Barclaycard has launched a service which uses data analytics to provide procurement departments with a comprehensive picture of their supply chain.
Barclaycard Payment Intelligence (BPI) combines hundreds of accounts payable data points with internal and third party data to help customers develop payment solutions for their various suppliers.
Businesses get help to catalogue their suppliers based on the number and value of transactions as well as their size, location, industry and whether early payment is likely to generate savings, to create a comprehensive overview of the entire supplier framework.
For companies with thousands of suppliers - big and small - on their books, the new product can offer a significant time and cost saving, claims Barclaycard.
Anna Porra, commercial strategy director, Barclaycard, says: “Clunky and complex supplier payments processes mean that businesses of all sizes are losing out on time and money.
“Barclaycard has looked to make use payments data to identify opportunities for improvements across the procure to pay process and drive actionable insights for both buyers and suppliers."