How End-to-End Digitization Spurs Top-to-Bottom Transformation
As you've steered your business through the worst of the pandemic, you've likely developed a newfound appreciation for digital technologies. From sidestepping restrictions on face-to-face interactions to accessing new data sources as a way to manage resources, online methods have almost certainly provided a lifeline to your company amid broader challenges.
Although this crisis is stabilizing, the benefits of that technology remain and could have you considering end-to-end digitization as the next step—especially as higher inflation forces you to be smarter about efficiency. It's a significant change, but it can help shock-proof your company from the unknowns of the future.
Going beyond singular technology enhancements
For years, businesses have tapped innovations in customer outreach, data gathering and analysis, and cloud-based technologies to refine select business processes. As the repercussions of COVID-19 played out, even the biggest holdouts unveiled mobile applications or installed back-office artificial intelligence systems. Regardless of when your firm adopted such technology, it probably benefited from digitalization.
Carrying this forward, end-to-end digitization builds on those initial steps by further elevating the role of technology and data. Through digital transformation solutions, your company's technological profile expands—with customer engagement, employee involvement, front-line operations and product development all contributing to a data-driven environment. Plus, through tighter control of resources and overhead, you'll see greater operational efficiency, which can lead to larger profits.
A wholesale business model change
When fully implemented, end-to-end digitization encompasses everything your company does, from sourcing raw materials to following up on sales made through your website—and it's all rooted in data. The information gathered from transactions and interactions no longer lives in isolation from other parts of the business. Instead, it all feeds into a company-wide analysis that helps identify opportunities for growth and areas of concern. It also spots previously undetected connections, allowing you to cut waste and sharpen efficiencies across functions.
Admittedly, the reliance on data can feel unsettling, especially among those who've followed more traditional paths to success. But as the collection and analysis of data—including in-house and third-party information—grow more valuable in business decision-making, the value of end-to-end digitization will grow.
Early adopters' success
Pioneers on the digital transformation front have reported impressive results, and the pandemic helped build their ranks. Among other benefits, end-to-end digitization has:
- Allowed sophisticated manufacturing companies to simultaneously manage supply chain connections and lengthy sales processes while proactively monitoring their products in the field for ongoing maintenance needs.
- Permitted online legal and education service providers to recast their business models after effectively responding to surging demand during the pandemic.
- Converted leading-edge retailers into omnichannel retail experts, achieving new definitions of success at the intersection of online sales, real-time consumer demand and brick-and-mortar service.
Committing to transformation
Leading your company through the transformation required for end-to-end digitization won't be easy. It'll require an extensive survey of your resources, an overhaul of your business model and a significant investment in technology. Plus, buy-in from your entire organization is a must, from your executive team to your front-line staff.
If you aspire to remain an industry leader—or if you hope to fend off upstart competitors that already have a fully digitized foundation—the future of your business will increasingly depend on it.
Financial insights for your business
This information is provided for educational purposes only and should not be relied on or interpreted as accounting, financial planning, investment, legal or tax advice. First Citizens Bank (or its affiliates) neither endorses nor guarantees this information, and encourages you to consult a professional for advice applicable to your specific situation.