Ultimately, the goal in every business is to make more money than they spend. Procurement specialists and sales associates - while typically working independently of one another - should engage in some collaboration to ensure all financial transactions are conducted for the good of the company.
Vendors in the B2B sphere make money selling to other companies. That's the nature of their business. However, that doesn't mean they aren't spending money themselves. B2B vendors are just like every other company and they must make wise investments into new products and services if they are to maintain economic viability going forward.
An article in Customer Think lists a number of ways B2B vendors improved their business in 2012. Yesterday, this blog listed the shift from outside to inside sales, but there are a number of other trends the article listed that are just as important to consider as vendors head deeper into the new year. One of the more prominent mentions is that vendors must spend their own money wisely.
"World-class sales organizations in 2012 significantly increased their adoption and leverage of add-on productivity, prospecting and market research tools to speed up existing processes, increase the quality and context of their prospect conversations, and give the entire organization [from rep to manager to executive] far greater transparency andvisibility to what's working, what's not, and what to do next," wrote Matt Heinz, the author of the article. "There are too many excellent sales tools to name here, and the right tools and/or tool mix varies based on the make-up, focus and strategy of the sales organization."
One of the most important investments a vendor can make is in new payment solutions, because procuring the right one can save the organization money while adding value to daily operations. For example, obtaining a solution designed to accept level 3 payment data with line item detail will save on processing fees, increasing the net gain on each transaction. Working with a B2B payments provider can allow vendors to acquire the tools and knowledge needed to improve their entire payment processing system