Forbes Magazine recently published an interesting article that explores how innovative small businesses are thriving in highly competitive, global markets by leveraging business networks. In The Power of Small: Game-Changing Strategies From Entrepreneurs, it highlights companies like MarkMaster – an Ariba supplier and one of the largest custom marking companies in the world.
Like so many businesses today, MarkMaster faced major threats to productivity and profits such as globalization, a weak economy, evolving public policy, and new customer demands (in their case, requests to offer digital solutions, not just traditional stamps). Management chose to join the Ariba Network to overcome these threats – and rapidly expand into new markets.
The key to their success was early adoption of the Ariba Discovery service, which automatically matches buyer needs and supplier capabilities. It enabled MarkMaster to quickly break into the banking and insurance markets – today, it services nine out of the top 10 banks and eight of the top 10 insurance companies in the U.S. “Eighty percent of our business today comes to us through Ariba Discovery and we grow 10 percent or more per year,” says Kevin Govin, CEO of MarkMaster. “It’s like Yellow Pages on steroids.”
Hear more from Govin on how small businesses can use the Ariba Network and Ariba Discovery service to rapidly expand their reach in new markets in this video posted on Ariba Exchange. To read the Forbes article, click here.