Adding B2B tech is easy, changing habits is hard.
By Steve Murphy Payments Journal
While the title may initially elicit some alternate point of view, in reading through the posting in PaymentsSource, one can gain the advantage of fundamental and practical advice, which is to “get the house in order.” The author makes reference to TV shows for tidying up as a simple analogy to figure out where all the paper is coming from (as an example, Marie Kondo; which also brings to mind a more allegoric but related “clean up your room” rule offered by Jordan Peterson):
‘Ideas to improve B2B payments are nothing without execution. So what do organizations need to do to achieve all of these objectives and finally get the visibility and seamless cash management they need for overall business success?.
In this case it’s not possible to simply point to outdated technology as the root cause of cash management issues. A simple upgrade or overhaul will not solve this particular problem, because in this case, legacy technology isn’t what’s preventing organizations from understanding their cash position.’
So from a practical starting point, the advice is to assess your condition prior to finding a cure or perhaps setting out to fix the wrong thing. One of the things that we have described to members is the issue of inertia (not to be confused with lethargy), which tends to be a roadblock to even basic levels of organizational process assessment due to the fact that if the legacy system/processes are working, why bother to make them better?
This is, of course, a dangerous position in these times of transformational technology (which gets us back to the ‘easy’ part of the title). In effect, as one moves through the posting, the author (a senior at Bottomline Technologies) suggests that indeed once an organization understands its actual transitional needs, the ability to identify tech partners is not a high hurdle in today’s environment.
‘More than just a centralized system, payments hubs are a business strategy that make it possible to deploy resources efficiently, bringing together all payment and collection types, all balance and transaction reporting, all other corporate-to-bank exchanges, all transaction bank relationships, and audit and regulatory compliance.
Payment hubs help organizations increase efficiency, improve control over funds, mitigate risk and enhance visibility – definitely benefits to look for when trying to improve cash management.’