A new report by Hokodo, in collaboration with the B2B Ecommerce Association, has revealed that two-thirds of finance leaders (66%) believe their teams are falling behind the rapid pace of B2B e-commerce. The investigative survey highlights the mounting pressures facing finance departments as the B2B market, predicted to reach $2.641 trillion in 2024, continues to evolve.
The study found that 17% of finance leaders feel their teams are not adequately prepared for the future, with concerns primarily revolving around maintaining a balance between financial control and strategic growth. Almost half (46%) of those surveyed admitted that finding this balance is a significant challenge, and 39% acknowledged that managing financial controls has become more difficult due to the acceleration of e-commerce. Only a small minority (5%) disagreed with this assessment.
Louis Carbonnier, Co-founder of Hokodo, emphasised the growing gap between finance functions and e-commerce advancements. “Our investigation shows that finance teams are struggling to keep pace with the digitisation of B2B commerce,” said Carbonnier. “To future-proof finance, tech enablement is essential. Whether through reports like this or our digital trade credit offerings, Hokodo aims to ensure finance leaders are ready for the future of B2B commerce.”
The report also pointed to other key challenges that finance leaders face, particularly around cash flow and payment terms. Top concerns include managing working capital and unpredictable cash flow (66%), cutting costs (49%), and handling payments and payment terms (44%).
The report identified several barriers preventing finance teams from innovating, including budget constraints (66%), resistance to change (54%), and limited capacity (37%). These obstacles, coupled with the rapid growth of e-commerce, are making it difficult for finance departments to stay ahead.
Christopher Gee, UK Lead at the B2B Ecommerce Association, praised the report for its practical guidance. “This report provides a pragmatic approach to automating finance processes,” Gee commented. “It offers timely insights and valuable strategies for navigating the complex B2B finance landscape, helping businesses balance efficiency with growth.”
Hokodo, a provider of flexible payment solutions for European merchants, is dedicated to enabling business buyers to access payment terms while merchants are paid upfront and protected from risk.
