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Fintech providers have much to offer when it comes to providing innovation, scalability and efficiency. But working with a fintech partner on a working capital optimization program needn't have an adverse impact on your longstanding bank relationships. If your program includes a third-party structure, you should be able to invite your preferred banks to be part of the portfolio of finance providers included within the program.
In recent months we have seen multiple examples of businesses taking a company-centric approach can result in bad press. For example, companies can attract negative coverage when they extend payment terms aggressively without considering the adverse effect on their suppliers. It's therefore essential to make shared benefits available across the supply chain as a whole. Likewise, adhering to voluntary codes of conduct can go a long way in demonstrating corporate social responsibility towards your supply chain.
Beyond these pitfalls, companies should also be aware of other industry developments that may have a bearing on their payment practices. For example, governments increasingly expect organizations to treat SME suppliers fairly — and they are using various tools to facilitate this. These range from mandatory practice set out in law to schemes which recognize organizations for committing to best practice in supplier payments.
Over the last few weeks, we've set out how you can use a game-changing approach to working capital optimization in order to support the growth of your business, while extending the benefits across your entire supply chain.
Indeed, the benefits of such an approach can be considerable. In today's highly competitive market, thinking outside the box can enable you to free up working capital while reducing suppliers' financing costs. And by leveraging an intelligent, data-driven system, you may be able to provide precisely timed early payment opportunities to suppliers.
Want to become a game changer for your organization? Take the first step by joining Taulia at its Working Capital Summit, in San Francisco on October 10 or Chicago on October 18.