Over 60% of businesses are more interested in requesting early payment (62%) and automating invoice processing (66%) as a result of the COVID-19 pandemic, according to a report conducted by working capital technology solutions leader, Taulia. The global report unlocks key insights into supplier behavior due to the impact of COVID-19, with main themes being: a shift in working practices, a decrease in business demand, and an increase in the automation of financial processes.
The survey which was conducted over a two-week period in June 2020 collected the views and insights of over 9,000 global respondents, with the majority (55%) of respondents coming from businesses with less than USD $10 million in revenue. Respondents were asked questions about how COVID-19 has impacted their business and how their behavior has changed as a result of the pandemic.
The report found that businesses are adapting to the current environment in numerous ways, with many respondents (78%) stating they have seen a change in their customers’ working practices. This change is reflected in their own work environment, with 41% of respondents saying they will now allow staff to work from home. Respondents also noted that there has been an increase in receiving late payments (43%) and a general decrease in business demand (56%), which means managing cash flow and injecting liquidity into the business has never been more important.
“COVID-19 has disrupted the entire business world and we want to do whatever we can to help businesses, small and large, to remain operational and competitive. As a result of COVID-19, we have seen a tremendous increase in early payment requests and demand for solutions to help manage financial processes electronically. The report sheds light on current business attitudes and behavior, which we hope to use to fuel more innovation to help our customers succeed,” states Cedric Bru, CEO, Taulia.
The full COVID-19: Effects on your business report can be viewed here.
Taulia is a leading provider of working capital technology solutions headquartered in San Francisco, California. Through a unique combination of its technology platform, people and process, Taulia helps companies access the value tied up in their supply chain by transitioning from inefficient and often manual working capital management practices into technology-led, working capital optimization strategies. Taulia’s vision is to create a world where every business thrives by enabling buyers and suppliers to choose when to pay and get paid. A network of 2 million businesses use Taulia’s technology and the company processes over $500 billion every year. Taulia is trusted by the world’s largest companies including Airbus, AstraZeneca, Nissan and Vodafone. For more information, please visit www.taulia.com