How AirPlus Uses Quality Data to Solve Payment Pain Points

Corporate payment is not just a means to an end. With each and every purchase, new insights can be made, analyses performed and efficiencies realised. But before making any conclusions, it is necessary to have the right tools—and partnerships—in place to truly deep dive into the data. Thankfully, AirPlus has perfected the art of making corporate payments smart and simple, so you may focus on what truly matters to you – like exploring beneath the waves.

In today's business landscape, data reigns supreme as the most vital currency, empowering organisations to streamline processes and gain comprehensive control over operations. But when it comes to corporate payment, this data is often lacking.

Payment data stands out as one of the most crucial types, encompassing everything from supply chain visibility to travel policy compliance and contract management. Mastering control over this data correlates directly with operational improvements.

On the other hand, when data quality falters, businesses may encounter inaccuracies, duplications and inconsistencies, leading to significant challenges in payment processes and workflows.

It is critical that companies maintain the highest data quality for payment processes to achieve cost-saving efficiencies and tackle rising security concerns. That is why having the right payment partner can make all the difference.

With over 30 years’ experience in the industry, corporate payment expert AirPlus are able to provide the type and quality of data needed to guide you through the data jungle, so you can focus on that peaceful walk in the woods. 

But how can organisations leverage data quality to enhance their operations? And why is it so important to partner with the right provider to implement these solutions? 

Let's find out.

The Critical Role of Data Quality in Payment

The value of quality is clear: High-quality payment data is essential for informed decision-making, cost control, supplier management and risk mitigation. Poor data quality can result in misguided decisions, inefficiencies and financial losses. 

A Gartner study revealed that the financial impact of poor data quality costs organisations US$15 million each year, while research by IBM found that businesses in the United States lose a staggering US$3.1 trillion annually due to data issues.

So, it should be clear that unravelling the mystery behind payment data has its benefits, like winning you back time to focus on reading your mystery novel.

And, as it touches multiple different departments and processes, a high standard of quality can have ripple effects through an organisation:

Streamlined Procure-to-Pay Processes: When data is accurate and consistent across all stages—from purchase orders to invoice processing and payment—organisations can significantly reduce errors and improve efficiency. This streamlining leads to faster payment cycles, improved supplier relationships and better cash flow management.

Enhanced Spend Analysis: Quality data provides a clear picture of an organisation's spending patterns. This insight allows for more effective budget allocation, identification of cost-saving opportunities and better negotiation positions with suppliers.

Improved Strategic Decision-Making: With reliable data at their fingertips, procurement leaders can make more informed decisions about supplier selection, contract terms and long-term procurement strategies. 

Better Supplier Relationship Management (SRM): Accurate and timely payments build trust between organisations and their suppliers. This improved relationship often leads to better terms during renegotiations, where comprehensive payment data can provide insights into supplier performance that enables more effective supplier evaluations and fosters strategic partnerships.

Compliance and Risk Management: High-quality data ensures that procurement practices align with internal policies and external regulations. It also helps in identifying and mitigating potential risks associated with suppliers or specific procurement activities.

There are three areas in particular worth highlighting where quality data has the biggest impact: Security, operational efficiency and supplier relationships.

Bulking Up Security Through Data Analytics

Ensuring the security of transactions can feel like a workout. This is not helped by the fact that the value of data makes it an attractive target for malicious actors. However, this very data can do the heavy lifting and enhance security measures:

Fraud Detection: Machine learning algorithms can analyse vast amounts of procurement data to uncover patterns and identify outliers that may indicate fraudulent activity. These tools can detect unusual spending patterns, highlight suspicious transactions and even predict potential fraud before it occurs. This can significantly reduce the risk of financial losses and maintain the integrity of their payment processes.

Risk Assessment Models: Advanced data analytics enable the creation of sophisticated risk assessment models. Organisations can use these models to evaluate the risks associated with suppliers, contracts or specific transactions more accurately. This allows for tailored security measures and reduces unnecessary friction in legitimate procurement activities.

