Digital Transformation in Small and Medium Sized Businesses

26 Apr, 2019

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    SMBs and Digital Transformation: Is Your Company a Laggard or a Front Runner?

    SMBs have long been seen as being “behind the curve” in terms of transformative businesses processes. This unfortunate placement puts slow adopters at a disadvantage, blocking access to cost-saving solutions and process optimization.

    With all the advantages that digital transformation promises, you might wonder what the hesitation is all about, but it could be due to one or more factors that include:

    1. Lack of awareness. In small businesses, often there isn’t a dedicated technology officer to inform leadership of new and helpful tools. Unless there is somebody within the organization who has an interest in pursuing this line of action, the company will likely continue as they have in the past, gradually losing market share.
    2. Cost-prohibitive nature of large analytic ERPs. Not every business is a good candidate for an ERP as these systems are often designed for the enterprise and not priced for a smaller operator.
    3. Lack of manpower. Digital transformation does not happen overnight. Identifying the right technology, migrating systems, training staff, and generally managing change is a time-consuming and sometimes complex process. Many businesses simply do not have in-house staff who are trained adequately enough to see it through and hiring an outside company isn’t always possible due to budget constraints.

    Procurement solutions: turning laggards into front-runners

    Even if your digital transformation is underway, some departments are often overlooked or put on the back burner while more critical areas are addressed. Procurement is one such area, but in truth, it is one of the easiest to gain control over, helping you lower costs and gain some competitive ground.

    Procurement is, perhaps, the largest area of total spend over which SMBs do not have complete oversight. In most cases, there will be several individuals spread out over various departments who are making purchases covering everything from office supplies to raw materials.

    In the enterprise, these tasks are centrally managed through the ERP. Buyers can access a centralized list of preferred suppliers, leverage an integrated PO system for efficient financial reporting, and stakeholders are provided with complete transparency into all procurement activities.

    How can SMBs take advantage of enterprise approaches to save?

    The good news is, the ability to easily manage spending analytics and choose from a catalog of diverse suppliers is no longer the sole realm of the enterprise.

    The solution: Premikati Marketplace

    Running on the SAP Ariba™ Buying and Invoicing platform, Premikati Marketplace can accomplish all of these things, offering affordability and scalability combined with the simplicity and security of a cloud-based platform.

    Premikati Marketplace is a B2B marketplace that features tens of millions of items from fully-vetted and sustainable suppliers. SMBs can access features like rock bottom pricing and leverage built-in spending control, driving value straight back to the bottom line.

    “Finding frictionless ways for your business to initiate digital transformation in their organization is a growing trend and plays a key role to maintain competitiveness. The challenge is that businesses are just like consumers – they want fast time to value and convenience. Premikati Marketplace offers both for SMB companies by digitally connecting suppliers to help SMB companies buy goods at market-friendly prices with control and visibility that is required by companies. This is a great foundation for any business to start digital.”

     

    Sean Thomson, SAP Ariba, Network & Ecosystems

    @seanthomson0108

    Benefits of Premikati Marketplace

    There are many benefits of Premikati Marketplace, including:

    • Control spending across multiple departments and buyers
    • Reduce time spent on ad-hoc buying processes from days or weeks to just hours
    • Up to 35 percent reduction in costs overall
    • Cashback feature: receive a rebate of up to one percent on your P-Card for all purchases

    If your company is lagging behind the pack in digital transformation, even small changes can deliver significant results. To learn more about how we can help you optimize your procurement spend, visit www.premikati.com/marketplace or call us directly to find out how we can help.

    About PREMIKATI

    Founded in 2009, Premikati, Inc. is a WBENC certified woman-owned Supply Chain Business Process Outsourcing (BPO) firm, providing cost savings and financial, contractual and supplier risk mitigation services to purchasing organizations for mid and large enterprises while leveraging best-in-class purchasing processes and technology. Premikati has partnered with SAP and is one of only five companies globally to have been granted the most exclusive partnership level with SAP Ariba, as a BPO Partner.