Christina Jones
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Digital transformations are not simple undertakings. They are complex and risky. When done wrong, digital transformations can be extremely costly, both in terms of money and time. It is not uncommon to hear of even the biggest of companies, working with the most reputed of integrators, fail in their digital transformation efforts. In fact, 73% of digital transformation efforts fail, despite immense investments from the companies.
For those of us looking to integrate digital transformation technologies into our own businesses, there’s a lot we can learn from digital transformation failures. The recurrent pitfalls that organizations often fall into can be quite illuminating and, more importantly, are completely avoidable!
The Case of Revlon
One of the most common digital transformation efforts that companies undertake is the incorporation of a new and faster ERP system into their operations.
ERP stands for Enterprise Resource Planning. They are software systems that use the latest technology—including artificial intelligence and machine learning—to aid the operations of your business, including processes in finance, supply chain, procurement, manufacturing and so on.
The implementation however, as indicated to earlier, can be very troublesome. Revlon, among the most well known and high profile consumer brands in the world, still failed despite investing a substantial amount of money into their ERP implementation.
When Revlon ultimately announced the news of failure in their financial filings, the stock price took a dive and the company even got sued by its own shareholders.
Here’s an excerpt from the filings:
“During February 2018, the Company launched the new ERP system in the U.S., which caused its Oxford, N.C. manufacturing facility to experience service level disruptions that have impacted the Company’s ability to manufacture certain quantities of finished goods and fulfill shipments to several large retail customers in the U.S. The Company cannot provide assurances that it will remedy the ERP systems issues in time to fully recover these sales and/or that the ERP implementation will not continue to disrupt the Company’s operations and its ability to fulfill customer ordersâ€.â€
Seemingly, after Revlon went live with their new ERP system at the Oxford manufacturing plant, they were unable to ship products, lost customer orders and lost connection to their supply chain. This brought most operations at the plant to its knees and it wasn’t able to manufacture or distribute products anymore. Riddled with these problems, they had to expedite shipments as customers were unhappy and complaining about late orders, further incurring high fees and charges.
Immediately after the announcement, the stock price fell a staggering 6.9% in just 24 hours. Eventually, the increase in capital costs, increase in expenditure, inability to pay their vendors, loss of sales, loss of customer value and lost customers services as well as the man hours spent by executives all led to the company’s net loss exceeding a whopping $70 million in the fourth quarter of 2018.
Revlon is not the only company to face digital transformation failures. In fact, as indicated earlier, it’s a frequent occurrence. Nike reportedly spent $400 million on their digital transformation efforts. The effort failed, and the company reported a loss of around $100 million and the stock price fell by 20%. The company had to invest another five years and a further $400 million to turn things around.
HP, Hershey’s, and Haribo have all reported losses and acute problems after digital transformation initiatives. National Grid and the United States Navy both spent an eye watering billion dollars on their ERP implementation, with the latter project still incomplete.
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How to Prevent a Debacle?
What are the reasons behind these failures? Why do so many digital transformations end in frustration?
All industries are liable to failure. digital transformation technologies , aerospace, consumer products, automotives and more all have a history of failure in digital transformation., All of these businesses repeat a few common mistakes and, if you have your eyes open and your mind nimble, you may avoid them in your own efforts.
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1. Implementations risks are poorly understood
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There are substantial risks associated with incorporating digital technologies into your company. You are essentially changing the way you’re operating your entire business, aiming to increase speed and efficiency.
A careful risk analysis should be conducted before these efforts are undertaken. As much as possible, you should attempt to mitigate these risks. If Revlon had been aware of the dangers associated with their project, they could have prevented such setbacks. Understanding the potential points of failure and devising contingency plans for them is extremely important, especially in today’s fast moving world and high customer expectations.
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2.Choosing an Ill equipped system integrator
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It’s imperative to ensure you’re working with the right partner during your digital transformation efforts; just because your system integrator is respected or well known doesn’t insulate you from failure.
In addition to a failure on the operational front, choosing the wrong system integrator can be financially expensive. Companies and their partners often deteriorate into ugly scrimmages full of lawsuits and finger pointing. Such was the case even with well known companies such as Miller Coors and Waste Management.
