In the Automobile industry, IoT, new risk algorithms and mobile technologies are driving usage-based insurance models. These new models can’t function without tight integration between OEMs, underwriters, owners and regulators.
The Energy industry is similarly required to ensure secure data exchange between market operators and trading partners using standard protocols and standard file formats as per the guidelines laid down by regulatory bodies.
A simplified cloud-based solution
Mandates and compliance requirements are becoming a key trigger across industries to go digital. They are pushing enterprises to integrate systems that manage data exchange (products, agreements, contracts, etc.), workflow and transactions using the convenience, availability, scalability and security of cloud.
The key is to ensure that cloud-based integration is simple and robust – almost to the point of being plug-and-play so that even the smallest and most technologically challenged business partner can be brought into the ecosystem with the help of just a secure Internet connection. In addition, a competent cloud-based B2Bi provider would ensure that infrastructure costs are minimized while eliminating licensing barriers on software.
How quickly and efficiently a business onboards new partners and customers, adds channels and is able to integrate smart devices and appliances defines its success. The practical approach is to use canonical frameworks to minimize repetitive process and standardize all data formats and protocols. Some of the leading factors to consider for an effective B2Bi implementation on cloud include:
Automating end-to-end workflow: Cumbersome, error-prone manual processes related to partner onboarding, data validation, map deployment and business process orchestration should be minimized using automation. Cloud alone won’t solve the integration problem.
Achieving elasticity: It should be possible to scale B2B processes on-demand. This requires thoughtful selection of B2B products that can support such elasticity in the cloud ecosystem.
Driving a cultural shift: Leadership and the IT organization in the enterprise must have the willingness to upskill and empower cross-functional teams that can leverage cloud using Agile work management and Lean principles.
Scaling incrementally: B2B Integration processes are typically complex and tightly coupled with legacy systems in an enterprise. Therefore, incremental migration to cloud, rather than a big bang approach, is recommended. Vertical integration packs including canonical maps transforming any to any, standardized workflows and connectors for disparate endpoints will help achieve this.
Integrating hybrid cloud: This is necessary so that organizations move to cloud partially and integrate with on-premise legacy.
Adopting microservices architecture: Work with a solution provider who helps adopt a microservices architecture to integrate seamlessly with cloud. This will guarantee a true pay-as-you-use model for B2B interfaces.
Simplifying B2Bi on cloud is the logical strategy to opt into. Organizations that do this will quickly reduce their time-to-market, keep pace with regulatory change, lower costs with standardized industry-specific integration processes and be able to take an omni-channel / multi-device approach. They will quickly go beyond traditional interactions within the eco system.