See What's Trending This Week
Stephanie Strom for the New York Times (@ssstrom) covers how “a growing number of the world’s largest food and packaged goods companies are asking their suppliers to give them as much as four months to pay their bills — even though they typically require payment from their own customers in 30 days.” This has some suppliers reevaluating their partnerships for what they consider is an unethical business practice. Learn how extending payment terms has a negative impact on a supplier’s bottom line and how it may pass along a higher price of goods to the consumer.
Some movements in the business world are easy to shrug off when they seem like trends. But Tess Townsend (@Tess_Townsend) of Inc reveals the select few that demand our attention, according to Reggie Bradford, SVP of product development at Oracle. While cloud computing is here to stay, Bradford reveals that only a startling “six percent of enterprise workloads are in the cloud right now.” The Internet of Things and Artificial Intelligence have potential for mainstream adoption and are technologies the article suggests companies start engaging.
Lamar Wilson of Let’s Talk Payments (@LetsTalkPaymnts) recaps the history of payments back to 2003, when $6 billion in paper check payments were loaded on planes and flown to their intended destination. While digital payments opportunities have provided enormous cost savings for businesses, the antidote to paper has yet to reach wide-scale adoption. The statistics are baffling: “The WSJ estimates that this antiquated [paper] process is costing US businesses up to $54 Billion per year. New software and technology are streamlining every other aspect of a company’s operations, yet billions are being squandered by businesses using an inefficient, insecure method of payment that has not changed significantly since its creation two millennia ago in ancient Rome.”
Bernard Moon, Crunch Network Contributor (@bernardmoon) provides an at-a-glance breakdown of the finance sector’s disruption with a helpful visual chart that shows each cross-section’s contribution to the financial services industry. Banking technology and payments make up the outer framework and are among the first to indicate major shifts ahead for the industry: “We believe the initial entrepreneurial activity and transaction volume has been from the first layers of disruption in fintech (i.e. banking tech, payments), but long-term and more game-changing innovations will occur in the next layers.” Read to find out how the rest of the industry is predicted to go the way of digital disruption.
While bitcoin may not hold the same status as legal tender, it was recognized as a form of payment by a U.S. District Judge in Manhattan. The judge is overseeing the case of a man who was allegedly using bitcoin as part of a money laundering operation involved with cybercrime and a data breach that hacked JPMorgan Chase, among others. While the association of bitcoin in this case is decidedly negative, some are seeing this case as an early landmark of what’s to come with bitcoin gaining recognition as a legitimate form of payment.
About the Author
Lauren is a Research Analyst at Nvoicepay. She has six years of experience in the technology and B2B payments industry.Follow on Twitter More Content by Lauren Ruef