While global trade growth contracted during the Covid-19 pandemic, collective efforts to contain the virus have given the digitalisation journey a new urgency.
“Digitalisation was seen as an efficiency opportunity or a market development opportunity. With Covid-19 the difficulties of moving paper around the world have become extreme. Digitalisation is now a business continuity issue rather than one of just efficiency,” says John Bugeja (Trade Advisory Network).
He is joined on Trade Finance TV by and Enrico Camerinelli (Aité Group). “The value proposition pre-Covid-19 was having better access to financing, extending payments terms and getting cash earlier,” reflects Camerinelli. He points out that SMEs are attracted to supply chain finance programmes that accelerate their own digital transformation and that the larger buyer corporates “have a responsibility to do their own homework” to ensure their processes are in order – or else bad processes will just go faster in digital world.
To hear more from John and Enrico, tune in to Trade Finance TV!