The National Association of Wholesale Distributors (NAW) is a non-profit organization that advocates for the wholesale and distribution services industry in the United States. In a 2020 research report, NAW focused on the fact that the digital transformation impacted almost all wholesale distributors.
According to the report, the most significant barrier to companies launching their digital transformation journey is hesitancy from company leadership. This may be due to a lack of technological experience, misalignment of the management team, complacency with the way things have always been and a lack of prioritization of digital transformation. The study identified six steps that wholesale distributors can take to launch their digital transformation journey.
Step 01 Establish Vision
Define where the company wants to go and incorporate elements of digital transformation into the goals.
Step 02 Execute Digital Strategy
Have regular meetings to ensure that progress with the digital strategy is being made. Address any roadblocks with plans to overcome them and adjust the plan as necessary.
Step 03 Align Executive Team
Disruption due to digital transformation can lead to disagreement within the management team. This must be handled and resolved at the leadership team level as changes will impact the company's culture. The fear of change must be addressed. Change will also require changes in employment structure and positions.
Step 04 Build, Deliver, Embed
The decision to "Start" on the digital transformation journey must be made. Reengineer processes to be digital-first. It will be necessary to develop new metrics to measure results. A team representing each business section must be involved; no one department should hold the responsibility.
Step 05 Build your Technology Ecosystem
Carefully select digital solutions that will support your strategy to automate as many of the processes as possible. The foundation for the ecosystem should encompass four primary technologies - ERP, CRM, E-Commerce and Data Analytics.
Step 06 Identify Investment Requirements
Develop a budget and define metrics and goals to measure success.
Conclusion
By undertaking the digital transformation journey today, a wholesale distributor should see a genuine change in the overall DNA of the company that will allow it to compete with large, multi-national competitors.
Read more here https://www.barnesdennig.com/digital-transformation-wholesale-marketplace/
Have any queries about how your wholesale organization can benefit from Zooloo's digital solutions? Contact us at sales@zooloo.asia.
Explore more
- Read about The Digital Transformation Journey
- Learn more about our “Digital Backbones”
- Learn more from our eBook series on Digital Transformation for Wholesale Trade
Tags:#digitaltransformation #B2B #digitaladoption #digitalintegration #covid19 #digitalsolutions #wholesaletradesector #wholesaletrade
