Driving growth is a priority for many businesses across all industries. Finding innovative ways to reach other companies or customers is essential in reaching goals and achieving success.
As we move into a digitized world, adopting new technologies will help businesses automate their internal processes and create better supply chains. These two changes alone can improve efficiency and retain clients or customers, and a company would perform better overall.
We typically categorize companies as either business-to-business (B2B) or business-to-consumer (B2C). As technology advances and more innovations arise, new categories are popping up. Now there are myriad acronyms to help us navigate the business world. One of the newer and more disruptive models is business-to-anything (B2A).
Let’s explore the meaning of B2A and discuss the changes it will bring as we enter the latter half of 2021.
What is business-to-anything?
B2A refers to a new type of business model that centralizes its focus on integrating new technologies. With the machine learning (ML) and artificial intelligence (AI) industries growing rapidly, it’s becoming increasingly popular for companies to automate their internal processes. Business owners can use automation as a tool in their operations, which allows them to spend more time on other essential tasks.
Many companies consider themselves B2B or B2C but would benefit from integrating the Internet of Things (IoT) into their business models.
Brief rundown of B2B and B2C
Both B2B and B2C companies have their pros and cons. Understanding the basics of each of these models helps us learn about the newer concept of B2A.
B2B companies focus on offering their products and services to other businesses that could benefit from them. Communication plays a vital role in their success. A variety of software and digital technologies can be integrated into a B2B business model, which is referred to as B2Bi.
In B2C models, having an excellent understanding of customer needs and wants helps drive business growth. B2C companies narrow their focus and take a people-first approach to their marketing and transaction processes.
Traditional business models are slowly being replaced by new integrations, causing companies to break routine and transition into a B2A model.
How B2A changes business operations
As more companies digitize their processes, it’s no surprise that the way we do business will dramatically change. There are benefits and drawbacks to these changes, but let’s focus on the positive impact this transition to B2A will offer.
It’s common knowledge that automating any process increases productivity and gives employees time to spend on face-to-face meetings and other customer interactions. Whether a company is B2B or B2C, using AI-based software provides a plethora of benefits. Customer retention and lead generation are made easier with new technology, improving a company’s return on investment (ROI).
Seamless data transfers
Big data in business seems to be growing at a rapid rate. Storing and managing vast sets of information presents challenges for entrepreneurs and IT professionals alike. When AI and IoT technology is implemented, data becomes more digestible, and companies can use it to reflect on their current practices. Making educated decisions in business is the determining factor on whether or not a company will perform well in its respective industry.
Improved supply chains
Supply chain management is no easy task. Managing logistics and attempting to gain control over shipping methods is something every company needs to accomplish if it wants to succeed. Supply chains play one of the most critical roles in business — without transporting manufactured goods, customers would be left empty-handed and disappointed. Upgrading current supply chain software by incorporating IoT, ML and AI can significantly improve your supply chain operations.
The future of business integration
As the business world continues to evolve in unique ways, companies of all types must be willing to adopt new technologies to stay competitive. Although implementing AI or IoT tech may have high upfront costs, the long-term benefits are well worth the investment.
More efficiency, easier data management and improved supply chains are only some of the benefits of transitioning into a B2A company. Being able to accommodate businesses and customers helps you meet your bottom line and allows your company to thrive in an ever-changing environment.
About the Author:
Emily Newton is the Editor-in-Chief of Revolutionized, an online magazine showing how technology is innovating different industries.