Business Networks : The Next GenerationDecember 14, 2012 Blog
Hubwoo recently hosted a webinar in conjunction with Andrew Bartolini, Chief Research Officer of Ardent Partners and Publisher of CPO Rising on the topic: Step Change – How Business Networks are Changing the Procurement Paradigm.
Andrew notes that while business networks in their simplest of forms have been around for years and have gone through a few waves of evolution already, the current wave is significant in that, unlike waves 1 and 2, today’s emerging business networks not only focus on the transactional but on the collaborative principles that drive significant business process efficiencies.
Ardent Partners research has found that 30% of CPOs are viewed internally as reactive, whereas 18% are seen as significant influencers. For leading CPOs success breeds increased expectations, today there is more pressure on CPOs to take a more progressive strategic approach. Over the past 2 years in particular, there has been a shift in focus from sourcing more, to prioritizing collaboration with business partners as well as suppliers.
Collaboration has not just become a priority for the procurement function. Business Networks are becoming more relevant to core P2P operation, the benefits impact much broader business functions than supplier networks have done in the past. Benefits gained from business networks extend to accounts payable, sales and even marketing. As Andrew highlighted in our webinar, they should be leveraged for a much broader scope of activities, taking advantage of real-time information and consumer-like usability.
The potential of business networks is dramatic and benefits are apparent even today, as Ardent Partners’ research confirms, 75% of businesses have already seen some level of impact on their organization through Business Networks.
As Andrew astutely recognizes: “Businesses must begin to activate the potential of Business Networks, the benefits are too great to ignore.”
To view the webinar, “STEP CHANGE: How Business Networks are Changing the Procurement Paradigm” on demand Click Here