This piece was written by Casey Paxton, Content Marketing Manager at Akeneo.
Cooking a beef wellington. Climbing Mount Everest. Managing supplier relationships. I’ll take, “Things that are notoriously difficult for $200.”
If you’re struggling with supplier communications and data accuracy, you’re not alone. Most organizations are wading through millions of data points from thousands of suppliers — all in different formats, units of measure, and file types. And in the world of B2B distribution, success hinges on the ability to provide customers with a seamless experience, enabling them to effortlessly access the precise product information needed for informed purchases.
Achieving this requires a Herculean effort from your team to ensure access to accurate, up-to-date, and comprehensive product information from each and every supplier.
B2B distributors need to collect information and assets on thousands of products from hundreds of suppliers. That’s an operational and logistical challenge. One, every supplier organizes their data in their own way. And two, distributors have varying degrees of influence over their suppliers and their operations.
Without an efficient way to collect supplier-provided product data, companies often experience the following pain points:
Enter the era of a centralized system for product records, a game-changer in the realm of supplier relations. Creating a single source of truth for all your product data ensures that all suppliers and teams have seamless access to accurate, up-to-date product information, including attributes, graphics, and more. This improves productivity, reduces time-to-market, and enhances product searchability.
A simple, scalable, and collaborative way to collect product data from all your suppliers drives measurable benefits such as:
The first step to improving supplier relations is creating a single source of truth so that everyone has a reliable foundation. But that’s just the start. Maintaining and consistently updating that centralized record with accurate information is the real kicker.
The good news is that, despite being frequently overhyped as a magic fix-it-all solution, artificial intelligence (AI) actually comes in quite handy in a situation like this. Why? AI can ingest and analyze millions of data points, identifying trends, errors, and inconsistencies across the entire database in a matter of minutes.
In particular, AI can support supplier relations in the following ways:
Dealing with the complexities of diverse data from multiple suppliers has been a challenge for B2B distributors for years, causing delays, inefficiencies, communication issues, and subpar customer experiences. The key to overcoming these hurdles lies in adopting a centralized source of truth for product data — not only streamlining communication with suppliers, but also ensuring accurate and up-to-date product information for both your consumers and your employees.
As we look ahead, the fusion of centralized systems and AI promises not just to solve existing problems, but to lay the groundwork for a future where efficiency and innovation redefine supplier relations in the dynamic world of B2B distribution. Picture a future where AI seamlessly streamlines supplier relationships, becoming the linchpin for trust-building and enriching consumer experiences.
The integration of AI promises not just efficiency, but a fundamental shift in how accurate product information is harnessed and disseminated. It’s not merely about data management. It’s a journey towards a consumer-centric landscape where trust is forged through reliable, up-to-date information.
In this envisioned future, AI becomes the driving force behind a robust product experience. By automating processes, enhancing data accuracy, and ensuring real-time updates, AI empowers businesses to deliver a seamless and trustworthy journey for consumers.
Care to also see how else you can deliver a frictionless B2B buying experience? Join along as industry experts discuss what motivates B2B buyers, key components of an online buying experience that increase customer lifetime value, and requirements to consider when evaluating potential software vendors that aim to improve the buying process.