B2B Data Management: Non-Negotiables in 2024

Smart data management is a must for B2B companies, yet many struggle to wrangle, understand, and use their data effectively. 

The key to success is understanding and using the right B2B data management strategies, including implementing a solid B2B eCommerce platform. 

In this guide, we walk you through the essential data management practices for 2024 so you can stay ahead of the curve.
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Short on time? Here are the key takeaways

• Unified data systems are vital for making informed decisions and keeping things running smoothly.
  
  
• Regular data checkups and clean-ups keep your data accurate and trustworthy.
  
  
• Implementing strong security measures protects your valuable B2B data.
  
  
• Using AI and machine learning supercharges your data analysis and helps you predict what's next.
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Why B2B data management is essential

No matter what type of industry you are in, B2B data management is not something you can afford to overlook. Here is why it is so important — in 2024 and beyond:
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Informed decision-making

Gut feelings aren’t sufficient for making business decisions. With solid B2B data management, you get real-time, accurate insights that drive strategic decisions. 

For example, a furniture supplier selling to restaurants and hotels can use sales data, market research, and economic indicators to predict upcoming trends in hospitality furniture. This allows them to adjust their product line and inventory levels accordingly, staying ahead of their competition.
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Enhanced customer experience

Your B2B clients expect a personalized touch. By effectively managing customer data, you can tailor your offerings to their specific needs. 

A construction supply company, for instance, can use purchase history to recommend products and create custom catalogs for each client, improving the overall B2B customer experience. This personalized approach can be seamlessly implemented through a well-designed B2B sales portal, providing clients with a user-friendly interface tailored to their unique requirements.
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Operational efficiency

Streamlined data management reduces redundancies and automates processes, saving your company time and money across the board. 

For example, a food distribution company using efficient data management could optimize inventory levels, reducing waste and getting deliveries out the door faster.
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Revenue growth

Accurate data also lets you spot new opportunities and maximize the ones you already have. You can easily find chances for cross-selling and upselling, leading to more sales. 

A real-world example would be a B2B fashion retailer using purchase data to suggest complementary items to its wholesale clients, increasing average order value (AOV).
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Risk mitigation

Poor data management is a disaster waiting to happen. It exposes your business to security breaches, compliance issues, and a tarnished reputation. As businesses increasingly rely on data, the risks associated with poor management have grown exponentially. This requires a shift in thinking about data security and governance. By implementing solid data management best practices, you protect your business from these risks. 

For example, a grocery wholesaler’s data management practices could involve safeguarding sensitive supplier information and keeping food safety records in check.
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Competitive advantage

Top-notch data management lets you outsmart competitors with faster response times, more accurate pricing, and better-targeted marketing. 

For instance, a furniture manufacturer using data effectively could react to market changes faster than others, adjusting designs and inventory to meet emerging trends.
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6 B2B data management non-negotiables

Now, let’s dive into six aspects of B2B data management you need to stay competitive and compliant:
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1. Unify your data in a centralized platform

Gone are the days of data scattered across different departments and working in silos, where everyone has their own set of tools and cross-communication was limited. A unified commerce platform is now a must-have for smooth operations and getting a complete picture of your business.

We at DJUST offer a full-service solution that combines data from various sources into one easy-to-access platform. This gives you a 360-degree view of your business, from inventory and sales to customer interactions and marketing efforts. 

With DJUST, you can:

• Consolidate data from your enterprise resource planning (ERP) software, customer relationship management (CRM) platform, product information management (PIM) solution, and any other system.
  
  
• Gain real-time visibility into key metrics and performance indicators.
  
  
• Enable cross-functional collaboration and data sharing.
  
  
• Streamline data management processes and reduce manual effort that goes far beyond data-related tasks.You can manage incidents (for example, when your delivery shows up wrong or broken), oversee shipping & delivery, payment, and more.

A unified commerce platform is excellent if you’re considering eCommerce replatforming, as it will help you transition smoothly with consistent data.

Expert tip: When pulling your data together, create a data dictionary that clearly defines each data point and where it comes from. This keeps things consistent and clear across your company. For example, a “Customer ID” field might be defined as “a unique eight-digit number assigned to each customer account, sourced from the CRM system.”
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2. Implement rigorous data quality controls

Data can be considered “bad” when it is outdated, incomplete, inaccurate, or inconsistent. Bad data leads to misinformed decisions and ineffective strategies. This is why regular data checkups and clean-ups are essential to maintaining data accuracy and reliability.

With B2B data management platforms and unified commerce solutions like DJUST, you can benefit from built-in data validation tools that automatically flag inconsistencies and duplicates. This helps you keep a clean, reliable database without having to constantly check it manually. 

In addition to correcting information and removing duplicates, you should: 

• Implement data entry standards and validation rules. For example, you might set a standard format for phone numbers or ensure all product codes follow a specific pattern.
  
  
• Set up data quality checks when information is first entered into your system. This helps catch and fix mistakes before they cause problems later on. For instance, when a new customer account is created, the system could automatically check if the email address is in a valid format and if the company name already exists in the database.
  
