[ad_1]
Ravi Sidhu, subject matter expert for credit risk at Dun & Bradstreet, explains the important of obtaining timely payments data to ensure supply chain resilience.
One of the most critical sources of data available to global traders is payment information — especially if it’s available on a real-time basis. Other types of financial information are valuable as well, but are often well out of date, Sidhu says. By obtaining payment intelligence at an early stage, companies can detect shipping behavior patterns by their customers, and respond accordingly.
Businesses need to figure out how to become part of a reciprocal data network so that they can keep tabs on payment trends and benchmark their performance in that area against other organizations, he says.
Just sifting through the enormous volume of data that’s available to traders today is a daunting task. Automation can help, providing companies with the information they need to make intelligent decisions, and distinguish “signal from noise.”
It starts with business leaders taking a strategic approach to the problem of gaining visibility to payment information. By participating in a data-exchange program, they can view trends across industries, and compare their payment portfolios with others.
In the end, Sidhu says, it’s about using timely payment information to boost organizational resilience as a hedge against supply chain volatility. “You’ve got to understand your full exposure,” he says. “Having clean, connected data is really key.”
[ad_2]
Source link
