As many industry sectors pursue more digital engagement, companies are being encouraged to view their customers, business partners and competitors through a new lens – one of collaboration where:
- multiple parties work together to create shared value
- leading to revenue growth for everyone
- ultimately, creating a flexible and fair marketplace
For those who are new to Bench, we enables businesses to create ecosystems where this form of collaboration can exist. Our platform is designed to help bring together your network of stakeholders (customers, partners, suppliers, as well as dispersed employee networks and contractors) where they can directly engage with you or one another to manage supply and demand of work.
With those you invite on the platform having the option to onboard their own stakeholder networks onto Bench, the ecosystem continues to expand. Our latest addition to the platform – ‘Circles of Trust’ – ensures that interacting with and leveraging these multiple tiers of networks remains simple and straightforward.
What are Circles of Trust?
On Bench, Circles of Trust enable a network of people to be viewed by the different degrees of relationship or ‘trust’ with your organisation. Every organisation on the Bench platform has four Circles of Trust as shown below.
For each Circle, you can set unique parameters such as transaction fees to your liking, allowing you to decide how you and those within your ecosystem want to leverage and monetise these relationships.
Circle 1 – Your Internal Network
With the first Circle, your business gains quick visibility on your internal capabilities, local and remote, allowing you to maximise employee utilisation before you reach out to external networks. The platform also enables you to easily engage and book remote staff for project opportunities.
Circle 2 – Your External Network
With the second Circle, your business gains efficiency in accessing and booking your immediate external network. Having all your trusted Contractors and Partners on one platform reduces time wasted managing spreadsheets and emails. Along with this, our automated matching algorithms ensure opportunities are met with highly suitable suppliers from the get-go.
Circle 3 – Your Referral Network
With the third Circle, your business gets to leverage the trusted networks of your Partners, Contractors and Regional Offices. You and your immediate external network play the role of connectors between demand and supply in the broader ecosystem. As connectors, you can introduce transaction fees to ensure you get revenue for sourcing and fulfilling work for customers and partners alike.
Circle 4 – The Bench Global Network
With the fourth Circle, your business gains access to Bench’s broader network where you can take on new business opportunities and book additional capabilities through our trusted network of Partners and Contractors. This circle enables you to grow your network and revenue streams even further.
By introducing Circles of Trust to the platform, we are enabling businesses who use Bench to incentivise every member of their ecosystem. Whether on the supply or demand side, every business in a Bench ecosystem can now leverage their trusted networks in different ways, generating more work and revenue along the way for the entire ecosystem.
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A product specialist can run you through Bench for your own business case. Get in touch with us today.