Gartner’s take on Business Networks
Tuesday, 14 Jun 2016
The latest technology insight report from Gartner focuses in on Procurement Networks* and the role they play, adding value to the purchase-to-pay process and better buyer-supplier collaboration. It’s a great report for why you should care about B2B networks.
Product Marketing Manager
We at Basware have been longtime advocates of the B2B networks. Actually, we are the first mover and innovator of e-invoicing and improved buyer-supplier relationships with Procurement and e-Invoicing Networks introduced already over a decade ago. So, at Basware we have seen the raise of the B2B networks with massive benefits they offer for businesses in terms of greater agility, not to forget the latest addition of just-in-time financing services for working capital optimization. So, it’s great to see Gartner getting on-board to increase awareness of the benefits B2B networks offer.
I really enjoyed reading Gartner’s report and especially the list of evaluation factors for network selection.
The list outlines 8 criteria which I entirely agree with and as it happens, demonstrate Basware strengths VERY well. I don’t want to give any spoilers, you should read the report in its entirety but I would say that the one factor ‘onboarding support’ is possibly the key element to consider. Of course, large existing global supplier community matters since many of the businesses you currently trade are likely already on the network. But also joining the network has to be easy, getting your suppliers and/or customers to join is something else. At Basware we use an integrated multi-channel approach to onboarding – which comes with variety of choices how to connect to the network – but what really turns the dial, is the level of customer engagement in the process.
The report also talks about ‘open networks’ but really doesn’t go into enough depth on the subject (in my opinion). Open vs closed relates specifically to interoperability between networks and this is something Basware has been pioneering. Over the past few years we have built up the largest open commerce network globally by building interoperability between Basware Network and over 200 other network/e-invoice providers. In terms of value, customers of one service provider can avoid having to join multiple networks as the networks are connected. Closed networks are by definition not connected to other networks and thereby force individual organizations to have multiple network service providers (joining multiple networks) in order to be connected to their customers or suppliers. Open is definitely the future and Basware Network is a many-to-many network, a truly open B2B network.
I invite you to check the press release and make sure you ask us if you have any questions.
*Gartner, Inc., Technology Insight for Procurement Networks, Magnus Bergfors, 30 March 2016.
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