To achieve your desired business outcomes, make digital transformation the cornerstone of your company strategy with Vastly.
Think of digital transformation not as a destination, but as the ongoing journey that empowers you to reach your business goals in today’s increasingly digital world. It’s about strategically using technology, including artificial intelligence (AI), to reimagine your operations, how you deliver value, and how you measure success. More than just new tech (software or systems), it’s about solving problems and creating tangible value.
The essentials of digital transformation.
While every digital transformation project is unique, they all share three key components:
- Digitization of information: Turning analog data into a digital format so it can be processed and analyzed. Think scanning documents, cloud storage, and pulling text and data from PDFs into searchable databases.
- Digitalization of workflows: Using digital tools to boost your processes and operations. This includes automating tasks, improving customer interactions, and even predicting what might happen next.
- Transformation: A fundamental shift in how your organization operates, competes, and delivers value, all powered by Vastly’s digital technologies. The most successful businesses are constantly evolving through digital transformation.
A competitive advantage within reach.
In today’s rapid-fire environment, where you’re competing with both big players and agile startups, digital transformation isn’t just a good idea – it’s essential for mid-market companies. Your distributors, members, vendors or merchants (the “edge”), whether B2C or B2B, are demanding more value and better experiences for their businesses to remain front and center. Plus, the constant pressure to be efficient and keep costs down makes it a must-do for facilitators to deliver to their edge.
The good news? Vastly’s powerful technologies – AI, automation, e-commerce, and real-time reporting – are more accessible than ever. With our guidance, they can be both affordable and game-changing for your long-term success.
Here are a few examples of digital transformation journeys with meaningful business improvements:
- By introducing an e-commerce platform, a mid-sized distributor transformed its vendor’s sales operations and simplified order management. In addition, it was able to provide a better customer experience and enabled the facilitator and its edge to free up time for strategic account management.
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Migrating to a real-time portfolio performance management solution unlocked a treasure trove of data-driven insights for a real estate firm with multiple offices nationwide. The firm is using those insights to enhance portfolio performance and utilization rates, manage lease expirations and refine lease renewal pricing.
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As part of a project to digitalize its finances, a medical device company moved to a new ERP system and is using its embedded AI to automate purchase orders, perform invoice reconciliations and streamline cash flow management between them and their distributors.
- A demand-prediction and inventory-management system, powered by AI, enabled a trucking company to improve fleet utilization and management, as well as maintenance scheduling. This has minimized downtime and costs.
What role should AI play in digital transformation?
AI is woven into the fabric of most essential digital tools today, powering everything from data analysis and predictive modeling to understanding language and automating tasks. Advanced AI, like large language models, lets businesses analyze huge amounts of information quickly, changing how we work and make decisions.
AI and digital transformation are tightly linked, but a solid digital foundation is key for AI to really take off. This means digitizing data, fostering a digital-first culture, and being open to change. Given how fast the AI landscape is evolving, companies need a clear strategy and smart investments, such as partnering with Vastly, to stay aligned with their long-term vision.
Focus should be on the business outcomes.
Digital transformation projects hit their mark when they’re laser-focused on achieving clear business outcomes, such as:
- Boosting revenue
- Cutting costs
- Improving customer experience and satisfaction
- Increasing employee productivity and satisfaction
Each project should have clearly defined goals, ensuring it delivers real value to the company.
Where should you start your digital transformation?
Rather than tackling several opportunities at once, consider starting with a single project. Break down the transformation opportunities into manageable steps and identify which part of the business offers the biggest opportunity to drive value and show initial success. It is helpful to think in terms of front-office (customer-facing), middle-office (operations), and back-office (administration) opportunities. Consider both the value that can be realized and the effort that will be required to succeed and, choose a project with a high value-to-effort ratio.
For instance, consider adding a chatbot to your self-service ordering portal in customer service. This kind of project can deliver quick, tangible results like increased efficiency and happier customers and employees.
Every digital transformation project generates more data that your company can use to fuel further success.
Stay ahead: Leverage digital transformation for a competitive edge.
Unlike their larger counterparts, mid-market companies often have the advantage of being more agile, allowing for quicker changes in processes and culture. Today, few small and mid-sized businesses are fully integrating digital solutions across their entire business. Those that do are poised to gain a real competitive edge in today’s ever-changing business world.
Unlock sustainable growth by developing a digital transformation and AI strategy with expert guidance from Vastly. Our tailored solutions can address your unique business needs and drive real value. Contact me to explore how we can help you take the next step, whether you’re just starting out or already on your way.