Business Networks Are Growing Up
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Companies initially implement a business network because they can automate transactions and save time and money. But as they implement and use these networks, they are realising other strategic benefits:
- More accurate data delivered more quickly drives better decisions around sourcing, efficiency, and pricing
- Transparency and trust mean collaboration to resolve problems and disruptions free of any unnecessary complexity
Forrester Consulting conducted a study, with supply chain professionals, consultants, and leaders to see how they are using supply chain, or business, networks for collaboration and innovation. They found that B2B buyers and suppliers are well into the adoption of business networks and the benefits they provide, but they have not yet begun to fully exploit opportunities for innovation and collaboration. Those that have begun to collaborate, however, are seeing results, especially with internet-of-things (IoT) usage and advanced analytics.
- Business networks improve the efficiency of transactions
- Network implementation challenges technology, people, and processes
- It’s difficult to see beyond the first phase of integration.
- However, new technologies like advanced analytics and IoT are helping firms innovate and collaborate