Recently, iTradeNetwork’s Chief Financial Officer, Brett Paduch, and V.P. of Sales Solutions, Mike Anderson, hosted a live webinar to share the importance of embracing technology, not just to gain a competitive edge, but a financial one as well.
Buyers and suppliers are at a crossroads in the food and beverage industry. You know you have to be bold and invest in technology to increase efficiency and resilience in the face of increased disruptions. But sometimes it takes looking at the manual process you have in place now to really see why an upgrade is not just needed, but essential to the growth of your organization.
“Yes, digital transformation has a cost associated with it,” said Mike Anderson. “There are changes that are involved, but so does not changing.”
The Competitive Landscape
“The way we’ve always done it” doesn’t cut it anymore. The competitive landscape is growing so adapting is necessary. But it can’t be done without embracing technology.
Grocery and foodservice business models are rapidly evolving and new digitally-savvy competitors are emerging.
For retailers, this technology-first focus is disrupting your traditional brick and mortar business. So a digital transformation is key for your growth.
For suppliers, while your buyers are upgrading their procurement process technology, you have to be able to keep up as well. That means, you need to stop processing the POs manually and upgrade, so that you are collaborating on the same level, with the same efficiency.
Calculating Your Costs & Savings
Retailers, did you know that the current manual process you have in place for purchase order creation, management, and reconciliation is costing you more than $1M? And that number is actually pretty conservative.
iTrade CFO Brett Paduch, walked attendees through his ROI calculator to show the labor costs of each PO you process manually and how an order management solution, like iTradeOrder or OMS, can cut those costs by more than half.
“We’re confident that by using a digitally configured workflow that enables real-time collaboration to be captured, you can easily reduce your manual labor costs by more than 50%,” said Paduch. “This would mean a guaranteed payback period on your investment in less than a year.”
If you weren’t able to register for the live webinar, you can watch it on-demand now to see for yourself how much a digital transformation can save your company.