Drew Hofler, Director of Solutions Marketing at Ariba, an SAP company, discussed business networks and their impact on today’s marketplace during his presentation at the 2014 Chief Financial Officer Leadership Forum: Fall Event in New York on Nov. 6. In his presentation, Hofler noted networks are all about connecting people, goods, services and markets, and today’s businesses can reap the rewards of networking if they recognize its value.
Today’s businesses now can share information faster than ever before, Hofler said, which has changed the way many business networks function. As new business networking tools become available, Hofler pointed out that these tools could further transform how businesses leverage networks to bolster their operations: “The fact is, [networks have] changed the way that we do things. We have access to information when we want, from whom we want. We can find what we’re looking for, and [networks] can be very personal in that regard.”
In addition, Hofler pointed out that today’s businesses often are siloed, but business networks can connect people, processes, systems and information at the appropriate time. Hofler said business networks also can help companies make better decisions, and ultimately, save money. Developing and optimizing business networks enables companies to become more productive and efficient as well, Hofler noted: “Business networks are all about getting the right information to the right party at the right time within the right process so that [businesses] can make the right decision and [drive] the right result.”