Looking ahead, should banks and logistics companies develop new offerings that benefit buyers and suppliers—making it easier for buyers and sellers to trade? According to Pieri, these tools are available today. “It is really more about financial services firms taking advantage of the wealth of data and collaborative business processes to lower costs, improve performance, increase accuracy and improve compliance.” He even sees an opportunity for logistics providers to “forward integrate” and become distributors—to facilitate flows in a lean production model.
While collaboration seems to be the new buzz word, there is a reason it’s getting a lot of attention, adds Schneiber. “Collaborative platforms provide visibility for buyers and suppliers and allows for quick resolution of disputes,” he says. “Banks and other organizations should consider offerings that reduce the friction between the buyer and supplier—essentially making it easy to trade and get paid for it.”
About the Author: Neal Lorenzi is a freelance writer based in Mundelein, Ill. He has covered a wide range of industries during his 25 years as a writer and editor.