We are living in an unprecedented period of market change and true business innovation. Industry lines are blurring, creating new opportunities but also new competition. Distribution companies must innovate and adapt or risk losing market share. Some of these trends have been driven and enabled by breakthrough technologies. They have now matured and scaled together, allowing for five defining trends:
We are witnessing an explosion in connections at the business, individual, and machine levels in a digital economy. And the figures are increasing at an alarming rate. This enables new insights and agile business processes throughout the entire value chain (e.g., more accurate forecasts, predictive maintenance, tailored customer offers, or proactive service).
The limits of computing power in the twentieth century have vanished. True real-time business is enabled by in-memory computing, which eliminates the separation of transactional and analytical applications. Contextual data is available to assist in making informed decisions. You can identify and solve problems before they become a problem. And you can do it all while improving business operations and providing excellent customer service.
In a highly competitive market, wholesale companies must be able to quickly adopt new technology and drive business innovation. Cloud computing and hybrid deployment models will reduce time to value, increase adoption of new technologies, and enable real-time value chain connectivity.
Robots that are smarter, printing that is smarter, artificial intelligence, and smarter products will completely reshape value chains, enable new business models, and ultimately change the world. Smart vending machines, for example, not only open a new channel, but also increase customer loyalty. Drones not only enable a new delivery method, but also entirely new service and maintenance models.
Following several high-profile, massive data breaches, CIOs have made securing customer and financial data a top priority. Contrary to popular belief, hackers are not the primary perpetrators of the vast majority of security incidents. Often, the threat comes from within the organisation. All data, interactions, identities, and business partners require technology and proper governance; any vulnerability could lead to disaster.
Disruptors are appearing quickly and unexpectedly. Early adopters are prevailing. Distribution companies that embrace the digital world and implement a digital strategy increase the value of their shareholders and stakeholders. They are expanding at a faster rate than their peers. Every business today is a technology business. What's the big picture? The digital economy exists and will continue to transform the wholesale distribution industry. Contact DoFort to know more about digital transformation Wholesale Distribution.
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