Streamlining Payments: CFOs Utilize Tech Tools for Efficient Operations
As businesses face ongoing challenges and higher costs, CFOs are turning to technology tools to streamline payments processes and ensure efficient operations. Shep Hickey, CEO of Bryzos, a leading online steel marketplace, highlighted the importance of payments functioning seamlessly, almost as if they haven’t occurred at all. This principle applies to various types of transactions, including buyer-supplier payments, buy now pay later (BNPL), and establishing credit lines.
Advancements in financial technology (FinTech) have made it possible to achieve these ambitions, with certain components evolving and standardizing rapidly. One area of progress is the increasing adoption of application programming interfaces (APIs) that enable a modular approach to managing workflows and transaction flows. This modularization simplifies tasks from a platform perspective, facilitating smoother operations.
Bryzos has also embraced BNPL, which has gained traction in the steel industry due to the familiar relationships between buyers and sellers. As Hickey predicts, the use of digital payments will become so commonplace that it will mimic the concept of open terms historically seen between buyers and sellers in the digital realm.
Real-time payments, although potentially game-changing in other industries, may not be an urgent requirement in the steel industry, where standard payment practices suffice. Despite this, there is still room for technologies like artificial intelligence (AI) and machine learning to enhance interactions between buyers and suppliers. Hickey emphasized the impressive learning capabilities of these technologies, which can address pain points in reconciliation, a challenging aspect for many firms. Digital payments offer a solution to this issue.
Looking forward, Bryzos aims to focus on speed and accuracy in 2024, building upon a year of significant platform changes in 2023. The company has already achieved a 70% repeat purchase ratio on a monthly basis and has expedited procurement processes, allowing buyers to check out in 60 seconds or less.
As CFOs navigate the complexities of managing their firms, leveraging technology tools for streamlined payments and efficient operations is crucial. By embracing digital advancements, adopting modular approaches, and utilizing AI and machine learning, businesses can enhance their payment processes and drive overall growth.
Disclaimer: This article is generated by OpenAI’s language model.