How B2B Companies can Benefit from Digitization

By CIOReview | Wednesday, November 14, 2018
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Digitization can now make the supply-chain more effective as it can streamline various aspects like pricing, customer service, shipping, return authorization. Digitization can help to build a transparent ecosystem which can be used to integrate research and development, manufacturing, sales, marketing, and other internal operations, thus orienting a business more towards customers. If a business is looking to open a brick and mortar office space then purchasing large quantities of custom-made product can be an arduous task. There are many factors that a business needs to consider to complete the process. Companies need to contact multiple vendors and service providers to find an ideal location, purchase office furniture, and decide on internal architecture. In addition to that, the companies need to create a team internally to look after all the aspects like pricing, legal and functionality considerations. Basically, companies seeking an office space will have to complete the co-creation process. Digitization which was first utilized by B2C companies like e-commerce websites has garnered interest by B2B companies also. Many industry-leading B2B companies have started responding to increasing need for digitization in order to serve their customers more efficiently. Companies have now begun to streamline communication with all the vendors and service providers.

The amelioration of e-commerce technology has paved the way for companies to build innovative business models to serve their customers. These business models have ensured higher margins and new sources of revenue for the companies. Co-creation is a complex process which requires coordination of the vendors and service providers. For example, a company cannot purchase office furniture before finalizing the internal architecture of the office. Configure price quote (CPQ) and augmented reality can help a lot to solve these problems. Written below is the detailed view on how AR and CPQ can help in B2B co-creation:

Configure Price Quote Technology: CPQ technology enhances an end user’s experience as manual configurations have a lengthy workflow process and are tedious at the same time. CPQ technology offers real-time prices of the product with accurate order configurations. It also helps in buying and selling of a product.

Augmented reality: augmented reality can help a business to make informed decisions as businesses can visualize their product. The companies can decide about a product after knowing the space requirements and item positioning through augmented reality.