Data integrity and technology that provides flexibility are key for businesses in a dynamic market, Boost Payment Solutions CFO Mariana Lamson writes in the new PYMNTS eBook, “The Implications of Uncertainty.”
The major uncertainty faced by B2B business is the lack of a clear answer to the question, “How is the economy really performing?” While there is a plethora of data available on B2C and macroeconomic factors, B2B data remains harder to find and is often fragmented. This poses a challenge in understanding the full landscape of risks and opportunities.
The good news is that, while uncertainty is in the future, we have the ability to know and understand the past. Harnessing the power of technology to gather, organize and present data in a way that is actionable for our clients and partners is paramount, which is why data integrity is the cornerstone of our approach at Boost. Our patented straight-through-processing (STP) technology automates manual processes, removing the risk of human error, which can have significant repercussions up and down the data stream. This not only saves time and resources but also instills confidence in the reliability of the data being utilized.
Once you feel confident in the quality of the data, then you need the experience to interpret and apply the information. Identifying the potential risks and being prepared with realistic scenario planning allows you to pivot when faced with changes in the environment. One of the biggest pitfalls we see is looking at data over a limited time series. A best practice is to ensure you have a long history of data to help perform effective regression analysis and identify trends. You also need a team that has the experience to handle this complex environment. Our diverse and talented workforce brings a wealth of knowledge and expertise to the table, allowing us to tackle complex challenges and adapt to changing dynamics.
The best laid plans are only as effective as the tools you have to implement them. This is where technology comes into play — are your systems flexible enough to make quick changes if required? When we think about the realm of B2B payment solutions, conventional methods are often criticized for their rigidity and complexity. Recognizing this challenge, we introduced Dynamic Boost, a payment platform designed to facilitate the seamless implementation of dynamic rules for transaction processing and pricing, enabling businesses to adapt contract terms and implement controls during times of evolving needs.
To successfully address uncertainty, it is not just about the tools but also the mindset. Being nimble, proactive and adaptable is crucial in a landscape where change is the only constant. It’s important to recognize that there is a difference between uncertainty and instability. Uncertainty is not inherently bad; in fact, it is often an opportunity for innovation. Two of our core values at Boost are “Be Bold” and “Blaze the Trail.” These values are not just words on paper; they shape how we operate on a daily basis. While uncertainty may prevail, stability can still be achieved through sound strategies and agile operations. By fostering a culture of innovation, adaptability and excellence, we empower ourselves and our clients to thrive in the face of change.
