The benefits of digital trading are clearly understood. Some years back, a study from Stanford Business School and OpenText™ showed B2B integration can save at least 40% in processing costs with electronic documents. More recently, IDC demonstrated that digital trading improves supply chain performance with 156% shorter invoice processing time, 35% faster inventory turn, and a 3% improvement in perfect orders over paper-based transactions.
However, while large organizations are investing heavily in digital transformation to create an Information Advantage by harnessing more of the data at their disposal, many of their smaller partners still prefer traditional non-digital communications methods. What can you do to digitally onboard smaller partners? Firstly, you need to understand your trading partners and the specific business challenges they face, then you can provide a relevant and attractive solution that meets their needs and that they will want to connect with.
OpenText™ Core for Trading Grid
With a recently launched product OpenText™ Core for Trading Grid, and added capabilities in our existing products in OpenText™ Intelligent Web Forms, OpenText™ Email2EDI and OpenText™ Fax2EDI, we offer a broad portfolio of digital onboarding solutions for our OpenText™ B2B Managed Services customers that overcome key barriers to digital trading for SMBs.
OpenText™ Intelligent Web Forms provides trading partners and corporations with secure web forms that can be customized to look like their paper equivalents, and that ensure mandatory fields are completed with rules-based data validation. Human error is significantly reduced with OpenText™ Active Catalogue integration, pre-population of data and quick document turnaround. Packing and warehouse efficiencies are significantly increased with an array of new and enhanced packing features including the ability to autopack in multi-pack quantities, set up cross-docking, and create custom shipping labels.
OpenText™ Email2EDI and OpenText™ Fax2EDI utilize one of the most advanced document and character recognition systems and machine learning to transform emailed and faxed forms into structured EDI or XML data. In this regard, trading partners and corporates do not been to be trained to change their business practices and can continue to send emails and faxes as they have done before. New in this release is the expansion of the self-validation web client that allows users to correct errors or omissions as they occur and incrementally improve overall capture and conversion capabilities, in just a few clicks.
OpenText™ Core for Trading Grid is a new product addition to our portfolio of digital onboarding solutions that provides partners with a secure folder-based application to send business documents directly to the OpenText™ Trading Grid network and enables them to view the status of those transactions. To increase adoption and use, partners have several options to exchange files, including drag and drop within a web portal, drag and drop into a desktop Core folder or capture and transfer within the mobile app.