The secret for B2B companies to unlock the power of data: embracing a composable path
The digital boom has inevitably forced companies to adopt new approaches in transforming the customer experiences in a bid to climb the success ladder and generate revenue, especially in dynamic market situations.
However, B2B companies find themselves facing a difficult challenge — the need to harness the power of all their data for competitive advantage. As all B2B organizations struggle with complex data landscapes and legacy technology, a revolutionary approach is emerging as the secret key to unlocking the true potential of this data: the path of Composable.
What is Composable?
In Composable approach, a tech stack is constructed by establishing an ecosystem of individual systems that seamlessly share data through APIs. This framework, related to microservices, involves small, de-coupled, inter-dependent services communicating via events and APIs, allowing for flexibility and adaptability. This modular structure enables businesses to rearrange and reorient based on external or internal factors such as shifts in customer values or sudden changes in the supply chain. In this new Composable enterprise architecture, the tech stack is cloud native and capabilities, embodying the principles of the MACH definition, prioritizing scalability and APIs. Thus, ensuring leverage of cloud services beyond storage and hosting for features like elastic scaling and automatic updates; and a headless model, decoupling front-end presentation from back-end logic, channel, programming language, and frameworks.
So how can we make digital experiences easier for B2B companies using a Composable approach?
In the complex and data-heavy world of digital B2B experiences, navigating intricate data setups and huge volumes of information can be a daunting challenge for companies. The key to success lies in simplifying the digital landscape and prioritizing tangible benefits for customers without getting tangled in the extremely complex data structures. So, streamlining and focusing on the Customer Experience (CX) technology stack in a B2B context can prove to be an extremely crucial and beneficial step.
B2B organizations gain flexibility and agility with a composable approach built with MACH components as they seamlessly share data through APIs, as an Experience Data Platform.
An Experience Data Platform serves as a transformative bridge, connecting diverse data sources and APIs within B2B organizations. By leveraging this technology, businesses can leapfrog into a composable state, with unparalleled agility and efficiency. This set-up empowers enterprises to harness the full potential of their data ecosystem, driving innovation and delivering superior customer experiences.
Why B2B companies should add an Experience Data Platform to their composable tech stack.
While choosing different components to fit the requirements of your tech stack, it is essential to consider tools or platforms that allow you to use your data in the most efficient way without diluting the data or waste time or resources within your organization. As the platform facilitates the connection and activation of data from any source, this allows the businesses to build custom applications effortlessly, ranging from digital commerce, customer portals, maintenance applications or hybrid selling solutions for field sales team. All activated data in the platform is transformed into a real-time format, making the end customer experience seamless which is especially relevant for B2B companies that hold a lot of data in legacy ERP systems.
Here are some of the benefits of adding Experience Data Platform to your tech stack:
Quicker to market: You can introduce digital products and services to the market faster by rethinking how data is handled and made available for digital experiences. Companies can substantially cut down the development and launch time for their offerings. This increased speed in bringing products to market can be a game-changer in the competitive B2B industry.
Reduction in life-cycle costs or TCO: In addition to accelerating the time-to-market, streamlining your CX stack can result in significant cost reductions. By changing how data is handled and activating it for digital experiences using Experience Data Platform, companies can lower digital project expenses by 30-50%. The reduction in complexity leads to a decrease in TCO, minimizing the risk of integration issues when updates are implemented.
Easy access to your data by bringing it to the front-end (Edge data): You get the ability to access all the necessary data and content to build digital experiences from a unified, real-time format. This removes the necessity to waste valuable time in piecing together data from different systems every time a new digital experience is developed or improved.
Unify and activate complex data: You can. Bring all the customer, content, and product data from a variety of systems and sources, such as ERP, PIM, PLM, CRM, and more into an Experience Data Platform and unify it to create multiple experiences. This data is readily available and can be employed to shape any necessary business element for the upcoming customer experience. Complex customer, product, and contextual data can be merged and put into action to deliver a personalized and relevant experience tailored to individual agreements.
Built for big data volumes: Even slow backend data, like ERP data, can be converted into a real-time format and expanded into front-end experiences with remarkable response times. This scalability empowers organizations to construct an experience just once and extend it worldwide across any endpoint and geographic location in real-time, giving developers precise access to the data required for all experiences.
By taking the composable approach, B2B companies can develop a wide range of applications to enhance operations at a significantly lower cost. These applications encompass the creation of tailored mini-sites for specific products or customer segments, real-time provisioning of product information to field sales staff, customization of B2B commerce experiences for diverse customer types, self-service customer portals with personalized information based on unique customer agreements, and the construction of product-centric applications to drive upsell and self-service maintenance for connected products.
Flexibility that comes with a Composable approach with focus on the CX stack:
- Build more tailored front-end experiences
- Accelerates time-to-market
- Reduces expenses
- Elevates and enhances the overall customer experience
- Unifying complex data enabling businesses to unlock the full potential
- Provide customized solutions addressing distinctive customer requirements.
Ultimately, a simplified CX stack positions B2B companies for success in the new digital era, ensuring adaptability in an ever-evolving market.
Author – Jimmy Ekbäck, CTO - Occtoo
Jimmy Ekbäck is co-founder and Chief Technology Officer (CTO) at Occtoo. Jimmy’s combined passion for new technology and frustration over legacy technology holding CX professionals back from launching innovative ideas is what brought the seed of Occtoo to life. Prior to founding Occtoo, Jimmy has founded and acted as CTO at inRiver, a globally recognized Product Information Management System.