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3.Cutting corners
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It’s also not uncommon to find companies skimping on the digital transformation process. They are risky projects with substantial investments of both time and money. Yet companies may under invest in things like organizational change management, or try to unreasonably compress the timeline or tighten the budget. Oftentimes, these decisions simply come back to haunt them. When the rubber meets the road and operations go into full swing, digital technologies fail, and companies find themselves spending more and more money to correct the damage than they would have spent to get it right the first time.
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Christina Jones
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B2B ecommerce enterprises have been growing at a rapid rate over the past many years. According to recent studies, B2B Ecommerce sales continue to soar and are expected to reach over 1 trillion by 2022. However, B2B or business to business marketing is a different ball game altogether.
Selling to other businesses looks vastly different from selling to consumers regarding buyer experience, specifically marketing strategies. The Covid-19 pandemic has only added to this turmoil. Everything from sales meetings to face to face events significantly changed the way they operate. It's time for marketers to innovate and step up their game to remain competitive.
For this, organizations require new B2B marketing strategies that are creative in meeting new challenges and demands. They need successful strategies that can be implemented quickly and are effective in the long term. This guide will identify seven such B2B ecommerce marketing strategies that may help close the gap and ramp up your business for success. Let's get started.
What is B2B ecommerce?
We are all well aware of the B2C or business to consumer model where enterprises sell customers. B2B, on the contrary, is a model where products are sold to other companies instead of consumers. Simply put, businesses selling products over the internet to other businesses.
The size of the ecommerce business is vast, and there exist quite a few critical differences between B2B and B2C business models. For this reason, the marketing strategies for both differ too. In the B2B model, the customers are another organization, unlike B2C, where the individual is the customer. Therefore, B2B marketing targets a unique audience and meets their needs, interests and challenges.
This guide will explain how marketing to businesses is different from marketing to individuals. The same audience can be your most significant determinant of developing effective marketing strategies. Therefore, if marketing is not done correctly, there might be a heavy price to pay. By the end of this write-up, you will better understand B2B marketing strategies that you can utilize to enhance your business audience.
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7 Effective B2B Ecommerce Marketing Strategies
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Keeping up with online marketing trends is essential to develop your ecommerce firm. It is essential to analyze what is valuable to your customers and what would grab their attention. Based on this, you may implement seven strategies to help you stay on top of your marketing game. With trends emerging every day, B2B firms are subjected to massive pressure as these strategies have become a necessity rather than an option.
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Invest in content creation:
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Content is a crucial part of marketing efforts that significantly inspire consumers to buy your product. In B2B enterprises, content is even more crucial because B2B buyers rely on content for decision-making. Therefore, one of the most vital B2B ecommerce marketing strategies includes content creation. Different types of content include blog content, video content, premium content, etc.
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Social media marketing:
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Utilizing social media to target your potential customers is a critical marketing tactic for almost all B2B organizations. Posts on different social media platforms such as Instagram, Facebook, Twitter etc., are a great way to bond with your target audience. Make sure to keep your posts informative and distinct. Engaging content on such platforms drives traffic to your site effectively.
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Highlight reviews and testimonials:
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Reviews and testimonials have a considerable impact on B2B sales and can be leveraged to boost brand reputation. Product reviews and testimonials are vital factors influencing buyers as they want reliable suppliers that provide top quality products and services.
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Conversion rate optimization:
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For enhancing sales, B2B organizations need to optimize the user experience to the maximum. Boosting sales is not an easy feat. To increase sales for the long term, businesses need to consider using tools that create heat maps, saving user sessions, etc. which might help max out revenue.
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Thorough research:
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Conduct in-depth research on your target audience and buyers. All the gathered information from the research may prove valuable to develop a better customer experience. Besides, every information collected is considered essential data and provides a better understanding of the customers' services.
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Flexible features on payment and orders:
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Providing customers with a personalized buying experience may benefit your business in the long term. For example, offer flexible ordering and pricing options to promote scalable solutions such as various payment options like credit cards, digital wallets, etc. An efficient check out system may go a long way in giving buyers flexible payment terms.
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Provide detailed product information:
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Offering detailed insight into your product may encourage more sales as it fosters trust between customers and enterprises. Sharing detailed information in the form of videos and photos on your site would help customers understand more about your product and adopt it. Another related strategy would be to improve your customer service to build brand loyalty.
