DIGITALISATION
50
“ THE BACK OFFICE IS KIND OF LOW-HANGING FRUIT , THAT ’ S WHERE YOU CAN MAKE THE BIGGEST DIFFERENCE ”
— Paul Christensen , Co-founder and CEO , Previse
This includes the category of spend , identity of the supplier , location of the supplier or even the currency in which the transaction is conducted . Previse will then examine past behaviour in response to that feature to predict the appropriate response . “ The concept is a simple one really ,” says Christensen . “ We can use this information and look at the next invoice that comes in and say ‘ well , the probability of this supplier being paid on time is X ’ and then work to pay them immediately .” Not only does Previse allow the immediate payment , it also identifies risk . By looking at the features of an invoice , the AI solution can look at an invoice from somewhere like London and compare it to an invoice from elsewhere across Europe and it analyses the risks involved and where delays could happen .
With technology , there is no silver bullet solution that fits all contexts , and many businesses in many sectors struggle to determine the clear advantages and values of specific innovations . Christensen acknowledges this and , as a result , places great importance on transparency in Previse ’ s business model . Transparency allows Previse to further highlight the value it can bring to its customers . “ Everybody wants transparency , but do they really ?” asks Christensen .
“ It ’ s easier for smaller businesses to have greater transparency , but even for the larger ones transparency is good . Revealing how long it takes to pay small suppliers is a corporate social responsibility issue and so we work to improve the transparency conversation .”
How Previse achieves this is by being very transparent in its own operations . The company charges a fee for its service . SMEs that use Previse will receive instant payments and will pay
MAY 2019