EXECUTIVE INSIGHT
Ernest Rolfson , CEO & Founder of Finexio , discusses how his company is revolutionising B2B payments by optimising , monetising and securing payment processes as an integral part of a fully digitised procurement strategy .
With over a decade of experience , Finexio has developed AI-powered solutions that integrate seamlessly with procurement systems , eliminating paper-based processes , enhancing supplier enablement and accelerating adoption of digital payments . In this interview , Ernest shares insights on how Finexio ’ s AI-powered approach is transforming B2B payments , reducing costs and improving efficiency for procurement teams across various industries .
Q . HOW DOES FINEXIO HELP PROCUREMENT TEAMS DIGITISE AND STREAMLINE PAYMENT PROCESSES AS PART OF A BROADER DIGITAL PROCUREMENT STRATEGY ?
» We help procurement teams digitise and streamline payment processes simply by moving them to the cloud via IT software .
Most procurement teams are already using various aspects of software to manage procurement . When thinking about payments , I ’ m particularly focused on onboarding suppliers . A significant gap I ’ ve observed is that when it comes to payment information and leveraging payment terms , methods , fees and discounts , it ’ s very lacking . The procurement portals and digital tools that exist today are really about getting suppliers in and checking many other critical boxes around procurement needs – areas like compliance or contract management . But without having payments upfront and centre , if not a very fast follow as part of that supplier onboarding process , the organisation is missing a very big leverage point , particularly around cost savings .
With the right tools and systems , you can have suppliers leveraging software to manage much of the self-service whilst still navigating the complexities around payment modalities , costs and the benefits or trade-offs of different payment methods .
This is something we prioritise and enable , and we ’ ve implemented this within some of the leading procure-to-pay systems over the last 10 years . The final piece is there ’ s less back and forth with suppliers , particularly around this complex area and the education needed to get them into a fully digital workflow .
The entire procure-to-pay process can be seamlessly connected only if you ’ re giving suppliers something phenomenal upfront that handles all these areas related to finance and payments – which ultimately impacts procurement , particularly around contract management , negotiation or fee negotiation . It also addresses the broader company ’ s goals on cash flow and other matters .
procurementmag . com 65