Now that margins are getting lower and lower and stocks of products worldwide are under pressure, it is important to find other revenue opportunities. Are you going for the quick savings by firing good staff?.... Or are you going for the better option to strengthen the future of your company?
Now that margins are getting lower and lower and stocks of products worldwide are under pressure, it is important to find other revenue opportunities. The easiest way is to make quick savings by laying off staff, however good staff are hard to find these days so we would never recommend that! But what can we recommend?
Analyze Your B2B Ecosystem and Find New Revenue Opportunities!
Businesses that want to stay relevant and useful to their customers should always be on the look out for their next potential revenue drivers. The great thing about investing in, developing, and analyzing your B2B ecosystem is that it’s not just a means for more effective business practices, but can also give you clues on how to keep propelling your business forward. In today’s technology landscape, analyzing data and your B2B ecosystem may lead you to a niche service or product that your customers are looking for but isn’t being delivered yet.
The average enterprise counts customers, partners, suppliers, and third-party systems such as your ERP or CRM amongst the players in your B2B ecosystem. This intricate network is creating tons of useful data that can spell a big business opportunity if analyzed correctly. The patterns and trends that you can find in your business data provide invaluable insights into how to improve your business offerings or what new services to offer.
This is actually how Amazon decided that their customers wanted them to add everyday grocery items to their inventory, and why they decided to buy Whole Foods market. If even a global business giant can find new opportunities in their data, small and medium sized businesses can too.
Your B2B ecosystem creates a blueprint for the flow of your company between every active party. By following the cash flow and dissecting the trends that could be business-impacting, CIOs can discover the next revenue drivers for your company. Acting upon the data you see and the potential trends is an opportunity to find a brand-new revenue stream. For businesses that have already made their B2B ecosystem a priority through integration, managed file and data transfer protocols and secure messaging systems, the next step is to look deeper into your data.
Looking at questions from new angles is a sure method to finding creative solutions. If your business is searching for its next revenue driving source, look at the situation a bit differently and delve into the data that is being supplied by your very own business ecosystem. A strong B2B ecosystem provides visibility across the entire business and is guaranteed to provide new insight and ideas when utilized to its full potential.
If you need help creating or analyzing your B2B ecosystem to discover your next revenue drivers, our experts can show how. Contact us today to find out.
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