The year of 2020 was the year where the world evolved from playing lip service to the digitization on depending on it. Later came the year where we started leveraging to implement strategic and sustainable change. And this stats at the very top. The UK government recently confirmed £800 million in funding for their project ‘blue skies’ of the Advanced Research Projects Agency ( ARPA ) which will continuing to fund researches into these cutting edge Artificial Intelligence (AI) and data. As this research has immense potential to solve long standing issues in how the storage, processing and harnessing of the data is done across various sectors of Government and industry. The assurance of this technology itself does not demand any advocacy, as many industries now accept that they will be able to do things better just by the introduction of digital solutions. Here the key for the government is to identify where and how these new technology could be applicable in such a way that it will be the most effective. And to do this, the government must ensure that research conducted by the acceptance of ARPA is carried out in step with the industry players, in order to translate the research into commercial technologies.
It is so clear that there is a vital role and crucial need for this technological intervention especially in the world of the B2B payments, which is positively outdated when compared to B2C payment gateways. Due to this, small businesses have suffered a lot for many years now and as a result of this, their lot has been made even worse by the COVID-19 pandemic crisis. In January this year, 2021, it was estimated that the UK SMEs were chasing £50 billion in the late payments. Furlough, CBILS scores and SEISS grants have always been crucial life lines for us but they have left out many and stacked up the debt which is now having Fiscal consequences not only for us but for our future generations too. There is a way for the UK Government to protect SMEs in the long term and that is, if it starts to harness the innovative techs, in order to get to all the suppliers, be it a small or a large one, to be paid quickly! And if this has to work, the government needs to put in work to establish an open dialogue box with the tech forward businesses to find out how it can rightly leverage the tech to help gain more profits.
AI enables the SME suppliers to be paid instantly, when the larger corporate companies pay on the usual terms. But the Small businesses unlock the bigger part of the liquidity which is much needed, and the larger corporates strengthen their supply chains at minimum cost. It is a perfect win-win situation for business that doesn’t cost the taxpayer a penny extra. By implementing leading-edge technology and waged in line with business to develop comprehensive solutions, government can actually bring about a traditional shift in B2B commerce, where immediate payment matches that of the B2C world. After all, a consumer can’t go to Starbucks and order a coffee, encouraging to pay in 30 days. Expertise, in discussion with industry, is the key to cracking a new era of equitable B2B payments.
By getting involved with industry, government and ARPA can inspire businesses to clasp technology, to update archaic payment methods and establish fair payment relations. Fashioning this cutting-edge technology is creditable, but using it to device a change requires a harmonized effort. Let’s hope that while Arpa reaches for the sky, it keeps at least one foot on solid ground.
