Suppliers, Time To Go Digital. Don’t You Think?

It’s not astonishing anymore when a supplier says, “we would like to go digital.” In fact, it’s more like a relief because it’s high time that suppliers start walking towards the digital era.

A decade ago, supplier’s reluctance to go digital would have been understandable, but now with the advancements of technology and adoption of e-Procurement Software, a supplier’s step ahead can help him gain profits in the long run.

According to the ‘2017 Procure-to-Pay for Indirect Spend’ report by Pay Stream, the adoption level of e-Procurement Software usage by companies have shown an increase to 53% in 2017 compared to 34% in 2016. There has been an increase of almost 55% in this segment.

Here are a few tips on how the ‘Digital Path’ could be useful for suppliers.

Tip 1: Strategize yourselves as ‘Partners’

• Studies suggest that most of the supplier perceive themselves as ‘just suppliers’ whereas when the same question was asked to the customers, they recognized suppliers as their partners.
• So, unless the perception of the role isn’t changed, it is going to be a little difficult for suppliers to adopt quickly.
• But the good news is, since the customers view you as partners, the credibility of the suppliers go on a rise if they are digital adopters.

So, hop on and sign in to our Zycus Supplier Network now.

Tip 2: Focus on ‘creating value’ first

• Studies also suggest that customers first look for strengthening ‘values’ with the suppliers and then get into building a relationship with them.
• If the supplier concentrates more on business issues that customers face and how technology can help them resolve such issues, they end up creating values for the customers.
• This is a very good way of making use of the digital world in your favor and get the most out of it.

Tip 3: Start with the basics

• Suppliers that go digital often tend to provide a broader base of benefits.
• They try to offer everything that they can with the help of technology.
• But first, however, the suppliers must work and cater to the basics needs that the customers are expecting.
• Rather than jumping off to the advanced technology, the suppliers could start from the basics and accelerate as per requirement.

The acceleration speed might differ from customer to customer, but a start from basics will always help a supplier understand and adopt a technology better.

Going digital might be challenging in some ways, but it’s definitely a step that will help in the long run.