, “a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend.” Cryptocurrencies are decentralized and are not issued by any government entities, which makes them invulnerable to government interference. Crypto’s are also extremely easy to use. The transfer of money between two parties no longer requires banks to process transactions. Also, dealing with cryptocurrency is fairly easy and does not have many fees associated with it.
Now that we have discussed the basics of cryptocurrency, does any of it matter? Many people think that crypto might be the future, but there is a lot of thought that has to go into it.
First, for people to pay in crypto instead of your local currency means that there has to be a national switch. Meaning that the government creates their own coin for their country or that private coins have dominated completely. This sort of switch will not happen anytime soon. To build the foundations of digital currency we would have to dismantle the current fiat money system we use in the United States. To overthrow that sort of system would take time and chaos would ensue.
Second, the public would have to become educated. Cryptocurrency is not an easy thing for people to understand or necessarily be willing to accept with open arms. Many people do not even understand the money system that works now, it would be unreasonable to think that citizens would be willing to take the time to learn an entirely new system. Citizens and politicians would have to understand the implications of crypto, its risks, and what it means to have a truly digital currency.
Third, the scale at which we would be using the crypto would exceed the limitations of most coins at the moment. In the US we have the Federal Reserve. They calculate the amount of money in our system and replace it accordingly. They are able to control the amount of actual physical currency in our system and the time value of money (interest rates). On the other hand, we can take a look at the most popular coin (Bitcoin) and compare it to an actual currency system. There are a finite amount of Bitcoins in the world and it is capped at 21 million coins. That means once all of the Bitcoin has been mined, that is it. There are no ways to mine the coin, it can only simply be taken as payment. When this happens, the price of Bitcoin will rise. So if you think that everyone will be paying for products with Bitcoin, you can think again.
All in all, only the future will tell us what role digital currency will play in digital accounting and what it could mean for AP Automation. China has started to develop its own digital currency already and will be slowly implementing it into its monetary system. The world will be watching to see how it plays out, but in the meantime, many countries will most likely choose to take the safe route and rely on their fiat money system to take the way for exchanges.
In the process of incorporating new technologies in small and medium-sized enterprises, the Cloud continues to be the most important. It’s also the one that helps the most in improving day-to-day operations of most businesses by facilitating the reduction of time in deployments and operating costs, at the same time that it allows increasing productivity and in many cases, income.
ERP (Enterprise Resource Planning) app on smartphone screen connecting data with cloud computing, access to HR management, production control, accounting
To the Cloud and Beyond
There are three types of cloud services available and defining the right one for your business requires a close analysis of your companies needs, objectives, and long-term goals. The three types are:
Public
Private
Hybrid (public/hybrid)
As I mentioned before, choosing the right cloud configuration for your business requires that many department heads and or managers be involved in the decision-making process. As an example, the team that needs to make these decisions could consist of but is not limited to the following roles:
CIO (Chief Information Officer)
CTO (Chief Technology Officer)
Apps Manager
Business Manager
While these may be just a few roles, decision-makers, and influencers that may be involved in choosing the right cloud configuration for your business sometimes you may require input from an external source such as on-prem to cloud consultants. A consultant can be a great asset and help your team define the best route to take. The current changing landscape has pushed many SMEs into digital transformation and cloud computing is the fastest-growing sector.
“We’ve seen two years of digital transformation in two months.” —Microsoft CEO Satya Nadella1
In this article, we have outlined for you 7 things that are business viable in the decision-making process for on-premises to cloud migration.
Cost reduction
The Cloud does not need its own hardware since everything is hosted on the provider’s servers. This means savings in the cost of physical equipment and the costs of maintaining your own data center: space, energy, physical security, air conditioning, and maintenance costs are not covered.
Nor is it necessary to pay for specialized equipment to maintain and support the platforms. The Cloud is a service and as such, it includes the previous points.
Flexibility
Companies can outsource routine operations such as data storage and backup, thus focusing on their own business operations. Collaboration in such an environment gives organizations the ability to communicate and share more easily, compared to traditional methods.
If you are working on a project in different locations, these platforms could be used to give internal collaborators, contractors and third parties access to the same files.
Scalability
The use of the Cloud is a great solution because it allows organizations to scale and reduce their computing resources efficiently and quickly according to their needs. If resource demands increase, capacities can easily be upgraded without having to invest in physical infrastructure.
This level of agility can give you a real advantage over competitors. Having high-performance resources available on demand without upfront investments is probably the biggest advantage of the Cloud. Business continuity
Protecting data and systems is an important part of business continuity planning. Whether a natural disaster, power failure, or other crisis occurs, having your data stored in the Cloud ensures that it is backed up and protected in a safe place. Being able to access information quickly allows you to maintain operations, as usual, minimizing any downtime and lost productivity.
Competitive advantage
Not all companies will migrate to the Cloud, at least not yet. However, organizations that adopt these platforms find many benefits that positively impact the business. It’s cost-effective, cost-saving, highly reliable, and provides the scalability, flexibility, agility, high performance, and security businesses need today.
