Originally Published in Global Trade Magazine
This article talks about digital transformation, and how technology serves a vital role for all parties along the end-to-end supply chain. The author quotes from Steve Bowen’s book, Total Value Optimization, talking about the need to get all trading partners to rally around the same objectives rather than splitting into functional silos, which Steve calls "one of the most pervasive and profound barriers to real competitive advantage in every company."
We hardly need reminding of the global challenges facing companies today, from increased competition from low cost foreign competitors, to tariffs and changing regulations. As if that weren’t challenging enough, there is the need to keep abreast of technology innovations such as digital business networks, artificial intelligence and blockchain, that are giving startups the opportunity to leapfrog more traditional and mature companies. Within this landscape, companies need to transact with more and more companies, using different systems and often in different time and regulatory zones, which increases the complexity of doing business exponentially.
So, how do you address these issues while modernizing and continuing your business?