Digitization has conquered the B2B space and is fast developing it into a great cyber dominated landscape for years now.
While corporations are trying to cope with the need to change and survive, not all are finding the going easy. Some have hit the ground running, prepared as they were for the strategic change that was in the offing, others had to sadly bite the dust.
The strife to shift from paper to paperless is indeed a challenge for many.
However, with Fintech firms playing the facilitator role across the globe, e-procuement and e-commerce B2B operations have taken off with amazing acceleration in many quarters. In some places, by leaps mand bounds.
One of the key mediums of this change factor is the concept of ‘Cloud Computing’.
With the companies finding the going tough even on the e-Commerce platform, a B2C-like business experience has been modelled by the Fintech generation for this sector. Amazon has been a role model to learn from, for this alignment.
With more buyers going digital, the B2B space has no choice but to fill itself up with this ‘seismic shift’ today, according to an industry leader.
Consumerization is revolutionizing the space. B2B is picking up speed everywhere through digitization. This has been the general industry observation.
Cloud technology was next, not long ago. Today, it is reality.
First amongst the advanced technologies to offer B2B the grand experience, Cloud is taking over the digitization space like never before.
It allows the organization to address the consumer with more sharp focus. It required much cumbersome processes with the legacy systems of the IT knowhow of the past, feel the segment leaders who have adopted the change faster than others.
More agile in implementation, Cloud as a tool enables the user to cut down on cost and time to implement the e-commerce capabilities, on-premises business tools and thus get better return on investment.
The speed at which a Cloud system can respond to market changes and environmental needs is simply unprecedented, commented a spokesman from a leading B2B enterprise.
The entire business system would reap benefits due to this speed and efficiency to respond, he felt.
With eCommerce platforms moving into other areas of driving the industry, much more facilities and services would be available for the enterprise and the user as the days go by.
New B2B business models will emerge due to the availability of such technology inputs. Both the buyer and seller will benefit out of the change, for instance, cash flow management , accounting, payments and reconciliations and purchases anytime, anywhere would be the outcome of such Fintech modelled B2B offers.
What’s more, with AI and machine learning coming into the picture, we’ll see buyers getting more personalised transactions within the B2B space too, feel the industry observer.
When integrated to B2B, from the B2C learning experience, major integration will take place in terms of automation of regular orders, anticipation of needs and wants, in addition to personalization.
Big change is fast coming. It’s going to be cutting edge. Nothing less.
The language of the B2B world will be a whole lot different, and those who learn it fast will talk business. More than ever before.