STRATEGIC SOURCING
That will require a systematic effort to break down data siloes, first with digital links between existing tools and data, and ultimately with the creation of a common‘ data spine’ that provides a single source of truth.”
Embedded payments are also becoming a major differentiator by removing friction from cross-border transactions, allowing businesses to initiate and manage payments directly within the systems they already use.
“ Suppliers that support automated workflows, embedded payment experiences, real-time payment tracking and greater transparency have been able to move beyond the basic supplier relationship and are now viewed as strategic partners,” says Gary.
Fluctuating exchange rates can quickly impact margins and make financial planning more difficult, especially for organisations managing large supplier networks across multiple currencies.
Gary adds:“ This is where FX hedging and the ability to lock in exchange rates become increasingly valuable. Having certainty over future costs not only protects businesses from sudden market swings, but also gives procurement and finance teams greater confidence when forecasting, budgeting and negotiating supplier agreements.”
Businesses are now starting to see FX strategy as more than just a risk management tool, but as an opportunity to create competitive advantage and improve overall supply chain resilience.
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