This week on the blog, we’re sharing an extract from chapter 1 of 19, from the Balance Internet whitepaper ‘Digital Transformation in B2B eCommerce — Driving success and growth in 2021 and beyond’ Second Edition.’

We’ll discuss digital transformation and the increasing role it plays in B2B strategy and narrowing the gap in digital maturity between B2C and B2B business online. As well as the importance of organisational values for digital transformation to be successful, and plenty more.

While you’re here, don’t miss out on downloading a FREE copy of the whitepaper to read the full chapter, along with expert insights and predictions from 40+ leading industry experts.

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Introducing digital transformation to a business

Looking back at the eCommerce landscape over 2020, it’s as if the entire industry travelled forward in time. The future came early, and whatever the new normal brings, one thing is clear according to Magento Commerce — “Whether you are a B2B or B2C brand, the digital experience you offer is what will set you apart from your competitors and ensure long-term viability, so getting it right is business-critical.

Businesses who seek to introduce digital transformation into their company acknowledge that having first created their business, they must now continually work at improving operations and the model for sharing it with customers. For all of the change in the ever evolving eCommerce landscape, it is also true that digital transformation in eCommerce is not a mystery. It can be learned and mastered, like any craft. Transforming, digitally speaking, is continually re-transforming.

Research by McKinsey in 2020 found B2B companies that successfully master digital transformation have 8% more shareholder returns and five times more revenue growth than their peers.

The research tells us, quite clearly, that simply beginning digital transformation for a business isn’t enough. Businesses must seek to ‘master’ digital transformation, which at Balance Internet we define by having a combination of comprehensive knowledge, experience and the right resource and skilled teams.

Challenges of digital transformation

The major challenge to any business embarking on a digital transformation journey is getting the work itself done. The practical reality of digital transformation is in moving beyond bold ideas and at times complex strategy, and into the work of delivering solutions. When you begin to ‘deliver’ solutions, the real transformationional benefits and growth potential can begin

Not surprisingly, one-third of B2B companies take more than a year to move a digital initiative from concept to implementation, and fewer than 15% use the types of test-and-learn and rapid prototyping processes that have been shown to accelerate innovation and customer satisfaction.

The practice of digital transformation

Digital transformation can be defined as adopting new digital technologies to transform a business by replacing non-digital or legacy-digital processes and systems with modern digital technologies. Digital transformation is essential for B2B business and eCommerce alike, because of the various ways in which it can optimise, automate and innovate business operations, rather than merely enhancing existing processes. For example, rather than replacing outdated software with a new version, digital transformation seeks to turn the process on its head. For example, a review of alternative software options and a critique of the current business process should be undertaken. In any digital transformation, not surprisingly it’s not just the customers who benefit. Crucially, it’s the staff teams, who are the fabric of a business, and how they work which benefit from the new digital infrastructure.

Driving successful digital transformation

To make our way in the discipline of digital transformation, we should set ourselves distinctive goals, creating an agile pathway towards the future. As we work towards and complete each goal, each milestone stimulates our progress towards digital maturity as a B2B business. We must go about unlearning the ways which we ‘used to’ operate, and embracing the new. The digital transformation classroom is therefore, our own businesses, that of our peers, and industry leaders. We never stop learning; there are an infinite number of classes to attend and courses to explore.

Something to consider:

Digital transformation values

At Balance Internet, we deliver the kind of solutions that have the potential to revolutionise the way a B2B business operates in the eCommerce landscape. Each solution begins with the union of our team, and client teams to architect a winning solution. From the onset the values we adopt for the work to be done, set the tone of the way we work together. We recommend for any endeavour, developing a set of values that all individuals within a business can aspire to, on the path towards digital transformation.

Reshape

Create a sustainable business model in a time of disruption and never-before seen growth in the B2B eCommerce industry. Stay the course

Redefine

Change the focus of your products or services, explore a shift in your geographic focus. Think big and bold.

Realign

Change the way you work, do business and transact, utilising advances in technology to do so where possible. Strive for better.

Integrate

Synchronise information technology (IT) with business objectives, and align new technologies with business strategy. Sync for success.

Collaborate

Ensure separate business units work together for a common purpose, and to strive towards achieving lasting business benefits. Let’s work together.

Key takeaways

  1. To drive successful digital transformation, we must set specific business goals, and all undertakings must speak directly to these goals. Do you have clear andcomprehensive digital transformation goals?

  2. Developing a concrete set of digital transformation values is vital to successfully delivering any roadmap item in the overarching strategy. What are your organisation’s digital transformation values?
In Conclusion

This blog post is an extract from chapter 1 of 19, from the Balance Internet whitepaper ‘Digital Transformation in B2B eCommerce — Driving success and growth in 2021 and beyond’ Second Edition.

Read the full chapter, along with expert insights and predictions from 40+ industry experts, by downloading a FREE copy of the whitepaper today.

Download the whitepaper

B2B eCommerce is booming and APAC merchants are embarking on grand scale digital transformation like never before. Download a copy of the whitepaper if you’re ready to kick your organisation’s digital transformation strategy into overdrive for the year ahead. There’s simply no time for slowing down; the time for innovation and growth is now.

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