Every manager can agree that one of their goals is to cut time and increase their bottom line. Who wouldn’t want that for their company? One way to do this quickly is to digitize everything in your organization, from your proposals and contracts to the way you communicate with other members on your team. How much time do your employees actually spend working on contracts with vendors? Wouldn’t this time be better served building relationships with current or potential customers? Your content creation workflow might be cutting into the time those employees need to spend nurturing relationships and closing deals.
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Supply chain digitization is essential
Digitization brings down the walls of a once-discrete supply chain system, allowing the chain to become an integrated ecosystem that is fully transparent to all players involved. The goal of the digital supply chain is ambitious: to build an altogether new kind of supply network that’s both resilient and responsive. Companies can’t just gather technologies and build capabilities, they must also find people with the right skills, and manage the shift to a culture that’s willing to carry out the effort. In other words, they must transform their entire organization.
Time is money
A digital supply chain can lower procurement costs by 20%, reduce supply chain process costs by 50%, and increase revenue by 10%, according to recent Center for Global Enterprise (CGE) research. A digital supply chain can better enable customer-centricity. In today’s world, it’s more important than ever to put your customer first and at the forefront of all operations. By digitizing your supply chain, you can provide your organization with the real-time visibility it needs to deliver the superior customer experience that buyers demand.
Those companies that operate in a variety of industries face a wide array of challenges. The benefit of leveraging a digital supply chain is that you can meet those challenges head on, whether they involve managing customer demand, employees, technology or risk.
Some supply chain employees spend more than half their day on non contract-closing activities, like administrative tasks and generating content for contracts, presentations and proposals. The sense of urgency they should be creating among their vendors is lost as they spend too much time copying and pasting data into documents and going back and forth in emails to make changes to proposals and contracts. Document and contract generation software can drastically impact a team’s productivity, and timing is essential in the vendor relationship process. Digital documents can also improve the accuracy throughout the vendor process, increasing customer satisfaction.
Increasing the bottom line
Supply chain professionals expect digitization to bring significant economic benefits to both top and bottom lines: companies with highly digitized supply chains and operations can expect efficiency gains of 4.1% annually, while boosting revenue by 2.9% a year. A complete digitization can help companies significantly improve their supply chain and operations performance while also ultimately strengthening their financial outlook.
When implemented effectively, digitization of the supply chain gives companies a true source of competitive advantage. A digital supply chain is no longer an option. It’s a necessity.