Digitalization of business processes: advantages for B2B companies
Companies’ massive transition to digitalization is predicted for all the economy sectors during the next years. In the future, it will lead to a business model change, increase in labor productivity, as well as emergence of new roles.
Let’s see what digitalization of processes means and what effect it has on business development, in e-Commerce in b2b in particular.
Business digitalization: what is it?
Business processes digitalization is a transition of a company to electronic platforms.
Digitalization is sometimes confused with automation, which enables to transfer a part of tasks to software solutions. However, automation is only the first stage of digitalization. Sales management automation comprehends a transfer of business processes in they way they are used within a company to electronic systems for storage and exchange of data.
Digitalization is the next step, whereby the optimization of business processes with adaptation for the digital economy tools occurs. Digitalization of business processes minimizes the number of stages needed for completing tasks, cuts the volume of work with documentation and the influence of the human factor. All of it allows avoiding mistakes made out of fatigue or lack of attention.
The next stage of business development is digital transformation, which implies a qualitative change in a business model from cooperative strategy to digitalization of production processes.
Lead generation in e-Commerce in b2b represents an example of increased efficiency due to introduction of digitalization. Managers operating in this field have to assess every potential client, contact him or her, then conduct negotiations according to the company’s tradition. Meanwhile, the director has to receive all information on the process of client’s transition through the sales funnel with a note indicating the reason for refusing the transaction.
At this stage, managers often forget to monitor leads, thus loose potential clients. Besides, due to a high number of tasks, they often commit mistakes in reports. The transition of lead generation to a digital base allows to reduce the number of errors and fully control the process, while the administration also gets all necessary data and reports automatically created by the system.
B2B companies tend to underestimate the advantages of business processes digitalization and maintain traditional ways of doing business. Let’s see the benefits that the transition to an electronic base and the change in methodology create.
Advantages of processes digitalization for B2B companies
In the wholesale procurement market, the interaction of suppliers with key clients traditionally occurs in person. It implies a long-term building of personal relationship of trust with managers and partners. According to the Pareto principle, 20% of VIP clients bring 80% of benefits. Thus, companies may have a false impression of a stable position. Why would they introduce changes or transfer to an electronic platform, if everything works well?
At the same time, competitors are implementing digitalization, while the transition to electronic platforms, such as AGORA b2b portal, is bringing new opportunities.
AGORA b2b portal can be integrated with ERP (Enterprise Resource Planning) systems for inventory management and allows to track stock in real time. Digitalization of production processes enables buyers to see what items are available at the moment and in what volume. It allows people to place orders with no need to involve supplier’s managers to check the availability of an item.
The digitalization of business processes based on the AGORA b2b portal will allow you yo implement broad personalization for customers. The platform functionality offers catalog personalization. With the platform, you can offer your clients personalized:
- payment currency;
- prices, discounts, promotions;
- accounting units of goods (e.g. pieces, boxes, etc.);
- catalog assortment;
- minimum lot;
- terms of payment, order collection and delivery;
- access rights for managers of different levels;
Without electronic solutions, such extensive personalization settings tend to result in a multitude of errors, since managers have to keep data in mind and operate with it, while interacting with many clients. The digitalization of business processes allows not only to implement such settings with adaptation for clients’ requirements, but also to diminish the influence of the human factor and to reduce operating costs.
Optimization of transaction management
Having eliminated all the unnecessary operations, the staff has time for truly important tasks that require professional training. Thus, transaction management becomes more efficient: the system automatically offers personalized solutions, which may possibly be interesting, to clients, while high-level managers control the contracting process. With the b2b portal, it becomes easier to locate bottlenecks in the sales funnel.
The digitalization of business processes provides the fullest information on clients, their behavior in procurement, as well as on the goods of their interest and non-liquid products. Besides, it collects information on the items that were added to the cart, but never bought. Data analysis allows companies to create algorithms that predict sales and make purchases automatically with no involvement of companies’ managers. CRM systems that are integrated with the b2b portal will simplify and accelerate the sales process.
Marketing and interaction with clients
Comprehensive data on customers’ behavior and sales allows you to concentrate your attention on marketing services. The solution of AGORA will help you launch large promotions and many other marketing events without considerable operational costs. A b2b portal will allow:
- reducing customers’ churn rate due to working with abandoned carts;
- raising a bill due to personal discounts and bonuses;
- promptly disposing of non-liquid products, adding them to special offers for clients potentially interested in this product;
- quickly update the catalog assortment and immediately display new goods for the whole chain of dealers and distributors;
- offering catalogs for download, as well as POS materials, promotional flyers, posters and other marketing products;
- training managers of the purchasing company to work with products.
Interaction with clients also becomes easier due to digitalization of production processes: the b2b portal system allows controlling order formation, which includes notifications about all changes in the status sent to the client. It also generates all the necessary supporting documents, as well as takes into account the logistics characteristics in order to optimize delivery.
Solutions such as the b2b portal of AGORA will permit b2b companies to implement electronic document management, reduce the number of stages needed to complete tasks, accelerate all the operational processes and increase work efficiency. Thus, they will lead to an increase in sales. A number of processes will be performed automatically, so staff will spend more time on the tasks requiring professional training.
The introduction of sales management automation and digitalization of business processes will lead to a qualitative digital transformation of your company. New technologies will be developed not only in banking or oil production fields, but also in b2b companies. The transition to a digital basis will occur in all economy sectors and will lead to a qualitative development of the business sphere.