There are hundreds of transactions taking place among partners in B2B enterprises. All this trading needs tremendous IT support for managing various connections, formats, protocols, and policies. Unfortunately, many companies are still struggling to manage trading with partners along with error-prone and cumbersome methods and processes.
A recent study by Ovum, a research firm, found that nearly 40% of enterprises take over 30 days to onboard a new trading partner. Enterprises are finding it difficult to manage hundreds and thousands of partners. In the same report, Ovum also found that an organization could reduce the complications and reap better & faster business outcomes with a centralized approach to trade and getting new partners on board.
Complexities of Traditional Process
As the partnering ecosystem increases, enterprises start moving customizations and manual processes on top of their B2B/EDI system, inviting a more complex environment. This approach demands IT intervention to manage certificate data and add to other business requirements. The IT department requires to connect each partner manually to many applications, resulting in ineffective and redundant processes.
Changes often are to be made- such as partner agreement, roles, policies, connectivity requirements, contact information- the process becomes slow and labor-intensive. Hence, companies suffer from errors, losing partners, and time-consuming processes.
Above all these challenges, companies lack visibility in trading, progress, maintaining relationships, and other activities. In simple words, enterprises are finding it extremely hard to manage and monitor their most valuable and meaningful partnerships.
Finding the Better Way
B2B integrations are rapidly increasing and growing among companies for better outcomes. Initially, companies were hesitant to invest in partner onboarding and management solutions if they knew it. According to research from Ovum, 53 percent of enterprises cited the lack of support for rapid trading partner onboarding as a significant problem with their existing B2B integration solutions.
Moreover, that’s not the only reason why you should use Trading partner management and networking solutions like HubBroker. There are several other benefits, such as below, that help you generate better business outcomes.
- Empowered Business Users: Lessen the burden on IT staff to handle new onboarding partners and maintenance activities. Enable LOB users and partners to create forms to complete the onboarding and update certificates and necessary information. They can define the endorsement focuses, work process steps, and accomplice target partner for updates at once. With a couple of snaps, the suitable trading partners can rapidly give the data and endorse partnering.
- Cost Reduction: This self-administration model opens up IT and diminishes the expenses identified with onboarding and keeping up with connections and partner relationships. Connections and structures can be reused, eliminating excess. IBM estimates indicate that companies can reduce the resources required to onboard new partners by 85% when they use the integration and Partner Engagement solutions such as HubBroker’s Integration solutions.
- Improved Integration: With partnering and management solutions, the IT team can incorporate distinctive partner frameworks to utilize APIs. There’s no compelling reason to set up a manual connection for each partner, which leads straightforwardly into the following benefit- faster time to income.
- Quick Revenue: According to Ovum, partner engagement management solutions reduce onboarding time by 75 percent. This drives one vital advantage: the organizations can start trading with their new partners quicker, further developing income and producing high working capital quicker.
- Satisfied Partners and Customers: Trading partners hope to move rapidly in the digital and computerized era. They need an ideal opportunity to generate income quickly, and a partner engagement management solution allows them to connect and trade in hours or days, rather than weeks or months. An answer like this can go far in expanding partnering and consumer loyalty, and satisfaction.
- Better View of Partner Relationships: One of the issues referred to by another study is that many companies don’t have viability in their trading connections. As well as giving insights into the advancement of activities and partners by executives and LOB managers, a trading partner management solution gives a profound understanding of functional execution and expected risks. For instance, a dashboard can make clients aware of a potential SLA issue. This helps them by limiting business disturbance and permits companies to oversee and manage partner agreements proactively.
- More grounded Security and Compliance Controls: It normalizes the B2B trading system and makes a central storage system for data, documents, and records. The data is scrambled both in transit and at end-user, unlike the unreliable, indiscriminate course of trading significant partner data through email and accounting pages. Furthermore, the solutions give better control by taking care of partner integration values and carrying out repeatable and documented cycles, which can be utilized for review purposes to demonstrate consistency.
When you onboard your customers instantly through automation, you are already putting your best foot forward. First impressions go a long way towards client satisfaction, and expediting the onboarding process can be the crucial start to a lasting and profitable relationship with the members of your digital ecosystem.
Building Strong Trading Relationships
Bringing on new trading partners quickly and efficiently is a precious asset that will place your business as one that is easy to do business with, which will give exponential benefits today and in the future.
Indeed, there will always be some level of configuration and integration you must adapt, but HubBroker’s unified integration platform will have you communicating with your B2B partners quicker than your competition.
Contact us today to learn more about streamlining trading partner onboarding and how we will help your business reduce errors, accelarate business gains, and increase ROI.