Trust
Cloud providers build redundant architectures as a first principle. In the Cloud, your data is not only stored on a server but on several servers. Depending on the vendor, the data could even be stored on servers in multiple locations in the event of a catastrophic failure in a given server farm. This means that no single hardware failure will affect the business. Also, it means that you can expect excellent reliability in terms of access to your data or services. Most providers even guarantee 99.9% to 99.999% uptime.
Security
Is the Cloud safe? Yes. There are mechanisms to ensure this. An authentication method is especially secure if, in addition to a password, at least one other parameter is required to unlock it, this is also known as Two-Auth and it is the most secure way to authenticate between accounts. It is for this reason that it is recommended for use in areas with a high-security risk. Along with the combination of different keys, there is also the possibility of using one-time passwords or integrating an object into the authentication process, for example, a USB stick.
Ready for your company to transcend? Please leave us a comment below or contact us and let us be your ally when it comes to on-premise to cloud transitions. More info at info@oappsnet.com
On June 29, 2007 the world would never be the same. I would doubt anyone would know the significance of that day, but that was when the first iPhone was released. Now you might be wondering, why is this significant? Well, what phone do you own? What phone do your kids own? And when you get your next phone, I would bet it will be an iPhone. We witnessed an extreme change in technology and how it affects our everyday lives. Facetime became the norm for face to face conversation when we were away from our friends and family, especially during the pandemic. We send text messages using Wifi instead of paying for texting rates. This is just one of many examples of how a jump in technology changed everyone’s lives. We are seeing the same thing today with the huge advances in financial technology (fintech).
You may think that your life is not affected by fintech, but it is all around us. Fintech is using new software and technology to change the way people pay for things. Fintech is also the driving force behind the advances in cryptocurrency. This development is changing the way that consumers interact with businesses. Fintech is powerful in that people are able to trade stocks, pay for food and clothes, and even apply for mortgages with the power of their smartphone.
Fintech is not only for the consumer. A new wave of fintech is upon us and it deals with business to business (B2B) transactions. This new technology optimizes the way businesses interact with each other. They can now speed up payment processing, apply for loans, and offer electronic payments. All of these services are available to your business and a healthy investment to make for the future. Soon, all businesses will be using some sort of fintech in order to develop their business.
Accounts Payable Automation
Accounts payable is a portion of your business that demands high levels of attention and accuracy. If your accounts payable is still being run manually, you may want to rethink that. Accounts payable automation helps small businesses by automatically sorting invoices and payment orders instead of keeping track of financial transactions by hand. An AP automated system also decreases the time for buyers to pay their suppliers, getting money in your pocket faster. For example, in a study done by APCQ, the difference between the best and worst companies in terms of cost per invoice is $7.46. The difference largely depends on the best performers automating their accounts payable.
Applying for Loans
Finding funding for small and large businesses can be challenging, but fintech has changed how businesses apply for loans. By moving the loan application process online, fintech is able to cut out many of the factors that make the process a hassle in the first place. Companies like Tyro and Prospa expedite the loan application process and get money to small businesses faster. LoanMe, a digital lending company, reports that a traditional loan could take 24 to 72, while a loan using fintech could only take minutes!
Electronic Payments
This sector of B2B transactions makes things like automatic payments in order to make the process easier and faster, which helps increase your company’s cash flow.
If you are mailing a check to pay, you have to mail it (which takes 2-5 days) and then you once you receive the check and have to make sure it clears (24 to 48 hours), and then you have to spend money for processing the check! Electronic payments typically make your money available to you in no less than 3 to 4 hours. You no longer have to deal with sorting invoices and keep track of where your money is, this new technology will do it for you.
Blockchain Technology
Since online payments are on the rise, the technology used to protect you must rise as well. Blockchain uses a multi-step verification process in order to ensure the safety of your funds. Also, the tech creates a database for your records to be accessed and that cannot be changed or altered once they are submitted. This prevents an outside user from accessing your information and changing it for their benefit. CSNC reports that 84 percent of companies are already actively using blockchain technology. Most companies sense its future in the workplace as a foundation for what is to come.
When you finally got your first smartphone, how much easier did life become? You had a literal computer sitting in the palm of your hand compared to a phone that took 5 minutes just to send a text message. That is the feeling from switching to traditional businesses practices to fintech. With this update in new technology, handling the finances of your business will become easier, your cash flow will start to become more up-to-date, and you can use technology to protect your business. Investing in fintech could be what brings your business to the next level.
Driscoll, M. (2020, October 28). Metric of the Month: Accounts Payable process cost. Retrieved February 03, 2021, from https://www.cfo.com/expense-management/2015/06/metric-month-accounts-payable-process-cost/
Rooney, K. (2018, August 27). 84% of companies are dabbling in BLOCKCHAIN, new survey says. Retrieved February 03, 2021, from https://www.cnbc.com/2018/08/27/84percent-of-companies-are-dabbling–in-blockchain-new-survey-says-.html
