Article

4 Big B2B Data Trends To Watch For In 2018

137 views

The B2B world needs to focus on data more than ever as competition continues to get more intense in this industry. No doubt you’re starting to notice that more of your B2B competitors sell the same things you do, yet still manage to find success amid a crowded field. As a result, you’re probably wondering what their secret is to rise above the fray.

Most likely, they’re using data in ways that help them see their business from numerous perspectives. Data software now offers more opportunities from analytics to more integrated databases.

All of this helps you scope out the realities behind your B2B business when overlooking details could place you in financial jeopardy. Even more importantly, having access to more thorough data lets you see what your competitors are doing so you can take action. Some significant B2B data trends have developed recently you should know about. Here’s four next gen b2b payment trends to watch for in 2018 and how you can incorporate many of them in one platform.

4 Big B2B Data Trends To Watch For In 2018

1. Big and Better Data

Forrester pointed out a couple of years ago that big data isn’t something only B2C marketers worry about. The B2B industry has finally seen the light on big data since then and now realize how diverse this is for finding reams of insights.

It’s still a buzzword for this year in B2B data trends. Now, though, it takes into account behavioral and social data to get a more well-rounded picture of your company and customers.

When you find software that manages to gather data in a centralized system (especially through the cloud), you can access information and share it with everyone. While trying to stay coordinated with other partners like suppliers, analyzing big data prevents discrepancies and other errors.

2. Integrated Databases

It once was that B2B companies had separate data silos to compile thorough views of their financial picture. These silos usually had categories like transactions, sales, marketing, and customer service. What many B2B companies discovered was their silos had other silos within. Having this made it difficult to consolidate everything into cohesive financial reports. Because it required analyzing different sources, it was impossible for every department to get a complete vision of was going on.

Integrated databases are far more trendy now, and you’re seeing software employing the cloud to bring everything together. While still a rare feature, having database integration gives you a chance to keep up on every company level when you’re away from the office.

3. More Thorough Analytics

The most notable trend for 2018 is next gen b2b payment solutions continuing to leverage data analytics in some form or another. Despite many analytic programs giving you good overviews, how many give you a complete picture of everything in easy-to-read formats?

It’s again rare to find software consolidating everything into one place. As a complement, predictive analytics help you get a look into what’s happening in the moment and how it affects you in the future. Real-time analytics have become popular because you don’t have to wait weeks to get a sense of business reality.

4. Data for Marketing and Sales

More defined data for specific departments is another growing trend for those in next gen b2b payments, and for good reason. Your marketing department needs as much insight as anyone so you truly get a leg up on competition. Through real-time analytics and better data sharing, they’ll know what your competitors are doing. Likewise, they can look into analytics for all your store locations to gain more cohesiveness.