When we think of B2B business interactions, they usually consist of a one-way street type of relationship. At the very best-case scenario, it involves a business making a commercial transaction with another.
But the need for more business collaboration, amid rising pressures to deliver high quality services/products on a timely manner paved the road to a more comprehensive way of doing business, namely the fastest, most efficient of them all.
Today’s modern supply chains are not linear, but dynamic and multi-directional – and the digital solutions currently available to supply chain professionals only enhance that fact. The ability to do business overseas via virtual, instantaneous communications has allowed companies over the past few decades to increasingly outsource their production and distribution, leading to lower production costs and higher revenues, all while creating a globalized economy that is more vast and incredibly intricate than the lay person could imagine.
The year 2020 posed a tremendous challenge for humanity. More specifically, it took a major toll in every business around the world no matter the size, as the impact of the Covid-19 crisis thoroughly affected both supply-side and demand-side of the world economy. According to a McKinsey report, roughly 70% of interviewed European SMEs stated that their revenues had declined as a result of the pandemic.
In this unprecedented context of a rampant need for virtual presence coupled with intense globalization and intertwinement, hyper connectivity took the center stage. Surprisingly, on a global scale, it managed to stand up to the challenge of empty offices, remote working modality and a plethora of lockdown and social distancing measures which can now be seen as the so-called “new normal”. Nevertheless, it is still true today, as it will henceforth: A hyper connected world facilitates engagement in business no matter the traveling distance, the different languages nor the size of firms and deals.