Reshape Your Business Ecosystem to Foster Sustainability and Growth!
Customer expectations are changing dramatically. In response, digital transformation is becoming an unstoppable wave that is overtaking all sizes of businesses. To succeed in this environment, it is vital that businesses transform into smart and intelligent ecosystems.
Digital transformation is continuously increasing its presence, by developing ecosystems that are increasingly adaptive and provide sustainability. Companies are developing a dynamic network of external partners and internal departments to provide seamless customer service.
While developing an intelligent ecosystem has been a red-hot subject during the pandemic, it is likely to further accelerate adoption, especially among mid-sized businesses. Given its value generation and potential to grow and generate revenues from new products and services, most mid-sized companies are actively considering transforming their ecosystem business model.
Is yours a mid-sized business?
Are you among the many who are wondering how to remain sustainable in today’s fast-evolving market?
If so, then this blog is designed to help you understand the reasons why you need an ecosystem that can create value.
Embrace The Future with A Smart Ecosystem
We live in a digital world, so moving with intelligent ecosystems is key to the continued improvement and growth of your business. The future of your business depends on the ability to do more with less, speedy services, and the elimination of inconsistencies.
It is time for mid-sized businesses to move into the digital age and finally put their existing tech stack to work through the digital ecosystem.
Here are five reasons why mid-size businesses must reshape ecosystems:
1. Logistics will continue to grow in complexity
Technology is changing as the world continues to change. Given that, the many needs and demands of customers and partners are changing. Those changes will continue to grow in complexity as new suppliers and businesses arise on the world scene.
To keep pace with these changes the ecosystem must adapt, creating a continuous evolution cycle. A Digital supply ecosystem powered by Artificial Intelligence can help future-proof operations.
2. Ability to make informed decisions
Today’s technology provides many things at your fingertips. Customers today, thus expect quick responses, real-time updates, and services at their doorsteps and fingertips! When demands increase, companies need to be efficient and capable of making quick decisions.
Besides, making decisions regarding delivery time, costs, and outcomes based on partial information can be detrimental to the growth of your business. On the other hand, digital ecosystems allow you to access real-time data whenever and wherever you need it, enabling you to make informed decisions that impact your business.
3. Bridge and divide for better control
An ecosystem bridges a network of organizations, people, information, and resources to move a service to the customer.
Empowered by AI, the digital ecosystem has enabled businesses to move to a more streamlined and successful chain of command. It helps bridge every team member and trading partner making quick and easy communication possible. This can be done on each and every level, without exceptions.
4. Fast and free is the in-thing
In the instant world, customers expect fast and free delivery and every shipper strives to provide this. Customers would like to track their items digitally and receive real-time updates.
The current gold standard of delivery experience is two-day, one-day, or same-day deliveries. It is the minimum requirement for supply ecosystems to provide such deliveries to stay ahead of the game.
5. Recapture sustainability
Providing fast and unique customer experiences requires more energy and resources. It affects the bottom line of the business and can cause you to cut corners in other areas to make up for the expense. Doing so can have a detrimental effect on sustainability.
This is why businesses must look for ways to recapture sustainability without compromising on the gold customer experience. And leveraging a digital ecosystem that is powered by emerging technologies is one means to that end.
6. Internal and external collaboration
The strategic partnership between large organizations and large platforms is increasing. Fortunately, the ecosystem allows partners to share data when required, scale assets up or down as needed, and collaborate internally and externally.
Additionally, enormous amounts of cross-functional data with AI help pinpoint the root causes of issues and identify opportunities for performance improvement.
Reshape Your Business Ecosystem with Fingent!
Creating a smart ecosystem from scratch would open up a whole new world of possibilities for your business. However, the first step would be to get your transformation right.
George Westerman a research scientist aptly said, “When digital transformation is done right, it’s like a caterpillar turning into a butterfly, but when done wrong, all you have is a really fast caterpillar.”
Fingent doesn’t just help you deploy technologies! We help you digitally transform into a future-proof and successful organization.
How do we do that?
Here’s how we helped one of our clients transform with a customized smart ecosystem!
The client: Cheetah Transportation System – a leading truck transportation service that provides transportation of time-critical freight throughout the United States.
Their requirement: They needed to rethink their existing business processes to build a sustainable competitive advantage.
- Complexities in placing and handling orders
- Licensed third-party software was partially used but was increasing overhead costs
- Ineffective Master Data Management
- Inability to provide their customers with real-time updates about their shipment
- Complex off-the-shelf systems
- An inefficient process led to delays, increased trip cycles, and wasted resources and time
What role did Fingent play in its digital transformation?
After a thorough analysis of their major pain points, Fingent helped Cheetah Transportation System build a customized software solution that included a web app for dispatches and administrators and a mobile app for drivers to simplify their interactions with the company. Their new transformed ecosystem streamlined:
- Rate Sheet Management
- Master Data Management
- Invoice & Accounting
- Payment Processing
- EDI and GP Integrations
- Dashboards and Reports
The solution’s overall architecture helped Cheetah maintain business transparency, avoid potential disruptions and do much more than what was possible with their previous system. They could reduce the time taken to respond to customer queries by 30%, and save overall time by 40% with automated tasks and real-time reporting. The company also gained an increased capability to ensure continuous performance optimization.
At Fingent the digital transformation strategies are focused on the value it brings to businesses and their customers. Once we identify gaps and growth points, we offer customized technology solutions that can help clients to stay ahead of their competition in the current fast-changing digital world.
To know more about how we can help you reshape your business ecosystem for a sustainable and successful future, connect with our experts today!