It takes a little bit more than an ordinary Coupa implementation to be considered a complete digital transformation. Although when it comes to the source-to-pay process of a business there is no better way to manage it than to use software, there is much more to transferring everything from physical to digital.
The Time is Now
Looking back into the year 2020 there was not a lot of warning before the entire world was shut down and people were left at home for months on end. When this happened there were only a select few businesses that were able to stay afloat and use technology to work from remote places. The reason why they could pull it off is that they were prepared and already using technology to get things done in business.
If another wave of the virus was to come and slam into the world at this point the business that could handle it are the ones that have been equipped with technology and know-how to keep things afloat.
Technology allows companies to:
- Remotely work from anywhere
- Meet up with clients and team members virtually
- Access software hubs and share information
In addition to meeting online and being able to access each other across multiple digital platforms, companies were able to accept payments and conduct business as well.
Since the rest of the entire planet is evolving toward using everything as digitally as possible, it is safe to assume if a business fails to convert to digital, in at least some ways, it will be scrambling to stay in business in the near future.
If your company has not yet moved forward with the digitization of the business, you better hurry up and make it happen because it might be impossible to stay in business without it very soon.
What is Digital Transformation?
The process of digital transformation began at the time of the very first successful email. Of course, it was way too far back in the past to determine how much of an explosion technology would make for the planet, but looking back it is easy to see where the direction was going to take place.
What could be easier than typing out a letter and then hitting a “send” button without having to place a stamp on the envelope? In fact, it takes no paper, no pen, no postage, and no envelope to send emails.
An entire digital transformation will consist of digitizing every aspect of the business. All of the pictures, the logo, the business transactions, and everything else that can be digitized would be transformed from the literal world to the digital one.
Some great examples of what can be digitized are:
- Photos
- Records
- Legal documents
- Receipts
- Transactions
- Contracts
The next step would be to invest in a type of software that allows workers to log in from a remote place and work as a team on a virtual platform.
A digital transformation means that a business that once relied solely upon landline telephones, Yellow Pages, and the classified ads in the local paper will now use the digital world to conduct business by shifting everything that they use into a format that is accessible from a computer or a phone.
Benefits of Digital Transformation
Although so many businesses are against moving forward with the digital evolution that the entire structure of businesses is changing, it is not difficult to see that without moving forward with the expansion of technology companies are going to be left behind.
Landline telephones and Yellow Pages are pretty much obsolete in today’s time. One of the largest signs of the times is when companies like Blockbuster and Tower Records began to dwindle away because they refused to move forward with digital movies and music. What some business owners fail to see is that although they are stuck in their old-school ways of thinking, a new generation that knows nothing about the old ways is on the rise, and they are all the ones that will be buying products and signing up for monthly plans.
Some of the top benefits of implementing a digital transformation are:
- Keeping up with the current times
- Centralizing business on one localized hub
- Doing away with excess office expenses
- Allowing workers to work from remote places
- Being able to connect with a team anywhere on the planet
With the ability for businesses to connect with clients and teammates anywhere on the planet it brings a huge advantage to the table.
Cons of Digital Transformation
Of course, transforming from the physical world to the digital world has its ups and downs. There are plenty of cons that will come with the change, including a learning gap for the people that do not understand the way technology works. Some of the major downfalls of relying completely on technology are:
- The threat of losing electricity power
- The threat of an unstable internet connection
- The threat of a faulty internet service provider
- The threat of losing mental strength from allowing software to remember things
In addition to the traditional fears that people may have when it comes to transforming everything into digital, there are a plethora of other issues that should be considered as well.
When you allow your entire business to be accessed by other users through the internet, you could be allowing the government, and cybercriminals a free pass into your critical data.
There are also risks of:
- Server issues
- Database malfunctions
- Hackers
- Physical destruction of servers
An old wive’s tale warns us to never put all of our eggs into one basket. That being said, it is important to remember that technology can have its faults and that it is always wise to have a backup plan just in case everything goes to pieces.
Facts About Digital Necessity
If you take a moment to look around at the way the world operates in today’s time you can see that every major component in the world is transforming the way they do business with digital technology. The government facilities, the major banks, the education system, healthcare, insurance, and many other entities that we all rely on to function in everyday life.
Gone are the days when you could simply pick up the phone and dial customer service for help. In this digital age, it is very rare to actually reach a human being when you call in for help. The calls are mostly answered with automated answering technology that directs you from one place to another, then when it is time to connect with a customer service rep there is a half-hour wait to speak to them.
In these instances where things are very busy, many of the companies or organizations will prompt you to download their mobile app so you can get the help that you need without having to wait. Much to the dismay of the people that go forward and get the app, the only thing available on it is another artificial intelligence creation that has automated answers.
In any event, in most cases, if you want to have access to your bank account you need an app. If you want to have access to your healthcare system you have to have an app. If you want to manage your auto insurance, you have to have an app.
Conclusion
Whether it is a good thing, or not, the world of technology is evolving. In order to stay in business, or even remain a part of a functioning society, you have to have technology in your life. As of this time, people can still somewhat get away without having the latest and greatest technological trends, but in the next 20 years or so…things will look much different.