These are the seven major B2B ecommerce marketing strategies that facilitate improved website or app functionality. Furthermore, optimizing your mobile platform would also motivate buyers to engage with your product as most buyers prefer the mobile platform's usage convenience. For this reason, the cost of ecommerce app development has huge ROI as optimizing your mobile platform remains one of the most critical marketing strategies ever. Finally, those who invest in a B2B ecommerce marketing strategy are poised to attain remarkable results shortly. So what are you waiting for? Position your business to become a dominant force in the B2B industry by utilizing the above listed strategies. Good luck!
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Christina Jones
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A new name in the enterprise market, Microsoft Power Automate, is emerging as an efficient tool in the automation arena. Power Automate is gaining popularity with its simplicity, low-code development approach, and intuitive interface. Automating routine business processes and connecting different applications in an enterprise together is made amazingly easy with the help of this innovative tool from Microsoft.
Most enterprises face the challenge of having disconnected systems spread throughout, hindering the process of leveraging meaningful information. Often, different systems that address different business processes are not unified, and as a result, it becomes very difficult to extract the maximum value from the independent results. Power automate helps to eliminate these boundaries between different applications by making the connection easy and simple through connectors.
Why Power Automate
One of the most appealing features of Power Automate is that it does not require users to have programming skills. Even with zero knowledge of programming languages, users can create workflows and enable automation. Its ready-to-use templates really help to leverage this no-code approach. The whole platform is designed to be very intuitive and super easy to use and navigate for its users.
Another noteworthy aspect of Microsoft Power Automate is its integration capabilities. Connecting with other Microsoft tools or third-party services can be facilitated in simple steps through Power Automate. It has more than 300 connectors that help in integrating with other applications. Connecting with popular applications like Gmail, Sharepoint, Mailchimp, Facebook, Outlook, Youtube, and so much more is easily possible with the Power Automate connectors.
What are the Benefits of Using Power Automate
A top reason why Power Automate rose to popularity in an appreciable period of time is the unparalleled and imminent benefits that it offers. Therefore, we will dedicate this section to discussing those benefits so that you can get a better idea of the hype behind this platform.
Improved productivity
To automate processes in an organization, Power automate helps to create workflows. These workflows can be of different types and range from simple tasks to large operations. It brings about tremendous savings in time, helps to eliminate information gaps, and minimizes errors by creating a defined process to carry out tasks. This helps to improve the productivity of employees on a large scale.
Supports robotic process automation
Robotic process automation (RPA) is an intelligent automation technology that allows UI flow automation through a process of record and playback. Using RPA, it is easy to achieve integration with legacy applications. Thus, Power automate has the advantage that it supports UI-based automation also along with API-based automation. Moreover, with attended and unattended RPA processes, it brings immense opportunities to the field of automation.
Faster automation
Power automate, with its collection of prebuilt connectors as well as templates for automation of common processes of an organization, helps to make automation a fast deal. Its intelligent workflows are easy to set up, manage, and execute. Thus enabling automation is fast and quick. For example, workflows for tasks such as notification, approval, etc., can be created in a breeze with the help of predefined templates.
Cost reduction
Power automate allows users to take complete advantage of the entire Microsoft ecosystem tools. Compared to other automation platforms, it is a significant benefit. Not only does it help to improve the automation capabilities, but it also helps to reduce costs. If a user wants to integrate with the Sharepoint intranet while using Power Automate, it can easily be done without any extra cost or challenges.
Cognitive services
A remarkable feature of Power Automate is the cognitive services that it offers. This includes various language and content-related services. Services like text recognition, key phrase extraction, metatag recognition, etc., can be performed through Power Automate. This is a very beneficial feature and one that will make automation move beyond its traditional approach and take a broader scope.
Wrapping Up
In the current business world, automation is more of a necessity than an added benefit. Microsoft Power Automate is a great tool that stands out in the automation market. Along with the exceptional features and benefits it provides, it is gaining attention for its amazing user experience and simplified user interface. I hope this discussion about the characteristics of Power Automate has been helpful for you to understand more about the platform and gain some insight.
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