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Using Corporate Performance Management (CPM) for Digital Transformation, Part 1


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This article focuses on the first part in using Corporate Performance Management (CPM) for digital transformation.

 

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According to ERP Software, “Digital Transformation is what happens when businesses rethink processes, services and products in terms of what is possible using current technology.” Digital technology has entered a new realm in terms of innovations including advanced analytics, cloud computing, machine learning and more. With modern corporate performance management (CPM) solutions, anyone can now access the most advanced resources. This article will cover two fundamental pillars of digital transformation based on The Art of Digital Transformation – Four Pillars of Industry 4.0 by ANEGIS Consulting, a Microsoft Gold Partner.

Digital transformation happens when innovators use technology to develop new products, respond to customer demand, and unite operations worldwide seamlessly while enabling their people, internally and externally, to reach their goals.

Here are two foundational pillars of digital transformation:

1)      Engage customers – Take advantage of modern technology to shift your focus to customers. Various routes to integrated data and sources of data such as customer feedback and interactions, product performance, and social networks allow customers to gain insight in every area of the business. Digital transformation makes communication more effective and responsive by enabling companies to reach their customers directly and accommodate their business models.

2)      Empower employees – Digital transformation is positively affecting customers and encouraging employees. Encouraging colleagues to handle assets and processes in real time by connecting them with the data they need at any place, any time, and on any technological device.

The message I am trying to get across is that digital transformation is the process of reframing business structures, products, and services in regard to what is possible using current technology. In the CPM realm, digital transformation can also mean investing in modern cloud platforms and solutions that help organizations make better business decisions worldwide to improve reporting and budgeting processes for the company itself and its customers.

 

To read more about Using CPM for Digital Transformation: Part 1, click here.

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