B2B Hyper-Connectivity: A Trend You Need Know About
Visibility and collaboration are increasingly important to retailers and CPGs relationships with suppliers and trading partners.
This trend was highlighted in the recent webinar B2B Collaboration and Visibility in Retail and CPG. The webinar was hosted by Sahir Anand, VP and Principal Analyst, Retail & Consumer Markets of Aberdeen Group and Kurt Johnson, VP of Marketing at Agentrics. This forward-looking webinar discussed the trend of hyper-connectivity supply chain which will become ever more important in the next two to three years. Some of the topics covered include:
- Automation: Only 44% of retailers and CPGs have automated the procure-to-pay process. For the majority of retailers the procure-to-pay process is not where it needs to be. Many retailers are still using legacy systems and Excel spreadsheets which are more manual less effective processes. A mere one third of retailers automate the end-to-end supplier on-boarding process from planning to the final set-up.
- Complexity of Global Supply Chain: The top business pressure for Best-in-Class (54%) companies and All Others (43%) is the growing complexity of the global supply chain. This pressure extends from the largest global retailers to the smallest mom and pop shops. Both CPGs and Retailers deal with oversea suppliers and have supply chain footprints that extend not only across countries but continents. This pressure is driving these companies to implement collaboration with suppliers to increase visibility into the entire product lifecycle. Forty-six percent (46%) of Best-in-Class companies and 48% of All Others are taking this strategic initiative.
- Technology Enabling B2B Integration: Two thirds of Best-in-Class companies have already adopted key technology enablers that allow for seamless, real-time hyper-connectivity. These technologies result in easier and more effective collaboration and visibility. Seventy five percent (75%) of Best-in-Class companies have implemented a vendor collaboration portal versus approximately 30% of Average and Laggard companies.
If you are interested in learning more on this topic, you can view the recorded webinar here.
Source: Research with Results