B2B communication has always been rife with complexity and complications. Industry standards were created to alleviate some of the complexity and as the adoption of industry data standards grows, they are becoming increasingly important. Earlier this year, we did a survey of 360 line of business (LoB) managers in the U.S., U.K., France, Germany and Australia across a range of industries, including manufacturing, financial services, insurance, telecommunications, distribution, retail and healthcare; and the results shows that the LoB views B2B Integration as critical and industry data standards as increasingly important.
Line of business managers recognize the critical importance of effective B2B integration for business success. More than one-third (36 %) of line of business professionals surveyed by Vanson Bourne regard B2B integration as “strategic to the business”, while 45 % regard it as ”important for selected processes”. Only 14 % don’t feel B2B integration is integral to operations.
When asked “How important are industry data standards to your B2B community?”, 59% stated that they are important to the majority or all members, with an additional 27% saying that they are important to nearly half the members.
As the LoB looks to drive strategic benefits from B2B Integration, not only will the importance of B2B Integration increase, so will the adoption of industry data standards to reduce some of the existing complexity. However, it is not as simple as that. Although industry standards were designed to make business communications simpler, the specific and complex nature of the standards themselves can seem intimidating. To help you out, we have written the eBook, Demystifying Industry Standards, which discusses:
- How Industry Standards came about and their role within business processes.
- The fundamental differences between a variety of Industry Standards, and why complexities exist that prevent organizations from leveraging them to their full potential.
- A breakdown of what a common standard format looks like and how, with the right technology and understanding, complexities can be readily solved.
- How successful implementation of Industry Standards and B2B can synchronize value chains, create efficiencies and reveal opportunities to deliver new value to customers.
To learn more read the ebook, Demystifying Industry Standards.