The demand for supply chain finance (SCF) platforms has grown rapidly in recent years as providers aid businesses to create time and cost savings through the adoption of new technology.
Traditionally driven by international banks, high on-boarding costs, low transparency and a lack of scalability has limited the adoption of supply chain finance (SCF). But a recent shift towards digitization and automation have seen SCF transactions grow rapidly as businesses seek previously unattainable efficiencies.
What can a Supply Chain Finance platform do?
Supply Chain Finance platforms have been critical to this trend, creating a digital trade repository to boost productivity.
A platform forms a single location for buyers, suppliers and financiers to serve their trade finance needs.
Whether it’s managing purchase orders, accepting invoices or offering advanced business analytics, SCF platforms are there to help.
“Technology platforms are 24/7 channels able to reduce human error, increase operational efficiency and improve communication for all stakeholders, in terms of both speed and quality,” said Andy Suen, lead engineer at Harbor.
Does my business need a Supply Chain Finance platform?
In an unpredictable world, buyers are constantly seeking new ways to ensure business continuity and manage their risk.
The most adept platforms have been able to streamline cumbersome paperwork and allow users to leverage artificial intelligence (AI) to move from paper-based transactions to automated electronic invoicing.
“The application of AI has already helped to automate purchase order uploads and we have a roadmap to adopt more of it to enhance our decision models with AI capabilities,” said Suen.
SCF platforms not only provide businesses with data clarity but allow for greater risk management by using that data to assess the credit worthiness of existing and potential clients.
HarborTrade Platform: Facilitating transparency and communication
Historically, large corporates and banks were the only beneficiaries of digital technology in this sector, but the HarborTrade Platform is bringing that to the middle market.
It allows companies of any size to benefit from accounts payable automation, vendor management tools and access transaction data.
Simplicity, scalability and automation are critical factors when choosing a SCF platform. The HarborTrade Platform excels at all three.
An intuitive interface allows users to initiate orders, pay invoices and communicate with business partners, all in one simple-to-use paperless system.
“The HarborTrade Platform is built on the Google Cloud Platform, which provides us an open, infinitely scalable and robust infrastructure. It also gives us flexibility to use the best tools in our production ecosystem.”
“We picked our technology stack carefully, using industry standard protocols such as OAuth2 for our data API integration, allowing us to seamlessly integrate with cloud-based solution providers like Firebase and SendGrid,” says Suen.
Pre-built templates and processes allow users to onboard new suppliers and create invoices quicker than ever before.
Buyer and supplier interaction on the platform allows for open lines of communication in one location. All parties can access real-time supply chain analytics, ensuring transparent shipment and transaction data for both buyer and supplier.
This greater visibility and coordination across the supply chain not only allows for improved collaboration with a wider base of suppliers, but the creation of diversified, efficient and more resilient supply chains.
Free to use as a supply chain management tool, HarborTrade Platform is not just about financing, but can be the first step in any business’s digital transformation.
“We have focused on building the best client experience, which will improve your bottom line,” says Suen.
Harbor’s unique aggregation solution provides suppliers with the working capital they crucially need, while also offering buyers additional free cash flow through the aggregation of smaller supplier bases.
Link your physical and financial supply chains and let the HarborTrade Platform accelerate payments to your suppliers around the globe with third-party funding that can also boost your working capital.
Harbor is a Supply Chain Finance provider offering working capital solutions to improve the cash conversion cycle. Our programs allow for early payments to suppliers so that buyers can optimize their own liquidity through trade credit.
The HarborTrade platform not only injects liquidity into the supply chain, but it allows for better vendor and procurement management by allowing buyers and supplier to interact creating streamlined processes. With improved cash flow and administrative efficiencies, users of the HarborTrade platform are on track to grow their businesses.
Harbor facilitates trade both domestically and internationally with offices and representatives in Miami, Los Angeles, New York, Hong Kong, The Netherlands, Germany, and Mumbai.