December is a time to look back at the year and to look ahead at incoming trends and market shifts. Procure-to-pay and eInvoicing firm Basware is doing just that with its latest input regarding what the market can expect in 2016.
The company released its comments on Wednesday (Dec. 16), predicting “a transformative shift in the way companies will pursue financing, increase cash flow and grow their businesses” in the year ahead.
Specifically, the company pointed to the consumerization of finance, a focus on the customer experience and an increasing presence of cloud-based financing as key trends for 2016. Further, Basware said, predictive analytics will more commonly be used to assess financial positions and boost relationships with suppliers. Government eInvoicing mandates will be an important part of adopting these trends, the company said.
According to Basware CEO Esa Tihilä, collectively, this all means 2016 will be “transformational” for corporate finance.
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“Industry forces, as well as advanced technology and newB2B services, are converging to give businesses unprecedented agility when managing their cash flow and working capital,” the executive said in a statement.
Tihilä explained that companies will begin to view the purchase-to-pay function in a more strategic way “as companies determine not only how and when they will pay suppliers but also how they will finance these payables to maximize their capital positions.”
The supplier payment process will have a domino effect throughout the supply chain. “This major shift in how companies finance their receivables will also empower suppliers, especially SMBs, as they realize the benefits of new financing opportunities that enable them to increase cash flow to fuel business growth,” Tihilä added.
The five main trends within the corporate finance arena anticipated for 2016 by Basware include: the consumerization of business finance, cloud-based financing, supply chain collaboration that leads to new financing options, predictive analytics and federal digital invoicing mandates that will fuel the adoption of digital payments.