Digital transformation has exciting potential to improve a company's business processes, for example procure-to-pay or sales fulfilment processes, and you've probably heard people saying that if you want your business to survive and grow, digital transformation is crucial.
However, actually making the transition can be a challenge. As consumers and individuals, most of our transactions these days are digital, cashless and performed from the comfort of our own home. But it's been slower within the business world, and a lot of that has to do with fear of the unknown, concerns around costs and worries about the complexity of the technology involved.
Successfully digitising your business processes means integrating relevant leading-edge technologies with updated operations management. You might be familiar with the basic transformation approach, which involves determining a vision for the future business process, assessing the current one and developing a transformation road map.
With digital transformation there are other factors to consider, such as a combination of no-regrets improvements as well as additional, speculative updates that evolve over time. It's important to consider whether operations and technology are sufficiently integrated, and whether your business has the talent strategy and organisational structure that's open to innovation.
That's where the concept of e-procurement comes in. It's the digitisation of the purchase order, and payables invoices processes. It helps you to have a better view of your supplier relationships, with greater transparency around transactions. It's an automated process, aimed at digitising the procurement process from end-to-end.
When you're considering the business case for digital transformation, ask yourself the following:
- Speed of transformation – can you go digital at a pace that suits your organisation, and your customers and suppliers?
- Strategy – will the e-procurement solution integrate with your current business strategy? Identify the benefits it would bring to your organisation.
- Value - how can you communicate to your internal and external stakeholders the value of digitising your procurement processes.
- Industry trends – what have been the experiences of other businesses who have gone digital, especially in the e-procurement space? What results are they getting?
At Olympic, our solution is a fresh, innovative approach to the procurement problem.
DX2 is a shared digital exchange workspace designed specifically for businesses. When you've got multiple people with multiple systems and technologies, DX2 enables them to collaborate and co-operate on the workspace sending and receiving digital documents.
We've also built a series of modules that enable organisations to go digital at the pace that suits them. DX2 Purchase digitises the Purchase Order process. DX2 Capture turns paper invoices into digital invoices. DX2 Approvals enables organisations to code and send those digital invoices for approval.
DX2 can handle many different document formats, with a range of options to import or input them. The digital documents can also be sent in any format to and from each business. It's perfect for organisations with a dispersed workforce, because it means that even when people are physically separated, they're still working in the same shared, digital space. And it's not just about sending and receiving documentation; DX2 also boosts communication by providing a chat function, so teams can keep in touch.
DX2 works on multiple devices, and all transactions are fully trackable and traceable. You'll cut down on the amount of paper your business uses, as well as streamlining invoicing processes.
We've designed DX2 with the user in mind. The system is easy to use, so it boosts productivity and communication, as well as streamlining your entire procurement process. It's the ideal solution for your journey to digital transformation.
If you're keen to see DX2 in action, you can request a demo. Or, just drop us a line to start a discussion.