  
• Conduct regular data audits and cleansing exercises. This might involve quarterly reviews of customer data to remove outdated contact information or defunct business accounts.
  
  
• Monitor data quality metrics and set improvement goals. For instance, you could aim to reduce duplicate customer records by 50% within six months.
  
  
• Provide training and support to users on data quality best practices. You might offer workshops on proper data entry techniques or create user guides for data management processes.

Expert tip: To complement your training efforts, consider implementing a buddy system where more experienced data handlers mentor newer team members. This can help reinforce best practices and create a culture of data quality across your organization.
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3. Prioritize data security and compliance

With regulators’ increasing scrutiny and the threat of cyberattacks, strong security measures are non-negotiable. These include encryption, access controls, and compliance with regulations such as the ​​General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA).

The best platforms take eCommerce security seriously, offering advanced encryption and role-based access controls. They also help you stay compliant with data regulations by providing tools for data anonymization (removing personally identifiable information from datasets) and consent management (tracking and honoring customer preferences for data usage). 

Other key security measures include:

• Implementing multi-factor authentication and single sign-on. This adds an extra layer of security by requiring users to provide two or more verification factors — e.g., a password plus a one-time code sent to their phone — to gain access to a resource.
  
  
• Regularly patching and updating systems to address vulnerabilities. This involves staying on top of security updates for all software and promptly applying them to close any potential security gaps.
  
  
• Conducting security awareness training for employees. This could include regular workshops on identifying phishing attempts, creating strong passwords, and the importance of data protection.
  
  
• Developing an incident response plan for data breaches. This plan should outline steps to take in case of a breach, including how to contain the breach, assess its impact, notify affected parties, and prevent future occurrences.

Expert tip: If you're using a SaaS solution, security audits and penetration testing should be conducted by your provider. Question your provider about their security measures. If you're managing your own system, be sure to update it regularly and prioritize security—don't wait for an incident to occur before taking action.
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4. Leverage AI and machine learning for data analysis

AI-powered analytics are no longer a luxury — they are necessary to stay competitive in the B2B landscape.

At DJUST, we have incorporated AI and machine learning capabilities into our platform, allowing you to dig deeper into your data. These tools can significantly enhance your B2B eCommerce strategy. 

Other applications of AI in B2B data management include:

• Anomaly detection for fraud prevention and risk management.
  
  
• Natural language processing for sentiment analysis and customer feedback.
  
  
• Predictive maintenance for equipment and assets.
  
  
• Demand forecasting and supply chain optimization.

Expert tip: Start small with AI projects and focus on specific use cases that deliver clear business value. Additionally, ensure your data is clean, accurate, and well-structured before applying AI algorithms.
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5. Ensure seamless data integration across systems

Your B2B data management solution should play nicely with others. Seamless integration with ERPs, CRMs, and other business systems is crucial for maintaining data consistency and enabling smooth workflows.

DJUST offers robust API capabilities and pre-built integrations with popular business systems, ensuring your data flows seamlessly across your entire tech stack. This integration is key for successful eCommerce automation and overall B2B digital transformation. Other benefits of data integration include:

• Reduced manual data entry and errors.
  
  
• Increased efficiency and productivity.
  
  
• Better collaboration and communication across departments.
  
  
• Faster time-to-market for new products and services.

Expert tip: Create a data flow diagram to visualize how information moves between different platforms. You can also use data mapping tools to make sure data fields are correctly matched and translated between systems.
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6. Implement a data governance framework

Lastly, you need a clear data governance strategy. This ensures your data is managed consistently and responsibly across your organization.

The right system can support your data governance efforts by providing detailed audit trails, user activity logs, and customizable data access policies. This helps you maintain control over your data assets while enabling appropriate access for different user roles. 

Other key components of a data governance framework include:

• Defining data ownership and stewardship roles. This involves assigning specific individuals or teams responsibility for maintaining and ensuring the quality of different data sets.
  
  
• Establishing data quality standards and metrics. For example, you could set a standard that customer contact information must be verified every six months or that product descriptions must meet a certain level of completeness.
  
  
• Implementing data lifecycle management processes. This includes policies for data creation, storage, usage, archiving, and deletion, ensuring data is handled appropriately throughout its lifecycle.
  
  
• Providing training and support to users on data governance policies. This could involve creating a data governance handbook and conducting regular training sessions to ensure all employees understand their role in maintaining data integrity.

Expert tip: Involve key stakeholders from across the organization in your data governance efforts to ensure buy-in and alignment with business objectives. Also, regularly review and update your data governance policies to keep pace with changing business needs and regulations.
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The bottom line

Effective B2B data management is crucial for your company’s success. To win in 2024 and beyond, unify your data, secure it, use advanced analytics, ensure everything works smoothly, and enforce strong governance.

As B2B eCommerce trends continue to evolve, staying on top of your data management practices will be important for maintaining a competitive edge, providing superior B2B payment processing solutions, and more.

With DJUST’s unified commerce platform and expert guidance, you can navigate the complexities of B2B data management with confidence. By prioritizing data unification, quality, security, integration, and governance, you can unlock the full potential of your data for B2B and drive better outcomes for your customers and your bottom line.