Real-time Monitoring: With high-quality data feeding into real-time monitoring systems, procurement managers can quickly identify and respond to potential security threats or anomalies in procurement processes. AI-powered monitoring systems can continuously track procurement activities and flag irregularities, such as sudden price spikes, unusual purchasing patterns or unauthorised vendor changes.

• AirPlus brings payment data together for you, so you can focus on completing your workout in the gym
  

Turning Up the Heat on Operational Efficiency

Even for the most talented Accounts Payables professional, it can be difficult to allocate payment orders when they are missing details about the purchase—a recipe for disaster.

Through effective management of data, it is possible to get the data where it needs to be, enabling heightened levels of efficiency in payment processes:

Resource Allocation: Predictive analytics, leveraging historical procurement data, can forecast peak processing times, allowing organisations to allocate resources more efficiently. This ensures systems can handle high volumes of transactions during busy periods while minimising idle capacity during slower times.

Workflow Optimisation: Data analytics tools can uncover bottlenecks in procurement workflows, identifying areas of inefficiency. Procurement managers can then focus on these areas to optimise processes, reducing processing times and costs.

Automated Reconciliation: High-quality data facilitates automated reconciliation processes, reducing manual errors and freeing up staff in finance for more strategic tasks.

AirPlus organises your payment data, so you can get tonight's dinner for friends in order.

Shaping Supplier Relationships for the Better

With high-quality data at hand, procurement managers can show their talents by improving supplier relationships and optimising procurement strategies:

Supplier Performance Analysis: By analysing supplier transaction history and performance data, procurement managers can identify top-performing suppliers and areas for improvement. This data-driven approach enables more informed decision-making in supplier selection and management.

Spend Analysis: Data analytics enables procurement managers to gain deeper insights into spending patterns across different categories, departments and suppliers. This information can be used to negotiate better contracts, identify cost-saving opportunities and optimise procurement strategies.

Proactive Issue Resolution: Predictive analytics can anticipate potential issues with suppliers or procurement processes before they arise. For example, if a system detects a pattern of late deliveries from a specific supplier, procurement managers can proactively address the issue, improving overall supply chain performance and reducing disruptions.

By leveraging data analytics and AI-powered tools, procurement managers can significantly enhance security, improve operational efficiency and optimise supplier relationships, ultimately driving value for their organisations.

AirPlus uncovers the payment data insights you need, so you can focus on unlocking your hidden potential.

Choosing the Right Payment Provider

AirPlus: Transforming the Process with Integrated Payment Solutions

With so many pain points to address when it comes to corporate payment processes, teams are dealing with fragmented systems, scattered data and manual reconciliation, which can create inefficiencies and hamper visibility into spending.

With over three decades of experience in shaping and delivering corporate payment solutions, AirPlus simplifies payment for businesses and solves pain points with its integrated, data-driven offerings. 

A key strength of AirPlus is its extensive partner network, offering integrations across various industries. By closely collaborating with IT providers, procurement platforms and other ecosystem partners, AirPlus is able to deliver seamless connectivity that saves processing costs and prevents errors.

AirPlus leverages its 25+ years of data integration experience to connect the customer's unique environment to the AirPlus ecosystem. Its agnostic system neutrality ensures frictionless interaction between the customers and their partners.

Powerful Data Insights for Informed Decision-Making

At the heart of AirPlus' corporate payment solutions is a focus on its data quality and insights. With an industry-leading 95% data completeness and a 99.7% reconciliation rate, AirPlus provides businesses with unprecedented visibility into their spending.

Knowing that businesses are not looking for data necessarily—but insights, AirPlus enables companies to make sense of their data by providing structure and building connections, helping them gain actionable insights to better manage costs and ensure compliance.

As an issuer of the Universal Air Travel Plan (UATP) scheme, the first credit card system designed for the airline industry, AirPlus has access to rich travel data that goes far beyond what a traditional payment provider normally offers. With this depth of data, combined with third-party sources, it gives businesses a comprehensive view of their corporate payment activities.

By delivering seamless integrations and powerful data insights, AirPlus is transforming the corporate payment landscape. Its solutions empower businesses to streamline processes, enhance visibility and make more informed decisions—ultimately allowing them to focus on what matters. 

So, what matters to you?

To read the full story in the magazine click HERE

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