Benefits of Implementing a PunchOut Strategy
The buyer-supplier relationship has changed dramatically in the past decade. Both B2B eCommerce and eProcurement technologies have advanced, especially in the years of the global pandemic. Buyers now have higher expectations than ever before when it comes to integration capabilities of their trading partners.
At a time when buyers want their procurement processes to be easier, faster and more accurate, how can suppliers keep up? The simple answer is implementing and offering PunchOut.
PunchOut solutions streamline and remove friction from the B2B purchasing process by connecting eProcurement solutions to eCommerce systems — automating authentication and cart order data transfer between buyers and suppliers. Seamless transfer of purchase data between systems saves time, boosts efficiencies and reduces manual errors.
The benefits of PunchOut help both buyers and suppliers modernize their transaction process while also building and strengthening trading partner relationships.
Benefits of a Punchout Strategy
Benefits for Buyers
A PunchOut strategy allows buyers to quickly integrate key suppliers with their eProcurement solution. At the same time, reducing manual steps in the purchasing process eliminates rogue spending and saves time. Other advantages include:
- Enhance eProcurement compliance with key suppliers
- Achieve real-time access to negotiated pricing and accurate inventory levels
- Expedite the purchasing process and enhance the search and browse experience by leveraging suppliers’ existing websites directly from your eProcurement solution
Benefits for Suppliers
Suppliers can better meet buyer requests for integration while improving the customer experience by providing real-time, accurate data on negotiated prices and inventory. They can also:
- Gain wallet share and grow revenue from new and existing customers
- Reduce set-up time and maintain/scale eProcurement integrations with customers
- Free up time and resources for IT & operations groups by leveraging an expert integration partner with pre-built connectors
Revolutionize The B2B Transaction Process with PunchOut
PunchOut strategy has revolutionized the B2B transaction process because it’s two-fold. Buyers get the products they need with speed and accuracy, and suppliers can easily update their catalogs and become preferred vendors. A PunchOut strategy can also make the difference between preparing for the future of B2B business transactions or falling behind with the growing demands of the industry.
Integrating a PunchOut strategy into existing eProcurement solutions or eCommerce systems requires some know-how, which is why partnering with a third-party is often much faster and more effective than trying to use in-house resources.
How TradeCentric Can Help
If understanding PunchOut seems overwhelming, we’ve got good news: you don’t have to take the leap alone. TradeCentric is here to be your trusted advisor for taking your B2B commerce processes to the next level.
Contact us and a TradeCentric representative will reach out to help you get started on your journey to achieving fully connected commerce.