If you think myths went out of fashion with the ancient Greeks, you would be wrong on that count. Myths are alive and well, even in today’s enterprise. Modern myths just do not involve gods or fantastic creatures such as chimeras.
What are the modern myths in question? They relate to digital transformation. Many people hold erroneous beliefs about what digital transformation means, how to go about it, and what it looks like once it has happened. Read on to discover the three digital transformation myths that you have to stop believing in order to achieve success.
Myth 1: Implementing a Single Solution = Digital Transformation
This myth is rooted in a common misunderstanding of the term “digital transformation.” “Digital transformation” means that your company has used technology to radically improve the performance or reach of your business. Many people interpret the definition this way: “If we implement a single technological solution, it will lead to our digital transformation.”
The problem with this myth is that one technological solution (or even two) is not going to bring about a digital transformation. A digital transformation takes place when technology provides a dramatic change in performance. EDI systems are an excellent example.
EDI systems enable you to send information instantly. They significantly reduce paperwork, which saves time and money. EDI systems alter your processes so that they are efficient and effective.
Myth 2: Digital Transformation Is Not Relevant to Our Industry
When some business leaders hear the phrase “digital transformation,” they think that it only applies to certain industries. “Only technology companies need to undergo a digital transformation,” they declare.
That just is not true. Any industry can benefit from digital transformation. Take the healthcare industry, for example. The first thing that comes to mind when you think of digital transformation is cutting-edge, life-saving technologies. However, what about day-to-day processes such as billing? Isn’t that a process that is ripe for transformation?
EDI systems are one of the technologies that have helped the healthcare industry leverage its digital transformation. They enable healthcare providers to submit electronic bills, making the process smooth, efficient, and virtually error-free.
Myth 3: We Can Wait to Undergo a Digital Transformation
Some people would rather take a wait-and-see approach regarding new technology. They want to know if the solution is right for them. The idea of undergoing something as drastic as a transformation gives them pause.
However, when you postpone your digital transformation, you defer the benefits associated with it. With EDI systems, you can lower your transaction costs by at least 35 percent because you are using significantly less paper. Moreover, your business cycles can be almost two-thirds shorter; EDI systems transmit information such as purchase orders automatically, so your wait times for order fulfillment decrease dramatically. When you ship orders faster, you get paid sooner, too.
Myths belong in storybooks. They have no place in business. They will only hold you back. To learn more about separating myths from facts about digital transformation, contact us today.