Drew Hofler, Senior Director of Marketing at Ariba, an SAP company, delivered a presentation on the “emerging digital economy” with Argyle’s CFO membership at the 2015 Chief Financial Officer Leadership Forum in New York on Nov. 5. In his presentation, Hofler described the complexities surrounding today’s business commerce.
According to Hofler, business networks play important roles in today’s digital economy. These networks promote collaboration, Hofler noted, which makes them increasingly valuable for businesses of all sizes. However, siloed companies still exist, Hofler said. And the lack of collaboration among these businesses can cause long-lasting damage, Hofler pointed out: “There are also a lot of digital economy sob stories out there where companies still exist in their silos and the different pieces of intrinsically connected processes are disconnected. Where that disconnect happens there is a price to be paid. There is a cost to that.”
Hofler used three examples to illustrate the value of collaboration among businesses. Ultimately, collaboration can help businesses streamline their operations and automate everyday processes, he noted. In addition, business networks can empower an organization with tools and resources it can use to improve its operations, Hofler said: “In the digital economy, business networks exist to connect people, systems and processes to simplify business commerce. I like to talk about a business network being all about getting the right information to the right people in the right process at the right time, so that they can make the right decisions and deliver the right business results. That’s what business networks exist to sit in the middle of all of these collaborations.”