In recent months, OpenText has publically expressed intent to revamp and strengthen its B2B analytics services. Such tools are imperative for companies to manage their supply chain, and recent studies suggest that, when given access to the correct analytics tools, big data can greatly increase business operation efficiency.
OpenText revealed late last Thursday (Feb. 26) that it plans to launch analytics into Trading Grid, its B2B integration network. According to the company, the network currently facilitates the flow of 2000 supply chains worldwide.
In adding analytics to its slew of B2B services, OpenText said it hopes to increase supply chain visibility. The trend of electronic payments and cross-border procurement, the firm said, mean tracking data of B2B purchases is crucial to maintain streamlined operations.
“Armed with business insight, companies can be agile and responsive to increase their competitiveness in the marketplace,” OpenText SVP Engineering Muhi Majzoub said of the new service. “Enabling customers to identify the areas of their B2B processes that require attention, OpenText Trading Grid Analytics helps transform B2B programs.”
The new analytics service will provide B2B transaction data crucial to identifying performance trends and making quick decisions about the supply chains, the company added. Services offered include messaging and cloud technology for transactions between all companies, small or large.
Plus, OpenText Trading Grid Analytics will aim to lower costs for businesses and further companies’ alignment with digital business practices.
The company’s Trading Grid had already offered an array of B2B procurement solutions to facilitate information exchange, including secure file transfers and even fax.
According to Gartner Analyst Noha Tohamy, data analytics are crucial for smooth B2B operations. “The poor quality and fragmentation of data has hindered organizations from generating accurate analytics based on the current state and priorities in the supply chain,” the expert said in a study released last October and cited by OpenText. “Supply chain organizations are grappling with how to mature their analytics capabilities to support digital business and reap return on investment.”
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More