Barclaycard continues to expand its business services, announcing the launch of its new ‘Payment Intelligence – BPI service’ helping all businesses better understand their supply chain dynamics.
The business optimisation tool scans millions of data-points, allowing merchants to optimise their payments and supplier management strategies against a range of unique factors.
Launching its BPI intelligence service, Barclaycard states that online businesses will be able to better ‘catalogue their suppliers’ based on the number and value of transactions as well as their size, location, industry.
Barclaycard underlines that whether ‘big-or-small’ its BPI service, will help businesses manage their supply chain better delivering all-round savings on costs and resources.
Further highlighted as a core benefit, Barclaycard’s BPI service, will provide its users a direct snapshot on which suppliers are most effective on payment helping cashflows – underlined as the biggest operating issue facing UK small and medium-sized businesses.
The Federation of Small Businesses estimates that an estimated 50,000 small and medium-sized businesses close each year due to late payments. Combatting this builds stronger relationships with critical suppliers and often results in better deals for the customer.
Anna Porra, Commercial Strategy Director for Barclaycard, said: “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. Barclaycard Payment Intelligence is a new suite of tools that harness state-of-the-art data analytics and financial modelling to devise tailored, actionable solutions for our customers.
“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, and it’s part of Barclaycard’s mission to help businesses realise these benefits.”