While technology is at the heart of digital transformation, it’s the right combination of innovations and their use that allows businesses to move from reporting on the past to making decisions in the moment.
The trifecta of digital transformation, innovative technologies, and the cloud are fueling the shift towards adopting the concept of a Live Business. This is not a futuristic aspiration; rather, it’s a capability that is currently embraced by forward-thinking businesses of all sizes.
What’s a Live Business?
Businesses that are still stuck zig-zagging their way through mounds of paper, limited processes, or low-level use of technology cannot effectively compete in the shadows of companies running a Live Business.
The notion of a Live Business is about how businesses of all sizes embrace digital technology to transform customer service and simplify business operations. In fact, small and midsize businesses are adapting to the new digital economy and adopting a variety of innovative technologies as a key enabler for improving business outcomes or running the business better, according to a report by SMB Group, a research firm.
Adapt and transform
Both the digital economy and digital transformation allow small and midsize businesses to compete effectively against larger ones by creating a level playing field. For example, the cloud has been leading the adaptation curve in helping businesses transform. It has made it affordable for companies to implement and maintain the solutions they need to use real-time analytics to manage areas from operations and inventory management to supply chain and sales, to make decisions and take real-time action, and plan for short- and long-term growth.
However, real time is just not enough. This is especially the case when different solutions and processes remain disconnected, hindering businesses leaders from getting the insights necessary to make crucial decisions in the moment. According to Penny Delgadillo Valencia, senior vice president of Global Audience Marketing and Line of Business at SAP, “Operating a business from a live perspective is the key to driving success and adapting to changes along the way.”
A Live Business view from award-winning partners
Partners play a critical role in helping customers reap the benefits of a Live Business. With their expertise, they help customers build a consistent digital framework with in-memory computing platforms, such as SAP S/4HANA, at its core – combining a platform with applications, a business network, the workforce, suppliers. and every device that can effectively be connected to the network.
itelligence AG and Deloitte, winners of the SAP Pinnacle Award, use innovative technologies to provide customers with game-changing competitive advantages. Throughout a customer’s digital transformation journey, they seek ways to provide decision makers with a “live” view of all business processes as well as on the current economic situation at any time.
“The ability for decision makers to get instant insights into the business provides a clear competitive advantage to be able to make quick and smarter decisions in the moment,” says Norbert Rotter of itelligence.
Recently, Deloitte helped a multilevel marketing company use innovative technology to create a Live Business for a commissions solution for their sales force. Using SAP S/4HANA to calculate commissions and perform unilevel complex calculations including dynamic compression, Deloitte’s solution reduces processing time from 15 hours to 4 minutes, enabling the sales force to visualize their goals and adjust their tactics to cater to market needs.
In another example, Deloitte recently helped a global agribusiness company use innovative technology to focus on its Live Business aspirations. Deloitte enabled the company to quickly perform a real-time diagnostic inquiry and identify targeted pricing opportunities that could impact the company’s bottom line between 1% and 3%
Even though the path to digital transformation is more of a journey than a destination, smart businesses that want to unlock value, spark growth, and access instant insights into potential opportunities will realize the benefits of running a Live Business.