4 ways AI will reshape B2B commerce (with abstract)
| 4 ways AI will reshape B2B commerce (with abstract) | |
|---|---|
| Published By | Digital Commerce 360 |
| Publish Date | Apr 1, 2024 |
| Authors | Patrick McGovern |
| Topics | AI |
| Statistics | |
| Article Size | words |
| Diagrams | No |
| Downloadable Version | No |
| Reviewers | |
| Page Owner | Nikolay Sidelnikov |
| Summary Author | Nikolay Sidelnikov |
Abstract
The article titled 4 ways AI will reshape B2B commerce by Patrick McGovern, as published by Digital Commerce 360, provides an in-depth exploration of the significant transformations anticipated in B2B commerce resulting from rapid advancements in artificial intelligence (AI).
The first section discusses the shift in B2B procurement from traditional catalog models to AI-powered recommendation engines.
Previously, digital procurement resembled browsing a catalog, requiring buyers to navigate product selection independently. Now, with the integration of large language models (LLMs), procurement platforms can offer personalized, real-time product recommendations based on user inputs and historical purchasing data, potentially leading to new AI-driven sales technologies.
The second section discusses the emergence of AI-driven trade credit management, leveraging new data sources and real-time tracking.
Traditionally, trade credit decisions relied on static credit assessments from large databases similar to well-known credit scoring systems. However, emerging startups are using AI to incorporate dynamic data for faster underwriting and automated credit approvals, potentially reshaping the future of credit management with faster, data-driven assessments and proactive risk monitoring.
The third section examines the product data management challenge for distributors in large B2B companies.
Managing tens of thousands of product SKUs is complex, especially in marketplace settings with diverse vendors and varying product descriptions. AI advancements like large language models (LLMs) offer potential solutions through AI-enabled Product Inventory Management Systems (PIMS) to address these challenges in industrial distribution businesses.
The final section explores AI, small language models (SLMs), and modern data management in B2B commerce.
Tech-savvy distributors use OpenAI’s GPT API for in-house tools, but most prefer ready-made solutions due to technical limitations. SLMs specialize in tasks like data management and SKU analysis, improving product data normalization, and enhancing eCommerce experiences. The future promises AI-native master data management platforms with advanced capabilities for product listing and information management.
This article would be especially valuable for professionals and stakeholders involved in B2B commerce, technology development, and business strategy, including:
- Ecommerce Managers and Directors
- Product Managers and Marketers
- Business Strategists and Consultants
Full article text: https://www.digitalcommerce360.com/2024/04/01/4-ways-ai-will-reshape-b2b-ecommerce/
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