Digital transformation is changing how businesses operate. In case you’re new to the term, digital transformation is the process of moving away from analog and paper-based processes and embracing modern technology. By moving digital transformation initiatives forward, organizations can increase efficiency, reduce costs, and meet employee and customer expectations for modern tech experiences. That’s why it comes as no surprise that today’s leading organizations are making significant investments in digital transformation. According to IDC, enterprises are planning to pour upwards of $6.8 trillion into digital transformation between 2020 and 2023. Digital transformation can impact all areas of operations, including the partner program. With that in mind, we are going to take a look at some of the ways you can enhance your channel with digital transformation. But before we do that, let’s briefly examine the history of digital transformation in the channel.
Digital Transformation and the Channel: A Brief History
Digital transformation first made inroads in the channel in the late 1990s. Companies began creating web presences, and channel managers began engaging partners over emails. That said, the majority of the work was still done in the same room or over the phone. The new millennium ushered in customer relationship management (CRM) software and enterprise resource planning (ERP) solutions. Channel managers made use of these tools, but the data was fragmented and required a lot of manual intervention. Fast-forward another decade, and the first cloud-based channel technologies began to emerge. NetSuite’s PRM+ solution, for example, debuted in 2006. Although this made it easier to manage the channel, most solutions lacked mobile support. Today, leading channel programs rely on software-as-a-service (SaaS) solutions that are delivered through the cloud and available across devices.How Can Digital Transformation Enhance the Partner Program?
When companies invest in the digital transformation of their channel, they enjoy a number of incredible benefits.1. Streamlined Processes
With the right tools in place, channel managers can work with purpose. Instead of searching for information or tracking down deal updates, they can take advantage of streamlined workflows that speed up processes.2. Consolidated Data
Leading channel tech solutions gather all of your data in one place, meaning no more copying and pasting information from spreadsheets to your CRM. Instead, you get a single source of truth.3. Improved Communication
When you invest in channel tech, you’re able to create a direct digital connection with each of your partners. This allows you to maintain open lines of communication, keeping everyone involved in the channel on the same page.4. Boosted Engagement
When partners are kept in the loop and given tools designed to make their lives easier, their happiness greatly increases. This improves engagement across the entire channel.5. Enhanced Data-Driven Approach
Leading channel tech solutions can transform your channel into a fully data-driven operation. At a glance, you can tell which partners are delivering the most value to your channel and which may not be worth keeping on board.6. Reduced Channel Conflict
Channel solutions allow you to enforce rules consistently and evenly. As a result, channel conflict decreases, and your partner program becomes a well-oiled machine.7. Increased Sales
All of these benefits taken together add up to one very nice sum: more sales. Which is a big deal, because that’s the whole point of your channel, isn’t it?What Opportunities Exist After Embracing Digital Transformation?
Bringing digital transformation to your partner program unlocks a number of lucrative opportunities, including:- Achieving closed-loop ROI, which gives you the confidence that you’re effectively investing your incentive dollars.
- Tracking which partners influence deals and whether deals are driven or given, even in multi-partner deals.
- Reclaiming time through automated reminders that nudge partners to update deals, which allows channel managers to focus on other important areas of operations.
- Figuring out the best way forward in every situation using comprehensive analytics.
