An OpenText commissioned survey reports that B2B integration is vital to improving supply chain operations’ cost, efficiency, and visibility. The IDC White Paper claims that the most significant gap in supply chain efficiency is the adoption of modern digital technologies. Companies with more progress in their business-to-business (B2B) digital transformation outperform those with less progress in revenue, profit, customer satisfaction, and rate of responsiveness. This study shows that 78% of respondents report that B2B integration has improved the overall performance of their supply chains.
Companies find it challenging to identify the business case fully, justify the return on investment, and build the necessary internal capabilities. 71% of organizations have increased investments within their supply chain, yet 6% reported being at the highest level of digital supply chain resiliency. There’s a long way to go.
According to Sandy Ono, Executive Vice President and Chief Marketing Officer at OpenText. “…The latest findings from IDC confirm that the future of the supply chain is to bring information and automation together, and OpenText is proudly leading organizations through these critical business transformations.”
Advanced supply chain integration supports more efficient and effective current approaches and new models that directly translate to business performance. 80% of survey respondents cite levels of improvement based on automation, including the cost of handling and sharing information, staffing efficiencies, and improvements in Key Performance Indicators (KPIs). B2B integration capabilities and processing reduce operational and logistical costs, deliver faster time to market, and improve data quality/accuracy.
The study also highlighted the significant role of artificial intelligence and advanced analytics in the maturity of B2B integration. 44% of companies reported using Artificial Intelligence (AI)/Machine Learning (ML) for predictive insight across their supply chain operations. However, 17% said that they only use basic analytics. The ability to leverage all available data is fast becoming imperative and a source of competitive disadvantage for companies that fall behind.
The survey, sponsored by OpenText, was conducted by IDC in the third quarter of 2022 and included 811 respondents from manufacturing, life sciences, and retail across ten countries within North America, Western Europe, and APAC. For more information on IDC’s latest study and how OpenText is working to help digitize the global supply chain, click here: https://www.opentext.com/digitize-supply-chains