Chemical Suppliers Recognize Financial Rewards of Digitization Efforts with Trading Partners
Wayne, PA– January 9, 2018 – Elemica, the leading >Business Network for the chemical and process industry, announces the results from their Collaborative Order Management survey of chemical industry suppliers, gaining insights about how clients use Elemica’s order management and logistics solutions, and the value received. Survey results showed that industry leaders achieve significantly more benefits the more automated and collaborative connected trading partner processes they deploy. Therefore, digital transformation of the supply chain helps chemical companies and its suppliers collaboratively recognize substantial financial rewards, boosting profitability while improving customer service and satisfaction.
“Synchronizing business processes and information flow between companies helps chemical companies and their trading partners gain a significant competitive edge,” said David Cahn, Director of Product Marketing, Elemica. “By continuous innovation and digitizing the supply chain connections across orders, shipments, and financial processes, chemical companies and their trading partners can accelerate their path to Digital Transformation by introducing an ecosystem of business processes that saves time and reduces labor costs.”
To succeed in the chemical process industry marketplace, leaders find that the more trading partner business processes that are connected, the greater the benefits. Expanding connected functions beyond basic order capture and order changes is the path to success and leads to fewer errors, time and costs according to the survey. When trading partners are digitally connected and collaboratively working together, benefits are achieved for all involved.
Elemica’s Collaborative Order Management Survey results showed:
- Integrating transaction documents with trading partners resolves issues up to 15% quicker.
- Further integrating invoices and payments showed improved order-to-cash cycles by one to five percent in terms of days.
- 33% saw an improvement of 16% or higher in days of shortened reconciliation process over invoices; 50% saw an improvement in one to five percent
- Consolidating customer order channels using discovery and community connectivity saves time and improves revenues by 6 – 10 percent.
- Demand for automated customer delivery schedules, invoices, and payment visibility within the business network is a key driver for savings of one to five percent on inventory and admin costs, each.
- Shipments and delivery visibility achieves one to five percent savings on inventory, while improving customer service.
- Supply chain visibility into exceptions and messaging is the highest priority for serving customers better.
Elemica provides solutions that enable you to embark on your Digital Transformation by accessing a full suite of offerings for transforming the way you buy, sell, move and see across your supply chain. Once connected, partners can approach prospects across the ecosystem for lasting relationships.
To download our infographic on the findings from the supplier survey click image above.
Elemica is the leading Business Network for the process industries. Elemica transforms supply chains by replacing manual and complex approaches with efficient and reliable ones. Launched in 2000, customers like BASF, BP, Continental, The Dow Chemical Company, DuPont, The Goodyear Tire & Rubber Company, LANXESS, Michelin, Shell, Solvay, Sumitomo Chemical, Wacker and more process nearly $400B in commerce value annually on the network. Elemica drives bottom line results by promoting reduced cost of operations, faster process execution, automation of key business processes, removal of transactional barriers, and seamless information flow between trading partners.