Innovation and Inspiration: 4 Technology Gamechangers for B2B

INTRO

Now you’ve got your basics sorted (or at least have a plan), what is going to tip you into the super league, drive maximum efficiency in your operations, and create long lasting customer loyalty? Investment in B2B tech seems to be on the up – with spend in connectivity and technology products predicted to rise across the sector. But what are the technologies that are growing to bring the greatest value to your B2B organisation, and which innovations are going to be the real gamechangers?

In this – the third of our series exploring the pillars of success for B2B businesses and leading the way to The Future of B2B research paper – I look at the four key areas of innovation that we believe could be the biggest gamechangers for B2B over the next 3 to 5 years.

AI

Artificial Intelligence (AI) and Machine Learning (ML)

AI and ML continue to lead the innovation pack in terms of quantifiable potential value creation. They enable enhanced predictive analytics, automation of routine tasks, and improved customer personalisation. AI is also valuable for enabling growth through analysing customer data and identifying high value prospects.

GenAI can aid B2B digital commerce with product detail, facilitating dynamic content adaptation and – particularly effective for differentiated pricing models – optimising pricing on the fly.

However, according to Forrester Research, “Thinly customized GenAI content will further degrade the purchase experience for 70% of B2B buyers” so proceed with caution. Consider using GenAI to create volume data (and reduce repetitive tasks) and apply human-led branding to differentiate and add customer value.

Using AI and ML to enhance B2B customer experience:

Anticipating customer needs and providing personalised and dynamic content.
Competitive price generation – to provide personalised pricing models based on loyalty and volume.
Conversational commerce will enable customers to transact better in emerging channels, such as messenger and other social apps.
Optimising the communication and channel mix for each customer based on .

Using AI and ML to optimise B2B business operations:

ChatBots and conversational commerce for front line customer sales, service and triage – reducing costs and utilising skilled customer operatives in the most productive way.
Search Generative Experience – with Google introducing SGE, that integrates generative AI-powered results into their search engine query responses, B2B businesses can create targeted experiences that are discoverable on Google.
Predictive analytics – using past customer and market date to predict future trends and outcomes, allowing you to deploy resources efficiently, and even inform product and service development.
CRM integration – enables B2B businesses to analyse data in real time, offering predictive insights, prioritisation of leads, and forecasting sales trends.
Resilient pricing strategies and product merchandising – where AI can analyse production costs, market demands, and supply chain intricacies to ensure that price is not only competitive but strategically , as are distribution and fulfilment routes.
Systems and hardware data – using systems usage data to manage predictive maintenance schedules for machines and systems.

AI has the potential to add up to $15.7 trillion to the global economy by 2030, with $6.6 trillion likely from increased productivity and $9.1 trillion from consumption-side effects, according to PwC

IoT

Internet of Things (IoT)

IoT is broadly how computers, sensors and objects interact with each other and process data. The scope of this network and its potential to deliver value to B2B customers and businesses is vast. From inventory monitoring RFID tags to thermostats, electronic door locks, appliances, and vehicles the benefits derived from the data gathered huge.

McKinsey reports that “The majority of value can be created in B2B applications. By 2030, about 65 percent of the IoT’s potential is estimated to be accounted for by B2B applications.

For B2B businesses, IoT can create opportunities to grow into new markets, open new revenue streams, and drive innovation in products services and the way they work.

Using IoT to enhance B2B customer experience:

Building stronger customer relationships by using IoT gathered data to understand product usage at a granular level, and offer support and suggestions that more accurately reflect their needs
Create optimised products. Utilising real-time, actual use data to improve how products and equipment is designed, marketed, and serviced.

Using IoT to optimise B2B business operations:

Sensors that collect data in IoT products and equipment allowing facilities managers to pre-empt issues and predict when repairs or maintenance are needed.
More internet-connected equipment and vehicles across the network means more visibility providing genuine end-to-end shipment tracking and opportunities to optimise at a more granular level.
IoT products can automatically reorder consumables and parts as and when they’re needed driving a reduced need to hold large amounts of inventory.
IoT driven data and tracking reduces the chance of human error. When internal procedures are operated by smart technology, it’s less likely that mistakes will be made in ordering processes and stock management.
Telematics – to centrally manage and monitor consumption and usage of vehicles and machinery. These tools can drive greater profitability through more accurate charging models (e.g. pay per hour), or allocate repairs or request maintenance automatically.

