- November 1, 2017
- Posted by: administrator
- Category: EDI solutions
So you’ve taken the next step and automated your B2B business processes. What next?
In order to reap this decision’s maximum benefits, you will need to gain visibility into these transactions. This will help you better adapt to the ever-changing market and to the ebbs and flows of customer demand, make timelier decisions, and to generally optimize your business processes.
What should I ask for from analytics?
By having this valuable information at your disposal, you can remain ahead of your competition on the market. This is otherwise known as ’actionable information’ or in even more modern terms, analytics.
Granted you have easy and quick access to them, analytics can be a gateway to boosted efficiency for your business. However, they are not simply there for you to benefit from – you will need to invest in your analytics capabilities – a lot of companies tend to oversee the importance of this part of the process. Studies also show that top performers on the market are more familiarized with and willing to use analytics for their business.
In order to know what you are looking for from analytics, we suggest doing this small exercise. Imagine a transaction: in scenario A you will be the supplier, in scenario B you will be the buyer. Each of them comes with its own set of questions, as follows:
- Was the order submitted by my customer, as promised?
- Has the invoice of the order been paid yet?
- Do I have customers who pay late? If so, which are they? Which are the ones that pay on time?
- Which customers contribute to the peak registered in sales during the holiday season?
- Do I receive lots of change requests to purchase orders? If so, which customers are responsible for this?
- Which customers have registered a drop or an increase in order volume in the past year?
- When will my supplier deliver my order?
- Is there a delay in shipping announced?
- Do I receive advance ship notices on time? What’s the percentage of such cases?
- What are the most common document type that I’m exchanging with supplier A, supplier B and so on?
- What’s the number of transactions exchanged with my suppliers?
The answers to these questions can turn to gold in your hands, enabling you to:
- Be prepared even for one-off scenarios that typically happen only once in a blue moon, that can nonetheless affect customer service and bring additional unwanted costs;
- Orientate your business towards top performers – based on the info showed by analytics;
- Taking on more business partners, as you have the ability now to see everyone’s performance;
- Better negotiate with your business partners in the future – you can use the info provided by analytics as proof, for example you can ask for better prices – as a buyer – if you know you order frequently and in large quantities or you can ask for more business by highlighting your previous top performance – as a supplier.
In other articles of this blog we will elaborate on the types of analytics that you can use to obtain such precious information for your business.