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CFOs Not Actively Pursuing Digital Transformation Are Putting Their Business at Risk

Published on 2 min read

Digital transformation is about more than giving customers an online portal so that they can view information online. It’s about using technology across your business to boost efficiencies and provide customers with greater value.

To stay competitive and improve the customer experience, you must embrace digital transformation.

According to The Enterprisers Project, digital transformation is “the integration of digital technology into all areas of a business resulting in fundamental changes to how businesses operate and how they deliver value to customers. Beyond that, it's a cultural change that requires organizations to continually challenge the status quo, experiment often, and get comfortable with failure. This sometimes means walking away from long-standing business processes that companies were built upon in favor of relatively new practices that are still being defined.”

According to the National Association of Wholesale Distributors, “leaders must learn the art and science of innovation.” And they must do this sooner than later. The NAW recommends that wholesale distribution leaders, “follow a vision and plan for change” as opposed to allowing change to occur randomly or making it up along the way.

According to the NAW, “digital tools are becoming a standard ingredient for running a profitable distributor business.” The Association’s survey of almost 100 wholesale distributor CEOs found that digital tools – from analytics to automation – are not just important now but will become more critical within the next three years.

The NAW states, “Distributors in the lead have turned the corner on creating an actionable digital vision and are driving improved customer experiences and business profits. Many distributors are making significant investments and learning how digital tools can drive results for their business. Distributor leaders who are not actively pushing their companies forward to explore and implement digital tools are placing their businesses at risk as the use of digital tools becomes a common practice and major factor for achieving competitive business economics.”

Now is the time to transform your accounting and finance processes.

To learn more about why now is the right time to transform your accounting and finance processes, grab a copy of our ebook.

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