Benefits of B2B2C in manufacturing
B2B2C means having a direct relationship with your end customer. By developing and investing in a customer-centric business model, you can drive smarter solutions, insights and experiences.
The necessity for resiliency in manufacturing is at an all-time high. Today that resiliency comes from delivering the coveted frictionless Amazon-like customer experience to both your partners and end customers to support their ever-expanding expectations.
In research conducted by Salesforce, almost three-quarters of respondents said that improving the customer experience was crucial for sales and marketing success in manufacturing.
By taking a B2B2C (business-to-business-to-consumer) lens and having a direct relationship with your end customer without compromising their relationship with the retailer or distributor, you can communicate with and serve them while improving your customer experience and business metrics.
Creating a B2B2C business
Today’s connected world has given the customer far more involvement in the brand-customer relationship, and this can be hugely beneficial for both parties, which is why a customer-centric business model is of such significance. After all, without a pipeline of new customers and efforts to retain existing customers, there’s no business.
For any manufacturer, there are significant benefits to be gained from embracing Industry 4.0 and the B2B2C relationship. By digitising the whole of the business rather than by department and having a helicopter view of everything from component sourcing and supply chains to distribution, end customer, and beyond, the manufacturing business can evolve and improve many aspects of the operation.
Data is crucial to Industry 4.0 and, among other things, is used to predict business trends and identify future opportunities. By using data smartly, including that captured in the factory and supply chain, you can provide a unique customer experience that can have an impact on the business in many ways.
But where to start? By connecting people, finances and products.
Connecting with people
For businesses wanting to move to a digitally powered B2B2C model from the traditional B2B, it’s important to approach it in stages. Otherwise, the task ahead can seem arduous.
A good place to start is with customer information: building a master database of all of the organisations and individuals you have a connection with. From their likes and dislikes to order history, collate and consolidate the information you have and, most importantly, ensure data collection flows into one central place.
By having a single source of truth, you can begin to better serve the customer, reduce costs, and gain efficiency.
Connecting the finances
By integrating your finances into this single source of truth, you can automate some financial processes and gain insight into profitability across the multiple individual aspects of the business.
In addition, by giving your customers access to the system, they can self-serve. They can view orders, costs, deliveries, and invoices online, reducing an interaction time for day-to-day tasks.
Connecting the product
By connecting with products post-sale via the Internet of Things (IoT), information about usage and maintenance can be collected. By offering end users support, for example, businesses can not only gain insight that can aid future product development but also identify a replacement and upsell opportunities.
The greatest areas of opportunity for each business will, of course, differ; however, the technology today is built in such a way that it’s easy to start small, test, learn, and build upon. An implementation roadmap can be created to ensure the full journey is manageable and achievable.
By identifying the greatest opportunities at the outset, you can set achievable targets to demonstrate value, which helps engage stakeholders across the business.
The next industrial revolution
Industry 4.0 is another industrial revolution, and it’s vitally important that leaders of manufacturing businesses appreciate and understand its significance. Those businesses that fail to adapt will no longer exist in a matter of years, as companies need to digitise the traditional business processes to keep up with the changing world of manufacturing.
Embracing technology and undertaking a digital transformation journey isn’t just about the here and now. It’s about strengthening the business, creating a platform for growth and agility to adapt to whatever the world throws at it. It is putting in place the solid foundations from which success can be built.
Fluido Manufacturing Forum: Speed of Change
The speed of technological change is ever increasing, demanding manufacturers to act fast to keep pace with changing customer demands, technology and competition. See the on-demand webinar to gain expert insights.