Barclaycard commercial payments set to smooth procurement process
Opinium conducted research on behalf of Barclays to understand procurement processes and supplier relationships. The survey reached 512 senior managers who make decisions around procurement.
When comparing supplier relationships to how they were five years ago, almost three quarters of the senior managers we surveyed said they believe these are more mutually beneficial now than they were five years ago. This is good news for business relationships, however, there is room for improvement. Timely payments to suppliers are now seen as more concerning than they were five years ago by 60%. With three in ten of the people we surveyed citing that slow internal processes are a cause of concern.
This research highlighted how businesses are seeking to simplify their procurement processes to enable speedy payments and in turn improve supplier relationships. To help improve such issues Barclaycard built Precisionpay Hub, which has been designed to remove obstacles and smooth out the interaction and payment process.
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