B2B electronic integration has been around for over decades now. Some industries implement them, while others don’t. Organizations that invest in technology integration find it easier to do business with cloud-based managed services. They are able to cut costs and increase business flow efficiency. They are also able to see improvement in their electronic connectivity capabilities. In a word, B2B integration reduces lead times, improves forecast accuracy and increases inventory turnover.
In the past, only large companies can afford B2B electronic integration due to its high maintenance and deployment costs. Small businesses continued to rely on fax transmission and paper letters. But, increased pressure on information technology (IT) departments to meet business goals leads to gaps in technology and knowledge, making it more important to streamline business processes. In today’s hypercompetitive and industrial world, successful collaboration with your trading partners can achieve impressive results. It helps you solve issues faster and improves the overall process of your business.
Over the next three years, electronic connection is expected to increase. In fact, many organizations are already linked to at least one of their trading partners electronically – in one way or another. If you are not trading electronically with your customers, suppliers and partners, adopt B2B electronic integration straightaway. It will improve your inventory visibility, reduce your supply chain costs, and make you more responsive to your customer demands.
Business to business or B2B electronic integration is not a new concept. It simply means automation, integration and optimization of key business processes that extend outside the four walls of an organization. It delivers sustainable competitive advantage as you collaborate with your customers, suppliers and trading partners. By connecting to involved parties, you can achieve real-time visibility, improve customer service and increase sales. Ultimately, you can increase work capital and decrease supply chain costs.