Manufacturers and distributors are transitioning to digital commerce like never before, and along with the movement comes risks. B2B eCommerce experts believe you can digitally transform your organization with a positive ROI, even if you are operating on thin margins. The important thing to remember is to have the right combination of leadership, vision, investment, technology, marketing, operations, goals and metrics to avoid risks that will negatively impact your digital transformation. Here are three common risks to avoid.
Insufficient Initial Investment
It is common for organizations to start out with an insufficient level of investment to accomplish the whole digital transformation. Secondly, it is often common for organizations not to identify aggressive enough goals and metrics, nor to craft a plan to accomplish those goals and metrics.
Involving the CFO Too Late
One important move is to engage your CFO in the planning from the earliest stages. CFOs who are involved in the conversations from the beginning understand what the initiatives are, what the technology is and the level of cross-departmental work that is required inside the organization to make the transformation happen. Most importantly, they are able to lead the digital initiative from an investment and returns perspective.
Backing Off from Digital Transformation
Without adequate funding and investment leadership, many organizations that try to digitally transform will experience limited results. This will cause them to question their decisions and withdraw from their digital transformation. For example, some organizations large and small have made significant investments, only to see less than five percent of their orders migrated to their online channel after a two- or three-year period of time, compared to other more successfully transformed B2B organizations who are getting 40-60 percent migration levels. With the right digital marketing programs in place to support it, online order migration is one dimension of your digital initiative that can be a key driver in achieving a positive ROI and building momentum for other future initiatives.
Watch the webinar recording, “De-Risking Your Digital Initiatives” to learn more about B2B eCommerce and steps you can take to reduce investment risk and increase returns as your organization establishes and operates its digital commerce channels.