In order to better simplify information processes, businesses must implement solutions that can speed the flow of data. Leading businesses are discovering that the cloud is the best method to increase digital communication and minimise costs. With communication and data access so vital to businesses large and small, it seems only fair that cloud computing helps Business-to-Business (B2B) transactions.
There has been accelerated activity in B2B now for several years across the board. The payments industry is constantly transforming and growing, and businesses have never had so many options for paying or getting paid. It is expected that by 2020, the U.S B2B payments market will reach a colossal $23.1 trillion.
The payments industry like most others has been rapidly digitising. The prominence of cloud technology is increasing accessibility to financial services since traditional lending platforms are not meeting the expectations that today’s consumers have around ease and speed of payments. The expectation that payments occur in a seamless, integrated way represents a broader paradigm shift in the payment’s world.
The embrace of the cloud has opened up the opportunity for procurement, travel and expense management, treasury management and other corporate financial platforms to integrate and embed the payments function directly within that solution. Over the last five years, increasing numbers of financial services have moved to a cloud-based model. Cloud-based platforms facilitate easy integration with multiple applications to deliver functionality aligned with the core accounting function. There is no doubt that the cloud is driving and accelerating transformation of the payments industry providing customers with a myriad of convenient payment methods. This shift is occurring because consumers need instant and on-demand access to everything.
What is more, fintech companies are using the cloud to remodel products and establish partnerships with third parties to enhance security while also innovating, increasing agility, and experimenting quickly and frequently to evolve their payment offerings. B2B companies have the option to integrate financing into their own payment systems which has drastically influenced B2B buyers to work solely with businesses offering cloud services. Non-technical individuals are increasingly able to quickly move data into the cloud ecosystem. For B2B marketers, this means the possibility of more integration of information between sales and marketing and a more informed approach to potential customers and new businesses. Today, B2B companies have the option to integrate payment systems in order to serve the customer with a competitive and convenient service. There are cost and time saving benefits of moving payments to the cloud. Technologies such as the cloud, artificial intelligence and APIs play important roles in making payments faster, more automated and cheaper.
Employing cloud resources eliminates the need for businesses to invest in substantial hardware and software capital expenditures. Additional benefits come in the form of reduced expenses for IT maintenance, customisation, space and energy. Increasingly, big companies are transitioning their entire infrastructure and data ecosystems to the cloud. Recognising that the cloud can improve their business in a variety of ways and cut cost and risk, the lure of cloud technology means that IT leaders adopting powerful analytics solutions enables companies to establish or spot potential services.
In conclusion, data has become the most coveted business asset that can be efficiently and cost-effectively stored in the cloud. As such, there is a big push for B2B marketers to capitalise on the database, integration and analytics markets to understand how to harness this shift. What we know for certain is that options are changing and evolving as large and small businesses alike move to the cloud.