When the operating landscape is uncertain and dynamic, businesses must prioritize controlling the controllable.
and with news That is on Thursday (June 20). Amazon BusinessAmazon’s online business-to-business procurement store has announced several new technology features designed to help large business customers simplify the way they buy merchandise, unlocking operational efficiencies through tighter control over sourcing and procurement. -thinking B2B companies.
„Amazon Business wants to change how companies buy products with our unmatched selection, deep discounts and smart capabilities,” he said. Shelly Solomon, global vice president of Amazon Business, in a statement. „We don’t just react to the biggest challenges our customers share with us; we stay ahead of them with new technologies, so our customers can leverage their resources to navigate the unexpected and continue to expand their businesses.”
As the global economy becomes increasingly volatile, the need for greater transparency, control and actionable intelligence in key payment processes, particularly procurement, is critical.
The current economic instability may lead to liquidity problems, supply chain disruptions and increased financial risks. To mitigate these risks, B2B companies must prioritize strong procurement strategies and use digital technologies that strengthen their procurement operations.
By moving away from legacy procurement plans that hang on to multi-step processes and embracing streamlined procurement plans that reduce the time leaders spend on auditing, companies can identify areas of savings and implement cost control measures. Compromising quality or performance.
Read more: Transforming back-office operations allows organizations to move forward with confidence
The importance of tight control over B2B processes
Supply chains are the backbone of B2B operations, and unexpected disruptions in the procurement journey can cause significant supply chain disruptions, from delayed shipments to supplier bankruptcy. Tighter control over procurement processes allows businesses to manage their supply chains more effectively, ensuring they can adapt to changes quickly. This includes maintaining a diversified supplier base, closely monitoring supplier performance and having contingency plans for potential disruptions.
„The biggest challenge in B2B payments is that they are very fragmented across the organization, so getting a good, healthy view of what is my budget and what is my actual is the business problem that most people are trying to solve. Once you get past that layer, the most important question comes, do I see ROI? Am I getting [return on investment] At my expense?” Karandeep AnandChief Product Officer Prextold PYMNTS last summer.
Effective procurement strategies can help companies better manage costs by optimizing procurement processes, negotiating better terms with suppliers and reducing waste. This requires a detailed understanding of cost patterns, identifying areas where savings can be made and implementing cost control measures without compromising quality or operational efficiency.
„A lot of people don’t want to buy from 30 or 40 different vendors. They want to consolidate it with a few vendors, as few as possible … To differentiate ourselves, we need to be truly seamless to buy and have a completely transparent pricing structure. Dave HaasAt the President ChemDirectPYMNTS said in a conversation posted last November.
Read more: B2B marketplaces open up new opportunities for commercial procurement
What B2B companies expect from the modern purchasing experience
The solutions that Amazon Business brings to the marketplace provide clues about what B2B companies are looking for from procurement solutions.
For example, the Amazon Business Application Center These include integrated shopping, accounting management, expense management, rewards and recognition, inventory management and business analytics, providing a single point of discovery and eliminating or reducing the need to create a custom solution.
Separately, according to the publication, of the site Budget Management The solution streamlines the process of setting and reviewing timeline budgets across an organization, allowing business customers to set spending limits and see budgeted amounts overspend buyers.
For larger orders of more than 1,000 items or more than $10,000 in total value, Combined quote Enables B2B companies to generate custom quotes for bulk orders and other suppliers via third-party esourcing and eProcurement platforms.
Amazon isn’t the only platform focused on streamlining business purchases. This month too, Airport added cost analysis and vendor management capabilities to cost orchestration software designed for mid-market and large enterprises; when Bamboo Rose It has added supplier relationship management (SRM) capabilities to its retail management platform.
„We hear over and over again that our customers can never be better than their worst performing suppliers” Matt StevensCEO of Bamboo Rose said in the release.
PYMNTS Intelligence finds that companies have increased their investments in technology to support their procurement processes. Additionally, many businesses that have been slow to invest are now planning to increase spending on these solutions.
