Digital Transformation: What It Is and Why It’s important
What is Digital Transformation?
Digital Transformation has been a hot topic for years now. In fact, industry observers have been hyping it so much, for so long, that we all just assume everyone knows what it is. Are we all talking about the same thing? Hardly. There are good reasons for these diverse perspectives. We need to talk about digital transformation within a specific context and there are different contexts in which it impacts our lives and our businesses.
In many ways, “digital transformation” is simply delivering on the original promise of ERP.
Acumatica Cloud ERP has proven its ability to integrate digital information in a way that saves users time and money. Recently Acumatica demonstrated this in its latest version of Expense Management. After taking a picture of a company receipt, Acumatica has the capability of doing OCR (optical character recognition). It reads the receipt, makes connections, and is able to fill that information into the expense reimbursement request. In the past, someone would have had to manually enter this information in order to continue processing, but Acumatica has developed a way to do that automatically. This is just one example of how Acumatica is launching new ways for you to use technology to take your company to the next level.
Why is Digital Transformation Important?
Digital transformation provides an opportunity to combine practices and ways of doing that result in new skills, techniques and sources of income. Here are some of its key benefits:
Four Considerations when looking at Digital Transformation
I. Cybersecurity
Leaders have long known that cybersecurity is a necessary element of their IT support. Businesses must have good cyber hygiene, or risk loss of money, data, and reputation. Recently, a spike in cyberattacks has begun to create a heightened awareness of the importance of cybersecurity. Cybersecurity efforts need to go much deeper than just firewalls and antivirus software; they should be built with a deep view of your entire environment in mind.
As a provider of Cloud ERP Software, Acumatica is extremely aware of the concerns customers have when it comes to using an external provider for data storage and hosting. Acumatica’s data hosting servers (such as Microsoft Azure and Amazon Web Services AWS) use network tools to optimize their environments, providing big benefits only found in cloud hosting services; such as regular system maintenance and control of physical access to equipment.
- Improves integration and internal collaboration by facilitating communication
- Fosters the recognition of systems and awakens the interest of specialized professionals
- Reduces costs as a result of time savings in processes
- Increases the speed of response to changes in demand
- Generates a competitive advantage for the company
- Decentralizes production by facilitating remote communication
- Opens the door to new business opportunities and revenue streams
- Drives the culture of innovation, preparing the company for any disruption
II. Automation
Automation can have an enormous impact on labor and cost by allowing staff to devote their energy and time to more complex tasks. In some cases, it can even eliminate the need for any additional roles. With a record-high number of companies reporting trouble hiring at this time, this is critical to streamlining operations and progressing toward business goals. The idea of automation is nothing new for executives; it has likely has been discussed among the leadership team for years. What many may not realize, is how much automation has evolved and how cost-effective it has become.
Accounts payable automation is the process of replacing paper invoices and checks with electronic methods of tracking and paying the money your company owes other companies. The right accounts payable system can help your company meet all of its obligations with less paperwork and fewer errors.
With Acumatica accounts payable automation system, you can decrease your reliance on printouts, emails, and file folders (just to name a few). Through integrations with accounts payable automation partners, this solution will save you money and time by addressing one of the most common problems in accounts payable: delays.
III. Strategic IT Consulting
Your IT team should be more than just providers. They should be holistic and strategic advisors in the same way your financial, accounting, and legal advisors are. This means not only keeping you informed about the changing tech landscape but also helping you connect IT solutions to your overarching business goals by talking about your company, not just about your technology.
Acumatica provides numerous consulting services to fit any needs that may arise while operating its system. Acumatica not only has its own consulting services directly through them but also provides consulting services via their partners. These partners are complete experts on the Acumatica products and are professionally trained to answer any questions.
IV. Data Analytics
Data tells you who your customers are, how your team is functioning, your inefficiencies, and your profit margins. The list is basically endless. As your company pursues its overall growth goals, there is perhaps no more impactful consideration than data analytics. A consumer population that just spent a year and a half reassessing and reprioritizing is already proving unpredictable, and the deeper level of understanding that data analytics can provide will be crucial to ensuring you are addressing what may be brand new pain points.
Acumatica leverages business intelligence tools, such as Microsoft Power BI, to help you accumulate your data from multiple sources, extract actionable information for strategic and tactical decision-making, and then present it visually to stakeholders. Business Intelligence helps make sense out of all the raw data from your ERP system, such as finding your most profitable products and sales regions or identifying the weak links in your supply chain.
ACUMATICA CAN HELP YOUR BUSINESS complete A DIGITAL TRANSFORMATION!
We live in a global, digital, and hyper-connected world, characterized by a change at a technological and social level where off-site mobility, the continuous emergence of new players, and continuous connectivity pose a big influence. Today, digital transformation is not an option; it is necessary to escape the comfort zone, reinvent themselves, and compete in a world that is overrun by technological advances.
With over 6,500 customers worldwide, Acumatica is the fastest growing ERP cloud product on the market. And rightly so. Developed with the future of digital transformation in mind, Acumatica is the best path for transforming your business to not just survive, but thrive in the new digital economy.
