Industry Exchanges
In the world of business-to-business integration every Industry needs an exchange. This has been apparent to those at MY Integration ever since INTERAC was established as the exchange between all banks and all merchants in Canada.
MY Integration has a vision for the future which includes the creation of industry specific real time data exchanges.
Whenever multiple buyers are trying to interact with multiple suppliers there exist the need for an exchange to reduce complexity and facilitate effective business integration.
MY Integration has a vision for the future which includes the creation of industry specific real time data exchanges.
Whenever multiple buyers are trying to interact with multiple suppliers there exist the need for an exchange to reduce complexity and facilitate effective business integration.
Business-to-Business Overview
As advanced as the world has become in the use of the internet it would seem counter-intuitive to suggest the use of the internet for electronic commerce is still only in its infancy, but that is precisely where we are today. The use of the internet to this point in our history has been dominated by Business-to-Consumer (B2C) transactions while the large volume of transactions and the large opportunity for business value is actually in the Business-to-Business (B2B) arena. E-business of the past 20 years has been dominated by the race to get the best web site with the most “hits”. The emphasis of the Web Sites was on graphics; appealing visuals; and ease-of-use “front-end” systems.
When business interacts with other businesses they care about efficient, accurate, and dependable transactions with external organizations. They also want seamless real-time integration between their purchasing and financial systems and their own internal line-of-business applications. More importantly, they care about who they are doing business with. The process of forming relationships and finding trusted business partners does not change with the advent of technology. Eighty per cent of business-to-business transactions occur with pre-negotiated contracts with known suppliers, yet the focus of information technology has been on spot purchases with the marketplace at large.
When business interacts with other businesses they care about efficient, accurate, and dependable transactions with external organizations. They also want seamless real-time integration between their purchasing and financial systems and their own internal line-of-business applications. More importantly, they care about who they are doing business with. The process of forming relationships and finding trusted business partners does not change with the advent of technology. Eighty per cent of business-to-business transactions occur with pre-negotiated contracts with known suppliers, yet the focus of information technology has been on spot purchases with the marketplace at large.
Fulfilling Market Demand
There is very clearly a demand in the marketplace that has yet to be filled by the Information Technology Industry. E-Business has not been as successful as it could be. The reason industry has fallen short is because any attempts at forming a true exchange have been dominated by a plethora of independent and exclusive models designed to give one business, group of businesses, or IT shop, a leg up on the others. The result being equal inefficiencies for all.
If leadership is taken by a single organization, or by Government, then the inclusive aspect of the model will not be satisfied and the potential benefits will not be realized. So the vision based approach is the catalyst needed to make these business-to-business exchanges work and satisfy the unfulfilled market demand.
If leadership is taken by a single organization, or by Government, then the inclusive aspect of the model will not be satisfied and the potential benefits will not be realized. So the vision based approach is the catalyst needed to make these business-to-business exchanges work and satisfy the unfulfilled market demand.
The following illustration is an example how the existence of an exchange can facilitate integration between citizens and Government and conversely between Government and all of the Government's suppliers.
Founded in January 2000, The above illustration is the exact copy that led to the creation of a new Company specializing in Citizen to Government and Business to Government Integration. That Company is now a leading provider of registry and information management services for public data and records. This Company is a partner of choice for governments and private sector organizations seeking management of their information.
The Art of Integration will continue to address this unfulfilled demand for other exchanges between multiple buyers and multiple suppliers within several different industries.