Barclaycard has launched Barclaycard Payment Intelligence (BPI), a new service which uses in-depth data analytics to provide procurement departments with a comprehensive picture of their supply chain.
The service combines hundreds of accounts payable data points with internal and third-party data. This helps customers develop the right payment solutions for their various suppliers in a fraction of the time it would take to do manually.
The technology helps businesses catalogue their suppliers based on the number and value of transactions as well as their size, location, industry and whether early payment is likely to generate savings. Combined, this helps to create a comprehensive overview of the entire supplier framework.
A set of algorithms created by Barclaycard Payments then translates these insights into a bespoke payment strategy. For companies with thousands of suppliers – big and small – on their books, the new product aims to offer significant time and cost-saving for key decision makers.
“Clunky and complex supplier payments processes mean that businesses of all sizes are losing out on time and money. Barclaycard has looked to make use payments data to identify opportunities for improvements across the procure to pay process and drive actionable insights for both buyers and suppliers,” said Anna Porra, Commercial Strategy Director for Barclaycard.
“This approach not only brings tangible benefits to the bottom line, but it also helps to strengthen relationships between buyers and suppliers. As we navigate our way through this difficult period, safeguarding supply chains is a key way of future-proofing operations.”