Blockchain

Using cryptocurrency for B2B transactions carries a number of benefits on its own. These include better transaction speeds and payments efficiency, frictionless access to new markets and industries, the ability to conduct cross-border transactions without banking barriers, reduced transaction costs, and improved security and transparency.

However, even beyond its cryptocurrency roots, blockchain can offer benefits in transparency, security, and efficiency, particularly in areas like supply chain management and contracts.

The global blockchain technology market size was estimated at USD 4.8 billion in 2022 and is expected to grow to around USD 2,334.46 billion by 2032

Blockchain uses a shared and unchangeable ledger database that only members with permission can access. Network members are able to control what information each organisation – or other member – can see, and precisely what actions each can take. This provides enhanced security, greater transparency, and instant traceability.

Using Blockchain to enhance B2B customer experience:

Streamlining operations by replacing paper based processes with documentation on the blockchain can reduce human error and speed up transactions.
The security and infallibility of blockchain managed data and interactions can build higher levels of confidence and trust

Using Blockchain to optimise B2B business operations:

Blockchain helps to prevent fraud and unauthorised activities bringing better end to end security.
All data is immutable, time and data stamped allowing businesses to view the entire history of a transaction.
Using blockchain across supply chain tracking documents the provenance of assets from end to end, allowing businesses to feel confident about the origins and routes of a product, helping to support ESG strategies, as well as exposing any issues in the network.

Combined with other cutting-edge technologies including cloud, the Internet of Things (IoT), and artificial intelligence (AI), blockchain can act as a key enabler and strategic accelerator for digital transformation, enabling your businesses to breakdown cross-company siloes and provide confidential access to historical transaction data between multiple parties.

Cap Gemini

5G

The 5G is a unified, capable air interface commercially launched in 2019 and continuing to rollout over the UK, with the government aiming for all coverage by 2030. This fifth generation of mobile phone technology has been designed with extended capacity to enable next-generation user experiences, empower new deployment models, and deliver new services. Because of its ability to deliver high speed connection and data transfer, greater reliability and ‘negligible’ latency, the rollout of 5G technology is crucial for businesses relying on efficient and reliable communications and data sharing.

Using 5G to enhance B2B customer experience:

Heightened experiences – Speed and latency of 5G make weaving in streamlines experiences such as real-time translation, and AR customer support possible across a far wider customer base.

Using 5G to optimise B2B business operations:

Streamline manufacturing – 5G facilitates the move to Industry 4.0 (IR4) – and the digitisation of manufacturing. The IR4 is on track to account for sales of around 22 million 5G IoT units by 2030, with most applications aligned with manufacturing (for example, cloud control of machines, AR for operating support and live video analytics, and shopfloor IoT sensors).
Better placed for further innovation – 5G facilitates advancements in other technologies like AI and IoT.
More secure exchange of information – financial and healthcare businesses in particular could find significant benefit in the secure exchange of data.

Peer-to-peer communications – not just for individuals but for vehicles, smart factories, and smart grids.

5G’s full economic effect will likely be realized across the globe by 2035—supporting a wide range of industries and potentially enabling up to $13.1 trillion worth of goods and services.

Qualcomm

B2B have historically trailed their B2C counterparts when it comes to innovation. But with some commentators noticing that the B2B companies winning the most market share are those developing a sophisticated digital customer experience and investing in e-commerce excellence across the full marketing and sales funnel, things are clearly on the turn.

We want to understand where we are now.

This year, Profound will be exploring this and other challenges surrounding B2B by running a unique survey across B2B digital, IT and marketing leaders. We’ll be finding out what today’s buyers look for in this space and what turns them off. We will be delving into B2B leaders’ strategic priorities across experience, operations, data, technology and more and exploring their vision for the future, and we will be asking how technical decision makers are prioritising their transformation plans to meet these goals.

We’d like you to be a part of this survey and we would like to share our findings with you. Please sign up below to contribute and hear more from us.

Survey

Shaping the Future of B2B

Are you a B2B marketing leader, tech decision maker, or senior strategist? We’re embarking on an exciting research project this summer, and we want you to be part of it! Our mission is to inform and support professionals like you by exploring critical topics such as customer loyalty, innovative technology, organisational design, and ESG.

What can you expect from our research?

We’ll kick off with a series of insightful articles covering a wide range of B2B challenges.
Our survey will shed light on the current landscape, technology’s role, and triggers for change.

By signing up, you’ll gain exclusive early access to reports, findings, and more. Join us in shaping the future of B2B!