B2B Integration Enables Global Flows in Digital age

A new McKinsey Global Institute (MGI) report, Global flows in a digital age: How trade, finance, people, and data connect the world economy, examines the inflows and outflows of goods, services, finance, and people, as well as the data and communication flows that underlie them all, for 195 countries around the world.

In the inter-connected economy these flows enable global trade. The study indicates that flows of goods, services, and finance reached $26 trillion in 2012, or 36 percent of global GDP, 1.5 times the level in 1990.

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Internet of Things needs B2B Standards

B2B standards based on EDI or XML formats run the global economy. The benefits of these standards is primarily interoperability which makes it easier for parties to exchange and interpret data.

The recent unfortunate incident involving Malaysian Airliner crash has exposed the problem with machine and sensor data using proprietary formats. The moment a machine moves out of pre-determined path, other machines do not know what is going on and do not even understand  what object is showing up on radar.

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Why Integration is the Key to Visibility?

For companies, having a real-time, end-to-end view of their supply chain gives them the power to identify problems and resolve them with minimal cost and disruption. End-to-end view gives them the visibility to monitor and measure key performance indicators.

What they may not realize is that integrating internal and external applications and data is a fundamental building block for visibility and is a requirement for advanced supply chain analytics.

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