B2B Experts Community Digest: Understanding data value in B2B digital commerce (June, 2024)

A public knowledge platform on B2B digital commerce

This digest introduces an update on the Data Value in B2B digital commerce collection.

In the rapidly evolving landscape of B2B digital commerce, data is not just a resource—it's the cornerstone of success. Effective data management ensures accurate, up-to-date product information, enabling businesses to offer personalized and seamless customer experiences. By leveraging clean, well-organized data, companies can streamline operations, reduce errors, and enhance efficiency. Moreover, access to reliable data empowers decision-makers to forecast demand accurately and develop impactful marketing strategies.

As regulatory compliance and data security become increasingly critical, robust data management practices help maintain trust and protect sensitive information. Embrace the power of data to gain a competitive edge, respond swiftly to market changes, and drive your business toward sustained growth.

The following articles help to manage data better to unlock the full potential of B2B digital commerce.

The fresh article The Benefits of Data Sharing Now Outweigh the Risks (with abstract) by a group of Boston Consulting Group experts is devoted to different aspects of sharing data between multiple companies and pooling data from various industry players to improve their operations. The article contains numerous examples of successful data exchange by industry players and explains how modern technologies can fix obstacles that seemed unresolvable a few years ago (Boston Consulting Group, 2024).

The stumbling block in B2B ecommerce: bad data (with abstract) is the article by Paul Demery, published by Digital Commerce 360, is based on Forrester Consulting report “2024 State of B2B Ecommerce Report," which it produced for Zoovu, a provider of product discovery software and demonstrates how problems in data collection impact the overall performance of digital commerce in B2B organizations (Digital Commerce 360, 2023).

How Solving the Big Data Problem Can Fix B2B Ecommerce (with abstract) by Jonathan Taylor, published by Inside Big Data, is devoted to the problem of product data quality, its impact on overall eCommerce performance and the way of fixing it using AI. Quite an interesting vision of the future of eCommerce data management (Inside Big Data, 2024).

How to unlock the full value of data? Manage it like a product (with abstract) is a material by McKinsey that describes an approach to business data management. The core idea of this approach is about managing data as a product that different company departments consume. The article explains the basics of this concept and presents a visual summary of this approach. This article would be precious for anyone using data generated by B2B digital commerce solutions or responsible for collecting, organizing, and delivering digital commerce data (McKinsey, 2022).

The innovation-sparking ecommerce data most distributors ignore (with abstract) by Jason Hein is devoted to the importance of customers’ behavioral data in B2B, that promises a path to innovation in customer experience design. The author emphasizes the fact that currently distributors are focused primarily on the constant improvement of product data, while the customers' behavioral data component is missing (Digital Commerce 360, 2023.)

And we also included a few materials devoted to the super-important factor of data management: data privacy in B2B context.

Why digital trust truly matters (with abstract) by the McKinsey team presents a result of a survey of more than 1,300 business leaders and 3,000 consumers globally suggest that establishing trust in products and experiences that leverage AI, digital technologies, and data not only meets consumer expectations but also could promote growth (McKinsey, 2022).

The Role of Data Privacy in B2B Relationship (with abstract) by PipelineZen explains different aspects of data privacy in B2B, which would be especially important in the B2B digital commerce context since the entire eCommerce is about data exchange and sharing. The text includes an explanation of data privacy, key GDPR requirements, strategies for enhancing data management, and potential risk explanations (PipelineZen, 2023).

The Future of Privacy and Security in B2B Ecommerce (with abstract) by Ned Thornton focuses on privacy and security in B2B e-commerce nowadays, pointing out these elements as integral for businesses that want to grow in this data-driven world.

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