Digital Transformation top priority
According to the latest CIO Review article, Digital Transformation remains the top priority in 2023, and for the third year in a row. This means that businesses know to compete they need digital processes and digital data. But what about managing positive cash flow to mitigate inflation? The good news is it is not either-or, but “both-and”. You need to be digital, and you can be while managing your cash flow.
Some of the drivers of digital transformation include:
- Need to interact seamlessly with your customers on their digital devices
- Pressure to reduce operating costs
- Labor shortages forcing the removal of manual labor
- Ecosystem interoperability is a necessity to accelerate sales
Let’s face it Millennials are now the largest buying group. And they want to see and do without your forcing them to talk with you. The fact is it is their choice how they want to do business with you. And if you are not digital you are not visible to them. But does your choice for “digital transformation” have to risk your ability to manage positive cash flow? The answer is no.
Some proven best practices to help you manage cash flow during digital transformation:
- Capital investments (versus OPEX)
- Focus on “quick wins” and “big hits”
- Utilize experts to avoid failures and leverage best practices
Digital Transformation is no longer a choice but a necessity. The drivers shared here to tell you why. Yet, your digital transformation is not mutually exclusive with managing positive cash flow. We have listed a few of the proven best practices that will help you do both.
Curious enough to hear more? If so, then let’s talk.