Younger Buyers Drive Change in B2B Payments

As a new generation of decision-makers enter the workforce, B2B companies relying primarily on legacy processes and manual workflows are at an impasse as they navigate through performance capabilities and customer services.

Savvy younger B2B buyers are not only influencing the market but are accelerating the demand for more digital and seamless purchasing experiences. This shift is forcing suppliers to rethink and rework their digital commerce strategies, B2B payment capabilities, and even marketing tactics.

Embracing the Wants & Needs of a New Generation

Legacy merchants who have embraced the digital transformation are more appealing to younger B2B decision-makers who expect electronic interactions and personalized experiences. By moving to this new mode of business operations, firms have better success at staying competitive and relevant in the marketplace. 

B2B companies are finding that younger talent is also increasingly influenced by agile processes that don’t want to work on paper-based processes or handle manual workflows. They want to be challenged and engaged by new technologies and processes, just as they are in their personal lives. Younger firms expect a menu of payment options for buyers, a fully automated and streamlined reconciliation process back to the supplier, and emerging technologies like artificial intelligence chatbots for quick and convenient payments.

Digital Transition is Not an Isolated Event

Upgrading systems that automate accounts receivable and accounts payable programs can help B2B firms save time, resources, and build better relationships with newer generations. But that isn’t the only initiative that needs to be addressed. 

Companies are tasked with balancing the technological demands of a newer generation with the preferences of older generations, while at the same time identifying key investments that bring automation to life. And not all buyers will pay suppliers in the same way, which makes it imperative for B2B companies to offer solutions that make sense for everyone.  

 

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