Create your digital ecosystem – 5 tips for a successful digital business

Digital ecosystems (digital business platforms and models) are also beneficial for small to medium-sized companies. It enables firms to save costs, improve productivity, and access well-established markets.

The following five tips will help you cultivate your digital ecosystem efficiently in your organization:

 

1. Joining an open network is key for digital business

The main goal of a digitization project is to generate significant digital traffic and provide a convenient way for all trading partners to connect. In case your trading partners have opted for a different service provider, your business must be able to connect to them. Choose a cloud-based open network. You will be able to connect with all your trading partners, even if they have different service providers. In this way, neither you nor your trading partners have to adhere to implementing a single solution. A single platform can get used for communicating and sending business documents.

2. Prioritization of data accuracy

Data collection can begin once all the transactions in your business have gone digital. Every invoice and order contain a vast amount of data. It is difficult for a single individual or department to identify and gather manually. Some valuable data collected from invoices can show trends, pricing insights, patterns, and buyer preferences.

Although most of the data required for establishing an automated supply chain is already available to you, it is still a challenge as the data is available in physical documents.  These documents must be scanned, OCR recognized, and then manually input into the database. Manual intervention can lead to errors.

Using invoice automation software helps data accuracy and improves efficiency. Automation of AP processes can help avoid human errors and improve data accuracy. With automation software, one can automatically download invoices from different portals. Therefore, invoice collection will become faster rather than manual follow-up. Paper invoices can also get scanned using a mobile app. The data records can automatically integrate into the invoice management system.

3. Establishing a connection with your ERP system

Another key pointer to remember is to choose a service provider that is well acquainted with the ERP system of your business and can help integrate applications easily. The digital processes of your business should not require any format changes or system changes while choosing the right service provider.

4. Emphasis on regulatory compliance.

If your company operates across multiple countries or has trading partners in other countries, choosing a service provider with interoperability and global reach is essential. Invoice compliance and tax compliance are effective with the correct service provider.

The right service provider will ensure that your business gets updated with the latest local regulations in every country where your company operates.

5. Invest in onboarding support

In a digital business, you’re investing in modern technology. So, for the company to operate effectively, it is essential that all the business partners also need to receive and send documents electronically. Encouraging business partners to implement automation of AP processes and use invoice automation software is vital.

As a business owner, your suppliers must know about your digitization plans. Not only that but suppliers must also be advised about connecting with your business. The right service provider will perform this function on the business owner’s behalf.

A survey by the World Economic Forum stated that approximately 70% of the value generated in the economy over the next decade would be from digitally powered platform business models. So, remember to implement the tips mentioned above for establishing your digital ecosystem system.

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