How to Build Business Value with a Digital Supply Chain

Email     |     Share  
1 | 2 | 3 | 4 | 5 | 6 | 7
Next How to Build Business Value with a Digital Supply Chain-2 Next

Understand What Digitization Can – and Can't – Do

Digitization is the first step most companies take to improve the efficiency and effectiveness of their supply chain operations. And while it's a good start, automating processes such as procurement, orders, invoicing and payment doesn't in and of itself create value. In fact, it can often lead to doing bad things, only faster.

Take invoicing. Despite advances in technology designed to simplify and enhance the process, it remains flawed. Accounts payable teams still spend inordinate amounts of time and effort processing paper invoices. And current studies show that one in five of these invoices still contains an overcharge or other exception. Why? Because many companies are attempting to tackle the problem through digitization alone. When it comes to invoicing, creating electronic documents isn't enough. In order to improve accuracy, eliminate errors and rework and ensure that only valid and approved invoices reach AP, companies need to combine automation with rules-based processes to ensure that e-invoices, just like their paper counterparts, are validated when suppliers submit them. Good solutions do this automatically.

The world today is a different place. There are officially more mobile devices than people. And with increasing frequency, we use these devices to manage our lives, to shop, to pay for things, to find restaurants and hail cabs, and to network with our friends and family. Many of these same technologies are now making their way into the enterprise – transforming the way we work. Business networks, for instance, are changing the way we discover, connect and collaborate with our trading partners. The supply chain is, in essence, becoming more digital.

And this is not only driving greater agility, efficiency and innovation, but creating business advantage for companies that are on board with the trend. In fact, research shows that companies who have embraced the digital world and execute digital strategies are seeing real shareholder and stakeholder value. Value creation is significant, with +9 percent revenue creation, +26 percent impact to profitability, and +12 percent market valuation.

In this slideshow, Ariba, a SAP Company, has identified five tips to help you enable a digital supply chain and create value for your business.

 

Related Topics : Vulnerabilities and Patches, Resellers, Broadcom, Broadband Services, Supercomputing

 
More Slideshows

infra100-190x128 Top 10 Strategic Technology Trends for 2017

Here are the top 10 strategic technology trends that will impact most organizations in 2017. Strategic technology trends are defined as those with substantial disruptive potential or those reaching the tipping point over the next five years. ...  More >>

Global33-290x195 2017 and Beyond: How Digital Innovation Will Impact the World

Digital innovation is by far the biggest influencer, changing the way we do just about everything, from shopping to communication to running a business. ...  More >>

ArriaNLG-IoTAutomation0x Internet of Things Personified: Integration and Automation

The real value that the Internet of Things brings is at the intersection of gathering data and leveraging it. ...  More >>

Subscribe to our Newsletters

Sign up now and get the best business technology insights direct to your inbox.