3 Trends Impacting B2B Integration with Trading Partners
When it comes to improving efficiency and making sure no partner is left behind, B2B integration offers significant opportunities for enterprises. The reality is, gaining visibility into partner data remains a challenge for most businesses. According to Deloitte, 65% of procurement leaders have limited visibility beyond their tier 1 partners.
Trusted partners play an important role as you reshape your business under everchanging circumstances. They are constantly aligning and realigning their goals to match yours. Partners are prepared to make long term commitments if you can build trust, value their opinions, and have a shared vision for the business.
Partner relationships are evolving and there are several things that are impacting the business to business landscape. Here are three of them.
Limited visibility into partner data - New partners are added to the ecosystem more frequently than ever. Enterprises have a dynamic list of partners ranging from very small to internationally established. But not all of them are fully integrated with the enterprise’s internal systems. Enterprises need to make sure that there is end-to-end transparency in all the transactions with their partners. Businesses can take advantage of software that automates EDI exchange with partners and integrates it to the backend system for timely and efficiently handling of data.
Tracking and monitoring can be made easy with simple web-based portal like Informatica Cloud B2B Partner Portal, that’s accessible by all partners. With the right solution you can concentrate on the business value partners bring to the table, rather than worrying about their technical capabilities.
Supply chain disruption - Due to the COVID pandemic, supply chains have been impacted at a global scale, making it hard for companies to position themselves for future growth. According to a study, 94% of the Fortune 1000 are seeing supply chain disruption. Business leaders need end-to-end visibility across their systems to make rapid decisions. With the partner equation changing, it’s even more critical to have solutions that make partner onboarding and offboarding smooth and painless.
Hindrance to innovation - In order to stay relevant, companies need to innovate and respond to changes rapidly. But according to a recent study only a fraction of data management teams’ time is spend on innovation. Organizations need to invest in technologies that digitalize and automate the communication processes as much possible so that the team can focus on strategic work rather than tactical tasks and be more productive.
The more transparent communication is, the stronger the business partnership grows. As you modernize your B2B integration environment you bring more efficiency and visibility into your entire partner ecosystem.
To learn more, register for our Meet the Experts webinar: Simplify & Enhance Collaboration with Your Business Partners.